A surge in cryptocurrency hacks has driven record demand for hardware security devices in 2025. Ledger, a Paris-based firm, reports its best year ever with revenues in triple-digit millions. Thefts totaling $2.2 billion in the first half of the year have exceeded all of 2024.
The cryptocurrency sector has faced a record-breaking wave of hacks in 2025, fueling demand for secure storage solutions. According to blockchain data provider Chainalysis's mid-year update, roughly $2.2 billion in crypto was stolen during the first six months, surpassing the total for all of 2024. Nearly a quarter of these incidents targeted individuals' wallets, which Chainalysis described as an "increasingly significant" form of theft.
This escalation stems from several factors, including enhanced security at major exchanges that has shifted hackers' focus toward individual users. Greater participation in crypto investing and rising token prices throughout the year have also made targets more attractive. A notable example is the February theft of $1.5 billion in crypto tokens from exchange Bybit by North Korean hackers, marking the largest such incident in history.
Pascal Gauthier, CEO of Ledger, told the Financial Times on November 9 that the company is experiencing its strongest year yet. The Paris-based firm, which produces hardware wallets resembling USB drives for secure crypto storage, has seen revenues reach triple-digit millions so far in 2025. "We’re being hacked more and more every day … hacking of your bank accounts, of your crypto, and it’s not going to get better next year and the year after that," Gauthier said.
Demand for Ledger's cold storage wallets, which keep assets offline unlike exchange-based storage, is rising ahead of the Black Friday and Christmas seasons. Gauthier noted that smartphones and computers prioritize communication and entertainment over security. "Ledger’s growth is being driven by the realization that hackers are getting more aggressive and so you need to upgrade your security," he added.
Ari Redbord, global head of policy at TRM Labs, echoed the trend: "As we’ve seen a record-setting year in lawful crypto activity, we’ve also seen a record-setting year in unlawful crypto activity." Earlier this year, PYMNTS highlighted that firms entering digital assets must adopt robust measures like multi-signature wallets and cold storage, moving beyond a "wait-and-see" approach.