‘Where there’s money, there will be hackers’: Ledger CEO

In a recent interview on Bloomberg TV, Ledger CEO Pascal Gauthier, stressed the importance of robust security measures in the world of cryptocurrency. 

Citing the immutable nature of Bitcoin transactions, he warned that while Bitcoin itself is designed to be secure, the platforms where digital assets are stored—crypto exchanges—remain prime targets for hackers. 

“Where there is money, there will be hackers,” Gauthier asserted, emphasizing that as more funds flow into the system, the financial sector, including Bitcoin (BTC) and other cryptocurrencies, increasingly attracts malicious actors.

The CEO explained that Bitcoin’s design inherently promotes self-custody, urging users not to leave their digital assets on exchanges where vulnerabilities exist.

 “Don’t leave your coins on an exchange,” he advised, noting that if users choose to do so, it is imperative that the exchange’s security measures are virtually impenetrable. 

He further elaborated that Ledger has dedicated the past 10 years to refining their security protocols, offering consumers a reliable way to store their cryptocurrency safely through self-custody solutions.

Drawing parallels with traditional banking practices, the Ledger CEO noted that just as people deposit money in banks rather than keeping cash at home, secure alternatives to self-custody exist for digital assets. 

These remarks follow a major security breach that resulted in a $1.5 billion hack of Bybit on February 21.

The attack targeted the exchange’s Ethereum cold wallet, with hackers bypassing multi-signature protocols. Blockchain analysts connected the breach to North Korea’s Lazarus Group, linked to high-profile cyber thefts. 

Gauthier stressed that Ledger’s technology —proven by selling eight million hardware wallets — provides a superior option compared to outdated methods, such as literally keeping money under one’s mattress.