The CEO of cryptocurrency hardware wallet Ledger, Pascal Gauthier, has recently revealed that after leading cryptocurrency exchange Binance got hacked for $40 million last week, the firm’s sales doubled, presumably as users worried about their funds’ security.
According to TheBlock, Gauthier’s words came as he spoke in front of an audience at the Atomic Swap conference in New York. The sales increase was revealed as the future of money and the importance of security in the cryptocurrency space were addressed. Gauthier was quoted as saying:
Binance got hacked, and the day Binance got hacked, our sales doubled.
As CryptoGlobe covered, Binance got hacked last week and saw hackers take over 7,070 BTC (then worth over $40 million) from its hot wallet in one transaction. The security breach saw the attackers exploit the API, 2FA, and withdrawal validation areas of the exchange, which has since made “significant changes” to its security.
Gauthier added that his firm believes cryptocurrencies are a “great technology” that has a weakness in securing “the end point and the private keys.” He reportedly added that Binance getting hacked in the first place shows how young the space still is.
We believe the security needs to happen, and we are very excited about building the security layer for the industry.
Gauthier also noted that it can be stressful to deliver a product crucial for users’ security, and that security becomes even more challenging if the crypto market keeps on surging. As such, a significant increase in the crypto ecosystem’s market cap could see leader need additional investment.
Notably, the cryptocurrency hardware wallet manufacturer received a $2.9 million investment from Samsung earlier this year, as the South Korean tech giant itself has been moving into the crypto space. The CEOs words come as the first batch of the Ledger Nano X wallet is being shipped.