From Data Breach to IPO: The Trust Crisis of Hardware Wallet Leaders

【Ledger】A veteran player in the hardware wallet field has recently become the focus again. Ledger plans to go public in the US, with a valuation possibly exceeding $4 billion. They have been in talks with Goldman Sachs, Jefferies, and Barclays, aiming to complete the IPO as early as this year. It sounds like big news, but many have raised questions about this company’s past.

Security incidents have always been a topic Ledger cannot avoid. In June 2020, this French hardware wallet manufacturer experienced a serious data leak—hackers exploited a third-party API key configuration vulnerability on their website to illegally access e-commerce and marketing databases. The result? Over 1 million email addresses were leaked, with approximately 272,000 records containing full personal information, including real names, mailing addresses, and phone numbers. Once these details fall into the wrong hands, users face targeted scams or theft risks, leading to actual losses of millions of dollars.

In addition to security risks, there are also issues with the products themselves. The battery defect in the Nano X series has been widely criticized, with continuous user feedback. Recently, Ledger announced that they will start charging fees for the Clear Signing feature—this was originally a basic function to protect users. Now, users have to pay to use it, which many find unacceptable. Some industry insiders believe that announcing an IPO in such a context is more like a move to maximize market hype and cash out.