"Users are strongly encouraged to use hardware wallets," Solana said at the time.įrance's Ledger, another hardware wallet maker, said it saw a spike in sales after the Solana wallets heist. In August, nearly 8,000 crypto wallets on the Solana blockchain were hit by hackers who made off with more than $5 million in crypto. There's no such thing as a free crypto lunch, though: While hot wallets are convenient and allow for quick trading, hardware wallets typically don't appeal to first-time investors, who often buy cryptocurrencies on big exchanges and might choose to keep their assets on those platforms, where they can simply log in with a username and password.Īlthough hot wallets are usually free and offer quick access to crypto, they can be vulnerable to hacks. "The day of or day after those events, we would see very significant (sales) lifts." "We have definitely seen increased interest in hardware wallets, and in general self-custody, post-several issues," said Adam Lowe, chief product and innovation officer at U.S.-based CompoSecure, one of several hardware wallet makers seeking to capitalize on a rush for safety. Others lost access to their crypto when major lenders such as Celsius Network and Voyager Digital collapsed in July. It's not only hacks making investors edgy. Much of this was stolen directly from blockchains or "hot" online wallets. It's being fueled by a steady stream of cyber robberies that, according to researcher Chainalysis, has seen thieves steal $1.9 billion in crypto in the first seven months of the year, an increase of 60% from a year earlier. The global hardware wallet market, valued at $245 million in 2021, is expected to swell to over $1.7 billion by 2030, according to market research firm Straits Research. Hardware wallets - old-school physical devices similar to USB drives that stash crypto holdings offline - might seem a throwback to a more innocent digital age, but they're proving to be a popular response to a cutting-edge conundrum. They've seen the value of their holdings drop like a brick this year, and now many are stewing over the safety of their crypto cash after a series of heists that's seen around $2 billion spirited away by hackers. (Our weekly analysis of the wild world of cryptocurrencies)
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |