Features TheBitTimes.com

Ledger’s CEO says that, while it may take a few years, big money is getting into crypto. Over the past 12 months, some investors learned the hard way why they needed to move their crypto offline. Those who kept Bitcoin (BTC) and altcoins on crypto ex change s like FTX lost control of their assets, sometimes forever. Events drew a red line under the storied crypto adage: “Not your keys, not your coins.”  FTX’s loss was hardware wallet manufacturer Ledger’s gain, however. The Bahamas-based ex change ’s November 2022 bankruptcy filing delivered to Ledger “our biggest sales day ever,” the firm’s chief experience officer, Ian Rogers, told Cointelegraph, and “November turned out to be our biggest sales month on record.” Paris-based Ledger has been on a strong growth curve recently, though the past year has not been without controversy. In May, for instance, the firm drew industry ire when it launched a new secret recovery phrase storage service called Ledger Recover. Still, it remains one...

The Organized Crime and Corruption Reporting Project (OCCRP) has reportedly obtained the security report created by Ledger Labs that was commissioned by Bitfinex after its 2016 hack. The report details numerous failures to follow industry best practice, failure to practice adequate logging, and failure to implement a whitelist. The Bitfinex hack backstory On August 2, 2016, Bitfinex was hacked in what was then the second-largest Bitcoins hack ever recorded. Indeed, 120,00 coins — then valued at around $70 million but today worth over $3 billion — were withdrawn from the platform forcing it to disable all deposits, trading, and withdrawals in response. In the wake of the attack, Bitfinex announced that “We have arrived at the conclusion that losses must be generalized across all accounts and assets.” The company also claimed that every single account would receive a 36.067% haircut, and for each dollar that represented, users would receive a BFX token, valued ...