Earlier this week, the blockchain interoperability platform ‘Poly Network’ suffered a hack that resulted in the theft of more than $600 million in cryptocurrency.
Although such a security breach reflects poorly on cryptos in the public eye, the fault lies with traditional (vulnerable) networks -- This fate could befall any cryptocurrency exchange or wallet which interfaces with the broader internet.
The most reliable way to keep cryptos safe from web-based hackers is to keep your private keys offline using a hardware wallet.
Ledger currently manufactures and markets the most popular consumer-grade hardware wallets in the United States.
Like most things crypto-related, Ledger wallet Mentions have surged to new highs in 2021, up +105% YoY (90-day moving average).
Hardware wallets allow users to store private keys offline, safe from all manner of network hacks and phishing scams. This positive trajectory of the trendline above speaks to growing adoption for such devices, and in turn, growing literacy among crypto users. Even Ledger themselves suffered a security breach in December 2020. Customer eCommerce information was leaked, but no cryptocurrencies were compromised. Trezor was one of the first movers in the consumer-grade hardware wallet space, as evidenced by the high volume of mentions in 2018.
However, they are based out of Europe, and Ledger has steadily taken their market share in the US.