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Ledger CEO Gauthier Goes on the Defensive After Major Data Breach

2 mins
Updated by Ryan Smith
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In Brief

  • Ledger CEO Pascal Gauthier sat down to discuss the Ledger data dump.
  • Ledger experienced a massive hack that resulted in a widespread user data leak.
  • Some users are threatening a class action lawsuit following the aftermath.
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Ledger CEO Pascal Gauthier spoke with Peter McCormack on the ‘What Bitcoin Did’ podcast to discuss the recent data dump that affected customers.

Gauthier began the podcast apologetically, stating that the firm is doing everything it can to correct the situation.

He believes that the data breach doesn’t affect the Ledger hardware in any capacity but instead users’ personal information.

After explaining how the hack took place, Gauthier reassured podcast listeners that Ledger is doing its best to be as transparent as possible. He says that relevant information is available via the Ledger website.

In the high profile hack, Ledger suffered a massive data breach. Due to this hack, the personal data of over 277,000 Ledger customers have now been leaked online.

This includes personal information such as customer names, physical addresses, email addresses, and phone numbers.

According to Twitter user Alex Krüger (@krugermacro), an economist and trader with over 55,000 followers, anyone who purchased a Ledger wallet before July 2020 most likely had their personal information exposed.

What’s Next for Ledger?

Ledger announced the data dump on Twitter and said that “it is a massive understatement to say we sincerely regret this situation.”

It further explained that the company is taking major precautions including the hiring of a Chief Information Security Officer (CISO). It is also executing tests with external security firms, and working with law enforcement.

Several affected Ledger customers are nevertheless threatening to file a class-action lawsuit against the company.

Security Precautions for Users

If you have purchased a hardware wallet such as the Ledger Nano S or Ledger Nano X or previously signed up for the newsletter, it’s highly likely that at least some of your information has been compromised.

Krüger provided more advice on the situation, urging Ledger owners:

“If your data was compromised, make sure you are not using your number for 2FA anywhere. Change to a VoIP or GA.”

Krüger outlined some of the realities of personal cryptocurrency thefts. Digital theft is not what most imagine.

He ends with a cartoon showing an ‘imaginary’ hack, where thieves try to develop an advanced computer program to hack your wallet versus a much more realistic crypto theft.

In the real theft, there are no genius hackers, but desperate men with big wrenches that will beat you senseless until you give them the password. Though it’s rare, malicious actors could theoretically track down known crypto users.

If you are one of the affected users in the latest data dump, there are a number of security precautions that are worth exploring.

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Harrison Seletsky
Harrison is an analyst, reporter, and lead specialist at BeInCrypto based out of Tel Aviv, Israel. Harrison has been involved in the cryptocurrency space since late 2016 and is passionate about decentralized ledger technology and its potential.