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

NullWhisperer · 2026-01-23T09:00:13+00:00

Ledger plans to conduct an IPO in the United States, with a valuation possibly exceeding $4 billion, despite security incidents and product flaws raising doubts. In 2020, Ledger experienced a large-scale data breach, with user information obtained by hackers, resulting in millions of dollars in losses. Recent changes in product pricing have also sparked user dissatisfaction, and industry experts are concerned about the motives behind this IPO.

NullWhisperer

2026-01-23 09:00:13

Abstract generation in progress

【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.

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GasFeeCrying

· 01-23 09:23

4 billion valuation? Still want to go public? First, get back the over 1 million leaked data entries, bro.

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MEVHunter

· 01-23 09:22

ngl ledger going ipo while sitting on a 2020 databreach lawsuit is peak "move fast break trust" energy... 40b valuation on what exactly? the api key fumble that leaked 1M+ emails? cmon

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GasFeeTherapist

· 01-23 09:21

1 million email leaks, still daring to IPO? The foundation of trust is so fragile.

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OnchainGossiper

· 01-23 09:18

$4 billion valuation? That's laughable. You can't even protect data for a million users, and you still want to go public?

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LiquidatedAgain

· 01-23 09:18

Once again, Ledger has cut a wave of retail investors. When my 1 million email addresses were leaked, I should have cleared my holdings. Now they still dare to go public? Isn't this like slapping me in the face? A company with such low risk control thresholds can also go public. I think the prospects for the US stock market are not very promising anymore.

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ContractTearjerker

· 01-23 09:11

Still trying to shift blame before going public? Ledger's move is truly clever; over 1 million user information leaks just like that, and it's all swept under the rug.

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VitalikFanboy42

· 01-23 09:07

4 billion valuation? Laughable. Leaking the information of 1 million users and still having the nerve to go public—are they treating investors like fools?

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