Ledger faces a trust crisis: data leaks, product flaws, and intense criticism on the eve of its IPO

Crypto industry tracking blogger ZachXBT recently publicly criticized Ledger for multiple serious issues, including past data breaches leading to customer asset theft, product quality defects, and sudden charges for clear signing functionality. These allegations coincidentally occurred during the sensitive period when Ledger plans to go public in the US, prompting a reassessment of trust in this leading hardware wallet company.

Specific Concerns Facing Ledger

Past Data Breach Issues

According to ZachXBT’s accusations, Ledger has experienced multiple intrusion incidents resulting in the leakage of customer private data. These leaks not only involved personal information but also triggered targeted asset thefts, causing user losses reportedly amounting to “millions of dollars.” For a hardware wallet manufacturer emphasizing security, such incidents cause immeasurable damage to brand trust.

Product Quality and Charging Disputes

In addition to security issues, ZachXBT pointed out defects in Ledger’s current products, with the battery failure of Ledger Nano X being specifically mentioned. Meanwhile, Ledger announced that it would start charging a fee for the clear signing feature (a security feature that enhances transaction transparency), which sparked dissatisfaction within the community and was accused of “exploiting” user value.

Sensitivity of IPO Timing

ZachXBT questioned Ledger’s plan to go public in the US before resolving these issues, believing it reflects the company’s attempt to “maximize extraction.” The timing of this decision is particularly sensitive, as companies typically consider going public only after addressing major problems.

Market Context: Zero Tolerance for Trust Issues

Related information shows that the entire crypto market is adopting a stricter stance against opaque behaviors. For example, Trove Markets’ founder caused the token to plummet 98% within minutes after completing the ICO due to frequent changes in public offering rules and backstabbing the community, and was later exposed by ZachXBT for identity. This indicates that the market’s punishment for trust deficits is much faster than before.

In such a market environment, Ledger, as a leading industry player, faces even more severe scrutiny. Users’ core demands for hardware wallets are security and privacy protection; any issues in these areas will directly shake confidence.

Future Focus

How Ledger responds to these concerns will be crucial. Actions such as strengthening product security, transparent communication about issues, and adjusting business models will influence market attitudes toward its IPO. Given the current strict standards for trust in the market, Ledger needs to provide convincing solutions before going public, or it may face dual pressures from investors and users.

Summary

Ledger is undergoing a trust crisis. From data breaches causing asset losses, to product defects and charging disputes, and the sensitive timing before IPO, the accumulation of multiple issues amplifies market concerns. This case once again proves that in the crypto industry, security and transparency are not optional but fundamental for survival. How Ledger manages this crisis warrants ongoing attention.