ZachXBT mocks Ledger's US IPO: just to maximize profit extraction

GateUser-6433627c · 2026-01-23T08:59:44+00:00

ZachXBT criticizes hardware wallet manufacturer Ledger's plan to go public in the US, stating that it has been repeatedly hacked, experienced customer data leaks, and had product issues, believing that this IPO aims to extract profits. Ledger's largest security incident occurred in 2020, resulting in the leak of millions of email addresses. The company is valued at over $4 billion and plans to collaborate with multiple banks to advance the IPO.

GateUser-6433627c

2026-01-23 08:59:44

Abstract generation in progress

On January 23rd, on-chain detective ZachXBT critically evaluated hardware wallet manufacturer Ledger’s plan to go public in the US. He stated that French hardware wallet maker Ledger has been repeatedly hacked, leading to the leakage of customer private data and targeted thefts, resulting in millions of dollars in losses. Currently, Ledger’s products also have some major issues, such as battery problems with the Ledger Nano X. Recently, Ledger announced that it will charge a certain percentage fee for clear signing, and the IPO plan announced today is just to maximize profits. Ledger’s biggest security incident in history was the leak of an e-commerce database in June 2020, when hackers exploited a misconfigured third-party API key on Ledger’s website to illegally access its e-commerce and marketing databases, exposing over 1 million email addresses, including approximately 272,000 full personal records containing real names, mailing addresses, and phone numbers. Earlier today, Ledger announced plans to go public in the US, with a valuation possibly exceeding $4 billion. The company has partnered with Goldman Sachs, Jefferies, and Barclays to advance this transaction, which could be completed as early as this year.

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