The topic of security for users of digital assets was raised the previous day by Ledger’s Ian Rogers. He reminded that at the stages of tangible growth of the coin industry investors often begin to ignore the security of their own wallets.

Still, in such conditions, niche participants are more concerned with profit and opportunities to earn. That is why they can make mistakes by connecting to dubious decentralised platforms and trusting various scammers.

Cryptocurrency hacker

The day before, scammers managed to get hold of the data to access the Bitcoin wallet of a wealthy investor who was a creditor of the bankrupt Genesis platform. They ended up stealing $243 million worth of BTC, but got caught due to their own carelessness.

Cybersecurity in cryptocurrencies

In an interview with Cointelegraph at the Token2049 event in Singapore, Richardson emphasised the importance of having a second-level team that checks the code of all engineers before making any updates or upgrades. According to him, an extra layer of protection could safeguard startups from the unfortunate fate of millions of dollars worth of funds being stolen.

Overall, the Exodus CEO is calling for attention to cybersecurity and customer protection. Here’s an expert’s comment on the subject.

I think it comes down to building a system so that if a hack happens, your customers are safe. It requires the operational resilience of the business so that customers are not at risk.

He noted that the Exodus team code checks everyone – including internal employees. He continues.

Our security team checks all code to make sure it’s still secure. We don’t rely on the skills of our programmers for nothing, no matter how good they are.

Exodus cryptocurrency wallet page on the app shop

Richardson also pointed out the increased activity of North Korean hackers who are fraudulently getting jobs at cryptocurrency companies by posing as talented developers.

They approach companies or try to get cryptocurrency engineers to upload fake resumes and malware to infiltrate these systems.

North Korean hackers are state-sponsored, so these attackers are particularly difficult to combat. In addition, they are constantly improving their tactics, which is a good reason for the management of various platforms to heed the words of the head of Exodus.

Token2049 was attended by another prominent executive – Reown CEO Jess Houlgrave. She predicted that in the next six years, the term “cryptocurrency” may disappear altogether. Houlgrave believes that by 2030, cryptocurrency wallets will become a “life hub” for every user.

They will be a kind of “digital filing cabinet” where various parts of a user’s life – such as medical records, education documents and tickets – will be securely stored and managed.

Although Reown admits that some users may be sceptical about the idea, she believes that such systems will be much more secure. Either way, sensitive information will be much harder to steal.

It will be a hub of many wallets and accounts that can interact with each other, share information and manage each other’s policies.

Ledger Stax hardware wallet

Houlgrave noted that the hub’s security will become more customisable, allowing users to control which wallets can interact with other solutions.

She added that users can take an ultra-secure approach to some aspects of their hub, allowing it to “only interact with very specific whitelisted domains.”


Cryptocurrency wallets are indeed evolving. For example, Ledger, a French hardware wallet maker, recently introduced the Security Key app. Thanks to it, the company's devices can be used as a physical security key for authorisation in popular services like Gmail or crypto exchanges. Most importantly, the combination for logging in depends on the cid-phrase used inside the wallet. This means that if it gets lost, another device with a similar mnemonic phrase will be able to provide access to the right platform.
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Accordingly, the capabilities of hardware wallets already go beyond the secure storage of private keys. Such devices will now be able to provide access to the platforms they use, among other things.

Ledger Flex hardware cryptocurrency wallet


In recent months, the cryptocurrency market has been in what is known as a sideways phase, where digital assets move in price without any discernible trend. Obviously, this is one of the most appropriate periods to remind coin lovers of the importance of security online. Still, when coins start bringing in Xs again, it will be hard enough to remember that.