Ledger executives: bull market cycle may lead to lax security awareness, self-hosting is very important

In an interview at Token2049 in Singapore, Ian Rogers, chief experience officer at hardware wallet maker Ledger, emphasised the importance of security awareness during a bull cycle. "In every bull cycle, there is always someone who finds some plausible reason to compromise on security or self-custody," Mr. Rogers said. In particular, he noted that during periods of rapid market expansion, many cryptocurrency holders prefer to store their assets on centralised exchanges rather than self-custody.
In response, Rogers stressed: "What's the point of choosing a cryptocurrency if you don't have self-custody?" He warned investors against over-reliance on centralised exchanges, especially during a market downturn, citing the defunct cryptocurrency exchange FTX as an example. "All they did was give money to someone in the Bahamas and add a column of data to a spreadsheet. It's not cryptocurrency, it's fraud."
In addition to the cryptocurrency space, Rogers also points to an increase in global cybercrime. "Every year from now on, you can say that this is the worst year for cybercrime, and that's accurate," he predicts. To counter this growing threat, Rogers recommends secure self-custody of digital assets through hardware solutions and clear signature technology, ensuring users are fully aware of the transactions they are authorizing.