FTX Déjà Vu? Surge In Crypto Hardware Wallet, Security Searches Spark Unease

On-chain analytics platform Santiment has identified a concerning trend in the crypto market, revealing that the majority of top trending keywords on its social metrics tracker are related to hardware wallets and security. 

What Happened: The findings raise questions about the state of security and safety in crypto trading and investments.

According to the analytics firm, the keywords that have shown the most significant rise in popularity are ledger, firmware, hardware, wallet firmware, and seed. 

The surge in these security-related keywords suggests a heightened sense of caution among crypto traders and investors, many of whom are prioritizing security in light of recent cyber threats.

"We saw similar safety concerns from traders in November 2021 after the FTX collapse. That marked a market bottom," the analytics firm tweeted.

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Why It Matters: Hardware wallet provider Ledger has generated controversy with its recent update, which enables devices to share encrypted fragments of users’ seed phrases. This development has sparked concerns about security and privacy implications.

Despite the concerns, Ledger CEO Pascal Gauthier defended the new feature in a recent Twitter Space discussion. Gauthier argued that this aligns with the industry’s direction, stating, “This is what future customers want. This is the way that the next hundreds of millions of people will actually onboard to crypto.”

Bitcoin BTC/USD reached a high of $27,500 on Thursday before experiencing a brief pullback in the early afternoon, causing the king crypto to dip to almost $26,400.

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