French Ledger Big Winner From Crypto Crash


If you are a little interested in cryptocurrencies, you certainly already know that the ecosystem is currently going through a new crisis. And this time, it’s one of the major players who has problems.

This week, it was discovered that FTX, one of the major cryptocurrency exchanges, is having liquidity issues. While competitor Binance had offered to save this one, it ultimately decided to back out of the takeover deal.

To get its head above water, FTX needs to find funds. But given the situation, and the many revelations, it could be complicated.

In any case, this has led to a new cryptocurrency crisis, as well as drops in the value of cryptos such as Bitcoin or Ethereum.

French Ledger had a server failure

A priori, this situation is not good for anyone. Binance boss Changpeng Zhao recently explained to his employees that a fall in FTX is not good for anyone in the industry.

Indeed, according to him, public confidence has been shaken. And these events will cause stricter regulations, while making licenses more difficult to obtain, for players in this industry.

Nevertheless, the loss of confidence in cryptocurrency exchanges seems to have prompted investors to massively transfer their assets to French Ledger’s secure storage solutions (read our guide to understand what the different types of crypto storage are).

On November 10, Ledger Technical Support confirmed the existence of a server outage that may affect some functionality of Ledger Live. The company also ensured that user assets were safe. And the problem was solved pretty quickly.

Massive use

In a tweet, Ledger CTO Charles Guillemet explains that following the fall of FTX, there has been a massive flow of activity from exchanges to the company’s solutions.

“We are seeing heavy usage of our platforms and have experienced some scalability issues tonight”he also said.

Moreover, in the current context, Ledger does not hesitate to recall the interest of not storing cryptos and other digital assets on exchanges.

“#Crypto was invented to be #decentralized and #transparent, not to rely on centralized entities prone to mismanagement or hacking”recalls for example Pascal Gauthier, the CEO of the French company.

“Winter is coming, stay safe. Ledger is here to help”can we also read in another tweet from the CEO.

Quoted by our colleagues from Cointelegraph, Trezor, a competitor of Ledger, claims that it has not suffered a breakdown. However, the company also points out that these events are a reminder of the need to store assets on “non-custodial” wallets.

Ledger Backup Pack – Nano X + Nano S Plus at the best price Base price: €205

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