ZachXBT Mocks Ledger's US IPO: Just Cash Grabbing to the Max

On-chain detective ZachXBT slammed hardware wallet maker Ledger’s plan to go public in the U.S. via an IPO on January 23, citing multiple past hacks that exposed customers’ private data and enabled targeted thefts totaling millions of dollars. ZachXBT also flagged ongoing product issues (including battery problems with the Ledger Nano X) and the company’s recent move to impose a percentage fee for “clear signatures,” arguing the IPO is purely a profit-maximization play. Ledger’s biggest security breach to date was a June 2020 e-commerce database leak: hackers exploited a misconfigured third-party API key on its website to access e-commerce and marketing data, exposing over 1 million email addresses and roughly 272,000 full personal records (including real names, mailing addresses, and phone numbers). Earlier today, Ledger announced plans for a U.S. IPO with a potential valuation exceeding $4 billion. The company has partnered with Goldman Sachs, JPMorgan, and Barclays to advance the deal, which could close as early as this year.