Ledger Executive: Bull Market Cycle Could Lead to Lax Security Awareness, Self-Custody Is Crucial
Ledger's Chief Experience Officer Ian Rogers, speaking at the Token2049 conference in Singapore, emphasized the importance of maintaining security awareness during bull market cycles. Rogers stated, “In every bull market cycle, there are always people who find seemingly reasonable justifications for compromising on security or self-custody.” He specifically mentioned that during periods of rapid market expansion, many cryptocurrency holders tend to store their assets on centralized exchanges rather than choosing self-custody.
Responding to this, Rogers stressed, "If you're not self-custodying, what's the point of choosing cryptocurrency?" He cautioned investors against over-reliance on centralized exchanges, especially during market downturns, citing the example of the collapsed cryptocurrency exchange FTX. "They're basically just giving your money to someone in the Bahamas and adding a column to a spreadsheet. That's not cryptocurrency, that's fraud.”
Beyond the cryptocurrency realm, Rogers also highlighted the rising trend of global cybercrime. He predicted, “You can say that this year is the worst year for cybercrime every year from now on, and it will be accurate.” To address this increasingly serious threat, Rogers advocated for secure self-custody of digital assets through hardware solutions and clear signature technologies, ensuring users fully understand the transactions they are authorizing.