{"id":1682546,"date":"2022-10-11T03:08:19","date_gmt":"2022-10-11T07:08:19","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1682546"},"modified":"2022-10-11T03:08:47","modified_gmt":"2022-10-11T07:08:47","slug":"cryptoverse-hack-jitters-push-bitcoin-investors-back-to-the-future","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cryptoverse-hack-jitters-push-bitcoin-investors-back-to-the-future\/","title":{"rendered":"Cryptoverse: Hack jitters push bitcoin investors back to the future"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcryptoverse-hack-jitters-push-bitcoin-investors-back-to-the-future%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1682546&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Hannah Lang<\/p>\n<p>(Reuters) \u2013     It\u2019s not easy being a crypto investor. <\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>They\u2019ve seen the value of their holdings drop like a brick this year, and now many are stewing over the safety of their crypto cash after a series of heists that\u2019s seen around $2 billion spirited away by hackers.<\/p>\n<p>Enter the ghost of technology\u2019s past.<\/p>\n<p>Hardware wallets \u2013 old-school physical devices similar to USB drives that stash crypto holdings offline \u2013 might seem a throwback to a more innocent digital age, but they\u2019re proving to be a popular response to a cutting-edge conundrum. <\/p>\n<p>The global hardware wallet market, valued at $245 million in 2021, is expected to swell to over $1.7 billion by 2030, according to market research firm Straits Research.  <\/p>\n<p>It\u2019s being fueled by a steady stream of cyber robberies that, according to researcher Chainalysis, has seen thieves steal $1.9 billion in crypto in the first seven months of the year, an increase of 60% from a year earlier. Much of this was stolen directly from blockchains or \u201chot\u201d online wallets. <\/p>\n<p>It\u2019s not only hacks making investors edgy. Others lost access to their crypto when major lenders such as Celsius Network and Voyager Digital collapsed in July. <\/p>\n<p>\u201cWe have definitely seen increased interest in hardware wallets, and in general self-custody, post-several issues,\u201d said Adam Lowe, chief product and innovation officer at U.S.-based CompoSecure, one of several hardware wallet makers seeking to capitalize on a rush for safety.     <\/p>\n<p>\u201cThe day of or day after those events, we would see very significant (sales) lifts.\u201d<\/p>\n<p>There\u2019s no such thing as a free crypto lunch, though: While hot wallets are convenient and allow for quick trading, hardware wallets typically don\u2019t appeal to first-time investors, who often buy cryptocurrencies on big exchanges and might choose to keep their assets on those platforms, where they can simply log in with a username and password.<\/p>\n<p>BLOWING HOT AND COLD <\/p>\n<p>Although hot wallets are usually free and offer quick access to crypto, they can be vulnerable to hacks. In August, nearly 8,000 crypto wallets on the Solana blockchain were hit by hackers who made off with more than $5 million in crypto. <\/p>\n<p>\u201cUsers are strongly encouraged to use hardware wallets,\u201d Solana said at the time. <\/p>\n<p>France\u2019s Ledger, another hardware wallet maker, said it saw a spike in sales after the Solana wallets heist.<\/p>\n<p>\u201cWe do see significant uptick in user-based interest in some of these situations of stress in the markets,\u201d aid Alex Zinder, global head of Ledger Enterprise.<\/p>\n<p>Most hardware wallets connect to a mobile app, where the owners of the digital keys needed to access their crypto keys can control their funds. Some use \u201cSecure Enclave\u201d technology, a security feature used to store sensitive data.<\/p>\n<p>Josef T\u011btek, bitcoin analyst at Czech-based hardware wallet company Trezor, says he expects better phone interaction with cold storage wallets in the future, to serve investors in places like South America and Africa, where it\u2019s more common for users to have mobile phones than personal computers. <\/p>\n<p>Yet companies in this ballooning market might be advised to make hay while the sun shines.<\/p>\n<p>One long-term question is whether phone makers will want to get in on the action, said Stan Miroshnik, co-founder and partner at 10T Holdings, which led Ledger\u2019s $380 million Series C funding round last year.         <\/p>\n<p>\u201cOne question, I think, for the industry and where it\u2019s going and in part what will drive consumer adoption, is what if every iPhone has a built-in Secure Enclave hardware wallet?\u201d<\/p>\n<p> (Reporting by Hannah Lang in Washington; Editing by Tom Wilson and Pravin Char)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/business\/cryptoverse-hack-jitters-push\/attachment\/file-photo-bitcoin-and-ether-souvenir-tokens-plunge-into-water\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI9A06X-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9A06X-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Hannah Lang (Reuters) \u2013 It\u2019s not easy being a crypto investor.  They\u2019ve seen the value of their holdings drop like a brick this year, and now many<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1682546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1682546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1682546"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1682546\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1682546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1682546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1682546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}