What Ledger is
Ledger SAS is a Paris-based company founded in 2014 by Éric Larchevêque and other partners; since 2019 it has been led by Pascal Gauthier. It makes hardware wallets, devices that generate and store private keys in a certified secure chip (Secure Element) and sign transactions without ever exposing the keys to the computer or phone. The current line-up includes the Nano S Plus, Nano X, Flex, Stax and the Nano Gen5, released in late 2025 with a 2.8-inch E Ink touchscreen, USB-C, Bluetooth and NFC. The devices are used with the Ledger Live app and connect to software wallets such as MetaMask as external signers.
The company says it has sold more than seven million devices and secures about a fifth of the world's crypto assets; it also offers institutional solutions (Ledger Enterprise). In 2026 the financial press reported a possible New York listing at a valuation between 1.3 and 1.5 billion dollars: a possibility, not an announced deal.
Regulation and licences
A hardware wallet is not a custody service: the keys stay with the user, so Ledger is not among the providers regulated by MiCA and no authorisation is needed to use one. Ancillary services involving third parties remain regulated, such as Ledger Recover (optional, paid backup of the recovery phrase with independent custodians).
Security
The chip inside the devices has never been breached remotely. The problems have concerned the perimeter around the product: in 2020 a flaw in the e-commerce site leaked about a million email addresses and 272,000 postal addresses of customers, raw material for years of targeted phishing; in December 2023 a supply-chain attack injected malicious code into the Ledger Connect Kit library used by web applications, with roughly 500,000 dollars taken from users who signed transactions during those hours; in January 2026 a payment provider was breached and part of the customer data was exposed. On the legal side, a class action seeking at least 500 million dollars over the 2023 incident was filed in the United States in 2025. In 2023 the launch of Ledger Recover triggered a strong community backlash, because the service allows encrypted fragments of the recovery phrase to be exported: it remains optional. Practical rule: the recovery phrase is written only on the sheet supplied, never on a website or in an app.
Costs
Indicative list prices as of September 2026: Nano S Plus about 79 euros, Nano X about 149 euros, Nano Gen5 179 dollars, Flex about 249 euros, Stax about 399 euros. Flex, Gen5 and Stax include a Ledger Recovery Key, the physical backup card sold separately for 39 dollars. The Ledger Live app is free; purchases and swaps made through the partners integrated in the app carry their own fees.
Alternatives
The other historic manufacturer is Trezor (Czech Republic), which uses open-source firmware and, on most models, no secure chip. For everyday management of funds with external signing, MetaMask; to trade directly from the wallet, Uniswap.
FAQ
Can a Ledger be emptied remotely? No, as long as the recovery phrase has never been shared. Documented thefts come from phishing or from signing malicious transactions, not from breaches of the chip.
Does Ledger keep my keys? No. The keys are created and kept in the device. Only users who voluntarily enable Ledger Recover deposit encrypted fragments of the phrase with third-party custodians.
Should the device be bought only from the official site? Yes, from the Ledger site or the authorised resellers listed there: second-hand or "pre-configured" devices are a known risk.
Is Ledger regulated under MiCA? Not for hardware wallets, which are not custody services. The exchanges integrated in Ledger Live are subject to the rules of their respective countries.
(Verified: September 2026)
Verified sources
- https://www.ledger.com/press
- https://www.ledger.com/blog/security-incident-report
- https://www.crowdfundinsider.com/2026/01/257116-ledgers-latest-security-issue-customer-dat
- https://crypto.news/ledger-sued-for-500m-over-alleged-data-breach-and-crypto-theft/
- https://coinbureau.com/review/ledger-hardware-wallet-review
