The Escalating Cybersecurity Risks in Crypto Infrastructure and the Growing Demand for Hardware Wallet Providers

The cryptocurrency ecosystem in 2025 is under siege. WiFi-based cyberattacks, supply chain compromises, and AI-driven social engineering have turned digital assets into prime targets for both state-sponsored actors and opportunistic hackers. From the $1.5 billion Ethereum heist at ByBit attributed to North Korea's Lazarus group to the $90 million "burn" attack on Iran's Nobitex by Israeli-linked hackers, the stakes have never been higher. These incidents, coupled with a tripling of personal wallet thefts since 2022, underscore a critical shift: crypto infrastructure is no longer a niche vulnerability but a global cybersecurity battleground.

The Rise of Hardware Wallets as a Defense Mechanism

As attacks grow in sophistication, the demand for air-gapped hardware wallets-devices that store private keys offline-has surged. According to a report by Kroll, nearly $1.93 billion was stolen in crypto-related crimes in the first half of 2025 alone, accelerating adoption of hardware wallets as a countermeasure. The market is projected to expand from $348.4 million in 2025 to $1.5276 billion by 2032, with a compound annual growth rate (CAGR) of 23.5%. This growth is driven by both individual users and institutions seeking to mitigate risks from WiFi-based phishing, supply chain attacks, and AI-generated deepfake scams.

OneKey: A Case Study in Undervalued Innovation

Among the emerging players in this space, OneKey has emerged as a standout. The company's OneKey Pro and OneKey Classic 1S series combine open-source transparency with cutting-edge security features, including 4× EAL 6+ secure elements, air-gapped QR signing, and support for over 30,000 cryptocurrencies. These devices are fully auditable, with verifiable builds and independent security assessments, addressing a key pain point in the industry: trust in the codebase.

Financial metrics further highlight OneKey's potential. The company has achieved a 148.7% year-over-year increase in weekly active users and a 41.6% revenue growth, outpacing competitors like Ledger and Trezor. Its recent $1.5 billion valuation following a Series B round led by YZi Labs (formerly Binance Labs) and Coinbase Ventures suggests strong institutional confidence. Notably, OneKey has transitioned to an AI-driven operational model, positioning itself to scale in an increasingly complex threat landscape.

Comparing the Competition

While Ledger and Trezor remain dominant, their financials reveal a mixed picture. Ledger reported $70.9 million in 2024 revenue (up from $36.7 million in 2023) and is exploring a New York IPO, but its reliance on enterprise solutions like Ledger Vault may limit growth in the retail segment. Trezor, with $47.2 million in 2025 revenue and minimal external funding, has demonstrated resilience but lacks the multi-chain support and AI integration that OneKey offers.

Investment Implications

The crypto security market is poised for consolidation as attackers exploit WiFi vulnerabilities and geopolitical tensions. OneKey's open-source model, AI-native infrastructure, and partnerships with major exchanges (Binance, OKX, Bybit) give it a unique edge. For investors, the company represents a rare combination of rapid user growth, robust security, and institutional backing. As WiFi-based attacks continue to dominate headlines, the demand for air-gapped solutions will only intensify, making firms like OneKey critical enablers in the crypto ecosystem's next phase.