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Agents Propose, Humans Approve: Ledger's Kasper Luyckx on Custody After Coldcard

Agents Propose, Humans Approve: Ledger's Kasper Luyckx on Custody After Coldcard

Bitcoin, Fiat & Rock'n'Roll vor 2 Monaten

How the Coldcard hack, AI-powered attackers and a shift to payments and tokenized securities are reshaping digital-asset custody, and why the future of holding value is hybrid.

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47:16

Every crypto holder relies on one thing and rarely thinks about it
until it fails: how the keys are kept safe. Just days after the
Coldcard hack drained over $100 million from users who appeared to
do everything right, Ledger's Head of EMEA Kasper Luyckx joins
Stefan to explain what really keeps digital assets safe, from
hardware signers to bank-grade HSMs. Kasper, who has seen custody
from both sides after years at UBS and Crypto Finance, walks
through what actually went wrong at Coldcard (a seed generated in
software instead of the secure chip, with far too little
randomness), why it was an isolated firmware failure rather than an
indictment of self-custody, and how Ledger's in-house attack lab,
the Donjon, works. From there the conversation opens up: the real
gap between retail and institutional custody, where multisig, MPC
and HSMs fit, and the big shift from simply storing crypto to
on-chain payments and tokenized securities. They also dig into AI
on both sides of security, including Ledger's new Agent Stack,
where AI agents can propose transactions but a human still approves
each one on the device. The throughline: as AI makes
vulnerabilities cheaper to find, keeping a human in the loop
matters more than ever, and most people will end up holding value
in a hybrid of self-custody and trusted custodians. Enjoy the
episode.