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What Has Actually Happened
What actually happened to Ledger? You may have heard everyone going on about Ledger the last couple of days and rightly so. It was also said that your private keys would never leave the device and this is why Ledger has been so popular amongst crypto holders. They announced the other day that if you update the firmware on the device and opt-in to their recovery service, the keys can actually leave the device. This goes against the whole point of a hardware wallet.
Recovery Service
After you have opted in to the recovery service and updated your firmware, the private keys will be split up into three different sections and sent to three different custodians. At time of writing this article, I am not worried or panicking, crypto is safe on the device and the keys can’t be extracted from the device unless I update my firmware to 2.21 and opt-in to the recovery service. However, device’s over time will need updating so in 1-2 years it will stop working unless updated to the newest firmware. So I will probably look at getting a safer hardware wallet by then. Ledger is closed source so we can’t verify any changes that are made on the device unlike Trezor which is open source. How many times has Ledger been hacked? None.
Next Hardware Wallet
I have been researching new wallets and I am not rushing into anything right now. Currently I have been looking at Tangem Wallet, this one looks very interesting and I will research it a bit more and cover it here so keep an eye out for my article.
Let me know in the comments below what you think about the whole Ledger thing and what wallet you are currently using to hold your crypto. Stay safe out there and as always, thanks for reading and I will see you in the next one.
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Disclosures
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Affiliate:
Most of the referral links I put in this article will give me some sort of commission. You do not need to use any of the links I post, however if you do I appreciate the use of these and thank you for your continued support as this really helps me and my family.
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Article:
This is NOT financial advice and I am NOT a financial advisor, This article is for entertainment purposes only. Always do your own research. So sit back, relax and enjoy my content.
