Ledger self destructs, but why now?


Most of you who keep their ears to the ground probably already heard that the once trusted and widely used hardware wallets of Ledger, are now a liability as they announced a firmware update which will literally export your recovery phrase and possibly even make it accessible to others. Oh, and they also jumped aboard the KYC wagon and then deleted certain crucial parts:

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I could go on about this for a while, but I came across this meme that explains it pretty short and sweet:

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The French roots of Ledger which started way back in 2014 build up quite a name for themselves the past couple of years, so how come an experienced and well liked institution is messing up this badly so many years later? This is the type of rookie mistake one would expect from a centralized 💩show or newly established institution. Surely the people at Ledger would know how the community would respond to these type of developments, so why still do it? What changed? Why self destruct like this? Just.....why?

The law, that's why. Remember not so long ago the EU made it mandatory for crypto institutions to start verifying and identifying people using crypto wallets under their so called anti-money laundering rules and even included self-hosted wallets?

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Sending 1001 Euros from your Ledger Nano S to an exchange address? Well, we were obligated by law to know who (both of) you are and if the transaction is deemed suspicious, use this new "recovery phrase update" to stop it or confiscate the entire "decentralized self custodial" Ledger wallet at the government's behest. This btw is just me putting two and two together, could be that I am completely wrong and Ledger just voluntarily and very coincidentally decided to self destruct right after the new EU legal updates were announced.

Many are already seeking refuge to alternative hardware wallets, but inconvenient fact remains that if I am right about the reasons why Ledger is doing this and your newly found alternative wallet is also EU based 'a la' the Czech based Trezor, it will eventually come for you just the same.

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Geo-Political & Economical developments
Geo-Political & Economical developments

Things are almost never as they seem. If you sincerely think that world powers would spend their money and resources in order to just "help" citizens from foreign nations, you might want to ask yourself why they've been neglecting and out right murdering their own citizens for decades. What are their true motives for wanting to fund foreign (terror) groups, start global confrontations and wars? I'll let you in on a little secret; It has NOTHING to do with "human rights" nor "democracy".

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