WARNING! I recently had a post that mentioned using Ledger wallets (Nano S and Nano X) for safe HODLing. Please do not use Ledger wallets (Nano X, Nano S) until all further legal and security issues are resolved. Ledger had been hacked before and it was believed that wallet addresses were not compromised so there was no threat to your crypto holdings. However, it now appears that the personal data (names, emails, physical addresses) of Ledger users have started to be released by hackers. This poses a direct threat to the physical safety of everyone, particularly individuals with large cryptocurrency holdings. Be aware of phishing attempts, and toss out the Ledger. They say it only affects Ledgers bought from 2019 - present but they literally got hacked and are going by what's been released so far. Legal action has now started.
This comes as a sudden surprise as Ledger uses had been notified about six months ago that there was a security breach. Users were told that wallet addresses were safe and that it was a minor event. Now, hackers have been releasing the personal information of everyone who has bought or used a ledger wallet since 2019. This compromises the safety of those using the wallets. In addition, it is my (unfounded) belief that this information will be used to try and identify individuals not reporting crypto assets or trades by the IRS. If I had to guess, alphabet boys were involved because the gain from collecting unpaid taxes is way more than what they could ransom, and that's why Ledger is playing oh we're sorry but don't worry your money is safe - the government just knows about your holdings. I would suggest using a Trezor wallet or better yet just formatting a drive, downloading the blockchain (make sure this is a full-size drive, not your little travel USB stick), and creating your own wallet. Sure it won't be as sleek and Bluetooth capable, but it won't be hacked and your information won't end up all over Twitter and at the IRS. I am not advocating lying, but I am concerned about the privacy and rights of individuals over cryptocurrency holdings. There is never any tax paid on what you buy, only when you sell. Therefore, it should not be required to report a holding unless a subsequent sale has occurred. There is no need at all. They will act like it's no big deal at all, but it is. Stay safe.
Sources:
@Ledger (Top Pinned Tweet of the Ledger Official Twitter)
https://twitter.com/Ledger/status/1339269266156056576
@JimmyMcShill (Top current tweet when searching "Ledger hack" on Twitter)
https://twitter.com/JimmyMcShill/status/1340733120610447365
Cointelegraph - literally the news
https://cointelegraph.com/news/ledger-users-threaten-legal-action-after-hacker-dumps-personal-data
