Is Ledger Wallet Safe? | The TRUTH about the Ledger Hardware Wallet Backdoor

Ledger is considered the biggest and arguably the best crypto wallet, out there, and with the latest Ledger Recover drama people are worried Ledger isn’t as safe as we once thought.
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Let’s find out if there is really a Ledger backdoor and what could happen in the worst case scenario.

🎥 My Other Videos:
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Chapters:
00:00 Intro
01:25 Security Risks
03:24 How Big of a Problem is This?
09:46 Should You Still Use Ledger?
14:39 Final Thoughts

#crypto #ledger #cryptonews

[VirtualBacon]

Are you still going to use your Ledger? Let me know!

[thevillagedao]

Your videos are real and very informative. Excellent production value as well. I moved over to Trezor. Didn’t use the restore codes, setup new addresses. Just a bit paranoid about my private keys and for me, I am suspect of anything Ledger says at this point. I am also concerned about the nation state’s future access to my assets. We live in a time of great
promise as well as totalitarianism empowered by technology.

[Willo]

Good educational vid. I was shocked by the actions of Ledger …. Why would they be so stupid? I love my Ledger but am seriously considering a change to Trezor or similar.

[vegasvato]

Now that Ledger has admitted there has always been a back door in their wallet, which is contrary to their claim to fame of being completely secure, , , Is anyone talking abouot getting refunds or taking legal action for consumer fraud???

[pavlovakhnivskyi]

Consider this:
How do you think it is possible for UI which runs on a separate chip to display the seed phrase during the setup without previously reading it in its raw form from key storage chip (called Secure Element in Ledger terms)? For your device to be able to display the seed phrase to you during the initial setup its main chip (responsible for UI and interfaces like BT/USB) has to be able to read the private key from key storage chip. So on the harware level this is how every hardware wallet works.
Firmware capabilities and brand direction in general is another thing though. And I'm not a fan of the direction that Ledger seems to favor.

[TheRohanGaming]

How to destroy a reputed company in a few days

[perceptionist]

I still have the first Ledger. The Ledger Nano. I don’t think they even have that update on that one.

[scriptles]

All hardware wallets can have firmware that extracts the key. The very fact that the firmware can sign transactions is proof that there is some data shared between firmware and the chip. There is no way around that. There are ways to make it extremely harder. And I hope that hardware wallets do that but I dont know for sure if they do or do not.

[lurker]

It's good to mention for less savy crypto ppl that if they opt in they can easily create new address on hardware wallet and move funds to address that didn't opt in to recovery program. New address = new seed phrase.

[gregoryknight]

I have no trust in Ledger after this move, they could have just created a new piece of hardware with training wheels for noobs vs pissing off their OG base

[Mark-fhlp]

Safepal is the best. Everything is literally offline. Even transferring from hot wallet to cold wallet. All offline.

[jjaybeardedbarber]

Question. Doesn't all other hot wallets like trust wallet, coinbase wallet, etc all have a icloud backup for your seed phrase as well? What is the difference with Ledger doing it now?

[viperviperpiro]

The other most important advantage using Trezor over Ledger..is the management... they only made dumb and not thought through decisions with profits in their mind instead of putting customers at their heart. I will not trust them anymore. Lost trust in Ledger... Once a Legend, now a legacy. What a pity.

[theodorospanagiotidis]

open source is overestimated and also dangerous some times. ledger does this because third parties that secure and audit the firmware strongly recomend no to. i dont agree with what you said

[playergame]

bro I didn't know all about this, I did update the firmware, now i don't know what to do. i spend like 200$ on ledger, now have to buy trezor 200$

[georgi-traykov]

Actually, you don't need to trust, you can verify it. What I mean? Ledger firmwares are not public and we can't verify it. Trezor is open source and we can verify it. That's why I will switch to Trezor.

[_D_A_V_E_]

Trezor isn’t focused on adding new coins though, it wouldn’t be good for non btc maxis who’re new to the market buying newer coins and coins such as ICP and Hbar

[lakshmi]

Great video! Thank you! What will be your recommendation for the secure migration of Solana, Polka dot, Ada, and such from the ledger?

[finnegangoldpot]

Hey mate, Love your videos and content. So what did you do? Been liking the look of the Trezor Safe 3, Tangem, and Keystone 3 Pro.

[MyLibertyTV]

Tangem 2.0 cards are not firmware upgradable. This prevents them from being susceptible to new firmware injection attacks.