Ledger makes a GIANT MISTAKE? Hardware wallet now has a BACKDOOR? Is the government behind this?

#crypto #ledger #wallet

Ledger Nano has made a huge mistake seemingly in offering a service that lets people store seed phrases online going against the crypto mantra.
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* These are my opinions, they are not financial advice of any sort

[JanPBtest]

Basically this means Ledger was never a hardware wallet, it was a hot wallet with only software protecting it from broadcasting the keys. On top of that, they use proprietary software instead of open source. What could possibly go wrong?

[Aitch]

I’ve been having a ledger nano S for about six years. Haven’t had an issue till a few months ago when I try to logon to my ledger live, and it kept saying I was putting in the wrong password when I know in fact, I was putting in the correct one because I had it written down, I contacted ledger support, and they were lost. Didn’t understand what I was trying to explain telling me to reset my password when that wasn’t the issue I didn’t forget my password it’s just wasn’t being recognized so I was forced to reset my password. when I did that I lost all my account names my ledger live, until this day I can’t figure out what account belongs to what tokens. I don’t understand why that happened, but there must be an issue with their ledger live, but that’s not the worst part. The worst part is, contacting ledger support, and not understanding the issue that I am contacting them about. which is the reason why I switched over to a new cold storage wallet, The D'CENT Biometric Wallet. I’ve been using it for a few months now and I have to say that it’s way better than the ledger in every way possible.Way easier to use and it has a just as much space to store all your crypto.

[microspect]

Crypto is based on trust. Ledger is walking on a thin rope now

[tqlla]

If they can grab your seed phrase and store it online, in parts…. What’s stopping them from taking the crypto off your wallet?

[coquifrog]

Have not seen your videos before, but this was such an incredible video jam packed with valuable details that I decided to subscribe.

[JanPBtest]

2:00 Probably not, after all Trezor is Czech and they are in the EU, yet their wallet does not broadcast private keys.

[auskrieglanze]

The question is, what are we suppose to do with staked cryptos that have unlocking period 14 or 20 days+ now with ledger... should we wait for some news or unstake it now losing staking rewards in the process...

[knowone]

How much you wanna bet somebody got to ledger, made them a deal they couldn’t refuse. Now who is there to trust, the legacy institutions, no, but people will still trust them over ledger.

[peterb]

Problem is they push a firmware update for the device, which is NOT open source, so no one can check what this firmware does. If we have to believe ledger on their blue eyes the device remains safe and you have to consent for each action taken on the device... but... no one can check this.

The recovery option is optional, thats correct, but the firmware isn't.

If they would created a new device with solely the option for a recovery service it would not have made this fuzz, but they now fiddle with excisting devices which they marketed with "security phrase can NEVER leave your device"

[Foxtroxity]

Dang i spent hundreds of dollars just to be totally denied my own security and safety. It can go either way, sue or dont sue n just be a loser and find another cold storage wallet. Which i dont have a clue which cold wallet storage to trust. Anyone help?

[topsgaming]

Luckily I didn't opt in to the data sharing

[scrappychildhood]

Have not update my Firmware Wallet yet updated the software

[ianjaeger]

Noooo it does not. Only if you apply for it.

[Deadbolthead]

I just bought a Trezor One and then today bought Tangem cards. Neither has arrived yet. I also have a DCent but I know it’s closed source like Ledger. I think I’m going to split my coins between Trezor and Tangem. I’m done with ledger. Fool me once shame on you, fool me twice…not going to happen.

[jurgena]

Ok what better alternatives are there? Gold card is only for btc. And D'cent or Trezor?

[KeystoneWallet]

Keystone will never do so to our users. We have been dedicated to let ppl self-custody and implemented Shamir Backup for it

[ra-lxph]

I knew they would do this. Blocking firmware update without id. It seemed strange all this hard wallet stuff was so secure. I think they will find away to know.

[robertam]

Go with open source wallets its simple

[GrandmaBetty]

Trezor got rich overnight. Everyone is now dumping Ledger.

[andrzejd]

Simple dont store your pass words there come in