🔒Ledger Wallet SAFETY, RED FLAGS & ALTERNATIVES🔒

#Bitcoin #Crypto #SelfCustody #HardWallets #Ledger #LedgerDead #ColdStorage #Altcoins
Wallet Security: Is Ledger still safe & alternatives

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0:00 Introduction
01:37 IA Wallets & Security Playlist
02:05 Ledger Meme
02:27 Bud Light Moment
03:26 Initially Thought This Was A Deep Fake
04:17 Beauty of Crypto is Anonymity
04:30 Story Background
04:57 Ledger Private Key Security
05:51 Advantages of Ledger Recover
06:29 Disadvantages of Ledger Recover
07:19 RED FLAG TIME
07:25 RED FLAG: Firmware Update: Low Prob Risk?
08:13 RED FLAG: Ledger Not Open Source
08:33 RED FLAG: Database Leak
09:22 RED FLAG: KYC Recovery
09:39 RED FLAG: Centralized Service
10:15 RED FLAG: Privacy Concern
10:50 MiCA: Opening the Door for Mandatory KYC?
11:39 Conclusion
11:48 Simple as Possible, but NOT Simpler!
12:22 Opt In Service so Coins Are Safe???
13:00 Don’t Panic - Plan of Attack
14:41 Key Elements Required for ANY WALLET
16:21 Surveillance Concerns around Trezor!
17:01 Hardware Wallets that Fit the Bill
17:47 Fake Trezor Warning

[James-xfip]

James, this is the best video on this topic I've seen yet! Thank you for keeping us "in the know". Cheers!

[OwenChenMusic]

James, I think you left out the most important aspect, which is that the keys for the Recover service are encrypted and sharded within the BOSOL kernel and Secure Element hardware chip. The plaintext private key never leaves the hardware, only the encrypted output which is sharded into 3 segments. Also if an attacker were to obtain all of the encrypted shards (essentially a multi-sig), they need the private key, which is on the SE chip on the physical hardware wallet and is passcode protected, to decrypt and retrieve the private key.

[SuperJy]

They must be getting a lot of ESG investment to push KYC and government unlocking to make this kind of decision and not care about customers. They probably anticipate much more money in the future from the masses with CBDC support and IMF approved solutions. RIP Ledger.

[CharDaLuX]

Bought my first LEDGER-NANO-S-PLUS three months ago, just so I could self-custody certain altcoins not available on my BCVAULT....now this. Needless to say, I liquidated those assets and put the waste of money back in the box. Anyone want one? Original receipt included; You pay postage, and it's yours! 🤔 This was the best insight into this debacle I have seen yet, and the reason why I keep tuning in. Both sides weighed, explored, explained, conclusion: That's you, James. Have no doubt you're a great father, brother, husband (what have you) as good as you are an educator. Question: Have I missed something over the last few years, because why is no one ever talking about BCVAULT anymore as a cold storage option?

[AUNZAnon]

This really is a 'Bud Light moment' for Ledger.

[wolfmanracquetball]

We are all connected and we are one. So glad to have a brother like James to help get us through all this and learn every day from the cool classes he gives!

[donnafromjersey]

That is soooo true. No other channel explains things like this one does. If folks want to educate themselves on this stuff, this is the only channel you need.

[johandahlberg]

A good summary of the red flags, even if I would say that some of them are not true, but they are the obvious concerns. So it would have been interesting if you reached out to them and let them answer them. I think that most would change their mind if they listened to Ledger because I actually don't believe the hardware is compromised as long as you don't use it. This kind of feature is obviously less secure, but it could also be compared to a password manager (that could be unlocked with KYC) instead of having your password on a post-it. For some this could probably fill a use case and since it is divided to three companies all three needs to be compromised for an attacker to get your private key.

[craigshrimpton]

Unfortunately if you don't change your seed phase after moving to another wallet, you have done nothing to enhance protection.

Once Ledger has your seed it's compromised regardless of the wallet you use

[IanDayTube]

Aww man. I’ve already updated, and that’s not the only problem. Also you were wrong about Ledger being hacked. It was their store partner which I think was Shopify and was done by a rouge employee.

[dank]

Thank you James for explaining, clarifying, and why. You present a valid case regarding Ledger now and going forward. I initially thought this was a big to do over nothing if you don't opt in, but the shaking of Ledger crypto holders confidence in the company is an issue I hadn't taken into consideration. Thank you thank you thank you!

[jackstarman]

I have BTC and Alts on my Ledger. Besides Trezor T are there any others that do both? I am 74 and it took me ages to learn about Ledger. Any help would be appreciated.🙏

[elsamariasorforger]

Thank you James for your hard work, Ledger will facing a shitstorm if they do not cancel this new option, not your keys not your cryptos

[WolfwoodX]

Woah thanks for the heads up!
Time to get a new cold storage wallet 😭

[adamlee]

Would love an update on this topic ( cold wallet storage in general ). Its been 10 months, and technology improves quickly, would be interested in a new "Best Storage Options" video James.

[PhutureproofUK]

The world gets more confusing day by day. I have been a LastPass customer for a few years. A plethora of newspaper security issues made me switch to Enpass, which turned out to be a terrible implementation of password management. I then switched to Norton Password Manager which was truly horrible to us and constantly failed. I’m now back with LastPass!

[alarralde]

Can you do a quick videos on how to transfer from Ledger to Trevor model T?

[redbugbluebug]

So, if the big guys like ledger can't be trusted, how could these other companies that we never heared of could be trusted more?🤔

[johnnyrsj]

Thanks - the only thing you didn't mention that I'd seen online yesterday - was this apparently only affected particular device - the Nano X - have you seen any verification of that?

[MrKarelKosa]

16:34 Hey!! Coinjoin is currently only available on the Trezor Model T !!!! There is no coinjoin on Trezor 1