Did LEDGER Really Think That Was a Good Idea?
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- เผยแพร่เมื่อ 16 พ.ค. 2023
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The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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RIP ledger, you fought temptation but finally greed overtakes!!😢😢
This wasnt grees, this has government pressure written all over it. Cold storage was supposedly the only way to keep your crypto wealth safe.from consification. This was.all about getting access to ledger accounts. This new feature tells us that this back door was built in from the very beginning,its definitely on the nano S as well.
It's not greed, it's the WEF agenda.
@peteblueline maybe not built in from the beginning. A firmware update is always a possibility regardless of intent. But I agree with you about government pressure.
I'll keep my ledger for now. But I also ordered a tangem wallet to try out. Depending on how I like it. I'll probably transfer my assets there.
Im ordering Tangem as well, probably will switch over, just to many questions at this point. All they had to do if they wanted to offer this service was sell a device that only caters to people to have those concerns, and have a fort Knox version. This would be of been really easy for them to do, and wouldn't cause so much controversy, the ledger board were forced into this by a higher authority unfortunately they are no longer a wallet to use
...imagine paying $10/month to lose your security.
Imagine paying income taxes for the same.
People pay $30-$90/month to lose their security in the form of a phone bill.
Well said
It's not necessary. This outcome put in evidence that Ledger inner software has always had the power to retrieve the seed phrase. We believed that was impossible... How can we be so naive?
@@iamthewalrus7269 It means the hardware had the seed value stored in it, which doesn't necessarily mean it could be remotely accessed.
Ledger is now 100% finished. Let's all press charges and demand our money back
So their wallets were never cold storage wallets to begin with, even though they clearly stated that it was impossible for the seed phrase to ever leave the device. This is straightout fraud. Goodbye Ledger.
I think it's due to the firmware, so I guess it wasn't possible before?
Nano s only..was and is
@@DGGR-ip1trnano s is the best, screw bluetooth connection to anything, use cold cable 👊
Great! And I just purchased the f… nano x
This is a Bud Light moment for ledger
This is WORSE then the bud light crap!!
@@acitizen5915A year from youd be drinking Bud while saying I wouldn’t trust Ledger with my crypto
Bud light only lost doofuses. This Ledger fumble actually affects thinking, logical people
I don't think so! I'm still getting my ass kicked from Celsius!
@@brighnquisitive6217 I don't care for either company making their respective sketchy decisions.
Ledger is a hot wallet! Congrats
A closed source hot wallet made by people who lied to you to trick into buying it.
The only positive thing about their new "feature" is that it exposed them for the liars they are.
Ledger has a whole lot of 'splaining to do... Keep it on the Nano X...no problem, 'cause I don't own one of those. Apparently the firmware can't be 'upgraded' to this new 'feature' on the original Nano S, but if it makes me regret I sprang for a Nano S Plus, I'll be looking for a refund.
If a person can't figure out a way to securely store a backup of their seed phrase, maybe crypto just isn't for them.
Ledger has already publically stated that they are bringing this "feature" to the S Plus from my understanding.....sorry man.
I wonder how much Uncle Sam paid ledger to create this new feature 🤔
Touché
And I wonder how much the Fabian socialists who control the state department,intelligence, and the printing presses paid Uncle Sam to pay Ledger.
The receipts showing who the ledger leadership team associates themselves with suggest that it is more likely that the payments for implementing this new "feature" likely came from the WEF.
@@christopherdixon4472 Where did you see this
@Choose Vegan sorry man, wish I didn't have to be so cryptic but after wasting a good amount of time writing out detailed comments on this yesterday for others who asked just to have them deleted I don't have much of a choice.
An even more concerning question is are there any other hardware wallet companies that have a similar "feature" (backdoor) built in?
This is the exact thought that has been the central decision maker in my current next choice of Hardware wallet. At this point i will only consider using a true cold storage hardware wallet that isnt capable of connecting to a phone or computer through a cable or a network. Another important thing to look for is a wallet thats code is open source, unlike ledgers.
Theres a couple really cool options im deciding between that meet these requirements like the ellipal and the keystone wallets. They only communicate to other devises through QR codes which is actually a pretty cool way of handling the problem.
@@christopherdixon4472 Ellipal is NOT open source fam. Not sure about Keystone. I'm looking at Trezor, it's open source. Although, it does connect to a computer.
Of course it is ! You have to trust them and that's the problem .
air gap wallets?
Which version of firmware carries this feature?????
It’s only for the ledger nano X and NOT for the nano S. The nano S DO NOT have the memory capabilities to do so.
Sorry I’m new to crypto and don’t want keep my crypto on the exchange, will the nano S plus have the same problem as the x or no?
@@johnwick2649no, it is okay to use the cheapest ledger
Wrong. They are able to connect my nano s for seed recovery. So basically, the ledger had a backdoor the whole time and has access to seeds with the firmware.
Should be able to return for full cost, they basically deleted the entire point of their product.
I'd love that... I got my Ledger yesterday and haven't opened it yet.
They didnt delete the point of their product, they LIED about their product to trick us into buying it. The reason many of us bought and trusted ledgers was because they told us that their proprietary chip made it impossible at the hardware level for your private key to be exported from the device. This new "feature" proves that the main selling point of the ledger devices was a lie.
Can you do a full vid on this? Cheers Guy
Heath Ledger rip 2008
Nano Ledger rip 2023
This ledger feature to extract the passphrase is awful, however I guess that any hardware wallet company can extract the passphrase from the device with thanks to a software upgrade. The problem seems to go beyond Ledger.
Perhaps not the air gap wallets like keystone?
are you not able to retain functionality without such update then?
Just moved some BTC into my Nano X with a calmer mind and saw this... lol...
get it out while you still can all of mine are gone
@@rs5milliondon Crete fake fear.
RIP ledger. Buying a trezor asap.
you may want o think twice about trezor
Trezor sucks too
How you know that trezor will not do the same?
@@user-qy2rp it is already the same
I have been involved in crypto for a long hold for quite a while, and it seems like it is not a safe space at all. Always thought seed could never leave ledger. And turns out I have been storing my crypto in a hot wallet this whole time. And I feel like every single hardware and software wallet has backdoors at this point. Plus, the paper wallet is as secure as your system when you create that wallet.
I knew from day one that the ledger is suspicious.
I think someone at Ledger is about to get fired
Yeap, that's the worst consequence in this matter. An individual getting fired.
The CEO should go immediately if they want to save this suicidal company
prison would be better
😂
ledger about to get sued
Ledger digging their own grave.
Apparently the company has ties with the World Economic Forum which is why
So when will the first Government warrant forced ledger breach occur?
This is obviously a government/bis/wef etc directive.
I immediately suspected the same thing when I first found out about this issue yesterday, and after a little digging, i found that this is most likely the truth. Both the CEO and CXO at ledger have connections to the WEF initiative called the Global Blockchain Buisness Council.
I dont think it was merly a coincidence that this "feature" was announced the same day the new EU KYC/AML laws were passed that sought to force KYC on private keys.
Good that I've gone for the cheap nano S stuff.
did this new feature had something to do with the EU regulation that force every transaction/custody in crypto transaction had to attach ID
yes
They realised they have sold all they can.
Now they want a subscription 😂😂😂
Just like most greedy companies want an everlasting stream of money from you
CRAZY
They didn't sell all that they can, not even close. Once crypto got clarity, they were gonna make more money than they ever have in the past. But now, they fucked themselves.
I’m going to swap to a Dcent wallet 😊
The ledger paperweight 😂
Hello, I bought my LEDGER NANO X in 2018, how can I be sure this is not compatible with this back door? Now I have the 2.0.2 version of the firmware
The community will appreciate a video to deepen this subject
Thank you for your precious information
So the old nano s is secure?
Hell yeah boy Nano s carrying the team on it’s back lfg
Bollocks to having a ledger then,much better options available
It feels like people want the feature to be a security issue because they don't like the feature. Many people will want to backup the seed phrase so let them do it. This won't make your seed phrase vulnerable if you don't use the feature and this is much better than people storing it online themselves. To the ones screaming about hardware security, they have obviously no idea about how a hardware wallet works. The apps you install on the Ledger already have access to your private key but has to be signed by Ledger. This is just another app/feature having that access, so just don't use it.
how do you know?
If the device now has the feature, how do you know if that makes your device vulnerable or not?
The point is that a Ledger Nano X device is able spit out the (encrypted) recovery phrase under certain conditions. That's a security risk that could be exploited
I have had a ledger for 4 yrs and I recently pre-ordered a Ledger Stax which still hasn't come out yet. So even if i update but dont subscribe, the seed phrase can still be stolen? I'm thinking of asking for a refund.
RIP Ledger, when video on recommended alternatives?
It's been up for a while
@@GR_BackingTracks needs to be updated to remove ledger from recommendations, it’s dangerous to store your crypto there now
I’m glad you said this
You know where you can shard that idea.
It's almost as bad as telling someone to hold your wallet and I'll pay you to do it.
Sounds just like a bank.
They just told the whole world their software is able to get your keys. Thats not gonna end well ford Ledger XD:
Rip ledger
Is this for the nano x only?
Ledger has made a mistake.. sticking with S.
Is this true for nano S too?
Why doesn't Ledger just do the reverse and have the seed imported onto the ledger after splitting the shards?
they are spoiling decentralisation...
Just say the seed phrase to yourself everyday... and you'll memorise it without knowing... how hard is that 🤫
I like a custody version BUT there should be different hardware solutions for clear differences
This is bad because they sold a product as secure then decided they'll change it. Which is the problem with all software companies. They think you rent their hardware so they can sell you a car then call it a entertainment hub. Or whatever.
Sell a game then update it so it's junk. But already paid.
I think im just gonna set up individual wallets and only store dust in all of them.
My phone can list 20 wallets easy one app I think amd they are free too. So why not have 4 wallets hold 25% keep that phone home so if you lose one you have the other still. Plus the 25 wallets words written down in the kids princess's diary. 😅😅😅
i will never buy a ledger after this
Want out of ledger. I already dont use it for my main holds.
I find using exodus and other wallets kept in an encrypted folder on an encrypted usb is pretty secure and i dont hsve to worry sbout ledgers NON Open source code.
Enjoy is so sad. I've had ledger devices for so long and have recommended it several times because of how simple and safe it was. It comes in handy that trezors newest service also has a secure element I guess
My id has a chip inside for NFC. If ledger could make a NFC reader for such chips when people set up the ledger device for the first time. That means you don't need online security.
Yep. This goes against the whole idea of self custody. Goodbye ledger!
"you dont have to opt in..."
could i opt in at any time?
"yes"
so, hypothetically, this could be activated by ledger at any time?
"..."
could ledger be subpoenaed to activate it without me?
"..."
Ledger has never been hacked, but there are many stupid people that give their keys to others
guy..those eyes scary
I still have the original model! Is it safe?
Since the code is closed source we just don't know. Best to move your funds to a safer wallet
*I still have my trusty Ledger Nano S and I would still keep it!*
*you might wanna get a Billfodl to back up/secure your Ledgers Seed Phrase!*
Nothing is 100% safe. A way to mitigate the risk while using cold wallets is to use multiple wallets from different manufacturers with your crypto spread across them.
ledger is dead. Even if its a good device
Get a D’CENT wallet urgently
ColdCard or Blockstream Jade
this is the end of ledger!
It starts as a suggestion, then it becomes mandatory
My question no one is answering, do we have to update firmware or can we keep old version
U can keep it but soon u will have to update as new coins will be available... Maybe Pepe or so
Why isn't Guy talking about quantum computers being able to decipher all of crypto ? Yeah this step by Ledger is foolish. Why is being invested in crypto not foolish in light of quantum computing abilities?
Offs. Great. Really, this is just stupid. The whole point of owning your own keys is.. no one else has access to them. Just write your seed phrase down, do some basic encryption on it yourself, and bam. Done.
So s plus would be fine? Might need to switch from my x
No. The original S would be safer. The S plus still have enough storage to run the new firmware that can extract the SEEDS.
Budlight moment... ... Ordered cold cards today.
Google is driving everything
Bonk listed on coinbase
Fantom still isn't.
Please make content about non kyc trading to hard wallets.
so im safe then...cause i have nano S and i dont use that service. right??
Is this with only new ones or is all of our old ones hackable also?
Well done ledger 😂. Made yourselves redundant
But, it goes to 3 custodians and requires ID to get the seed? So, how does someone steal the seed?
How can I get a refund?
Goddamnit. I bought the damn ledger because everyone said it was the best. Fucking facepalm.
Same.
I just bought ledger 💀
Giving away ID is the worst thing anyone can possibly do in Crypto!
that's the bigger point. it has code that can export the seed phrase. not good!
Anyone seen the Tim and Eric sketch “Ya Blew It?” This is like that.
The whole point of hardware wallets is self custody and no connection to the internet. This was an own goal by ledger. People will turn to other companies now such as Tangem
Woah, just bought one for myself and already regretting it due to this update😢. There should be an update where only one who choses this update is able to get it. Not all user can agree to this update.
Is Trezor secure??? How can we verify that?
Trevor is the same, not better
I wonder if i dident tapp on upload the firmware i dident have the update correct?
Its part of anti crypto push...paper/steel wallet is way to go..from now on
Hi Guy, in your video u mentioned the nano X, does this apply to all devices from ledger including nano S?
Thanks in advance!
You mentioned nano x, do you mean the s model?
No he means nano x
So just keeping my assets on ledger and passing on this feature isnt safe still?
Im curious on this too.
You're going to eventually update your firmware.... once you do, its over.
If software can make the hardware do something that should be impossible the hardware was compromised when it was made.
No
No, and the guy also said you have to pay for it
well only if you signed it . Too much FUD.
They are a truly awful company, getting rid of mine and getting a Trezor since I’ve nothing but hassle with mine
If they are willling to op in seed phrase just to make money then they will give your id to gov by force firmware upgrade in the future. Just a sign that profit first before security. 😮
Good thing I never liked ledger in the first place
I thought the device itself doesn't store the information of the seed phrase?
It's like Blackberry making BBM available for Android. Like, how is that a welcome feature for BlackBerry users?!
If Ledger has developed this software instead of trying to monitize it they could keep up locked up at headquarters and if you loose your seed phrase make you fly down to them with the physical Ledger to recover your crypto for a fee....say $1000. But theyd rather try and sell it to everyone for a monthly fee.
Well maybe someone from the WEF clan "suggested" this to them..., We'll see if any other wallets want more security for us 😏
I think you don't notice ,Bitbox is practically the same as ledger as long as it permits to make backup of keys on a USB flash, as it is stated on their site.
Trezit the same ,I don't know Cold card, but I think all the wallets aur gapped are secure and not permit exfiktration if keys ,but wallets connected by USB are not
That anyone is surprised is surprising. That anyone thinks any of these wallets have ever been 100% safe is ....surprising
Not that. But people thought only they had access to the keys. Crazy
“Theoretically capable “ is just enough to raise the red flags 🚩 for me.
Correct. Means they been lying since day one that nobody has access to the device. They had a backdoor the whole time.
I'll be moving all my tokens of ledger now..
Fuck sake just bought and X haven't taken it out the box but taken the bloody wrapper off it.
Wen Cardano Paper Wallet ?
I bought Ledger last yr but never used since.! the fees they charge (no, don't tell me it's network fees , they're not, only part of it) ridiculous. Sometimes up to 30%. NO it's not a joke. real.!
Well, i Guess i spent 245.00 for lies. Great.
Ledgers Bud Light moment. 😵😵
So I’m safe with my nano s?
Yes. I think it is???