Is Nano Ledger S still safe after the data breach?

[The Sceptical Chymist]

I know a little bit about how Ledgers work, but I have to confess that the paranoid little parakeet that lives on my left shoulder kept whispering that I was in danger.  Sometimes that little bugger just won't shut up--but after asking a question about this in another thread I was reassured that my meager crypto stash is safe.

But man, Ledger really did seem to take a hit to their reputation because of this brouhaha.  They're still my favorite hardware wallet, though I haven't received my opendimes yet.

[Darker45]

In such case, how does the recovery function work if one is recovering the coins to a new ledger device by using the 24-word phrases and the user info?  How does Ledger Live able to transfer the private keys to the new device?  Is it being done using some type of encryption conversion?

Your 24-word seed holds all the private keys of all the addresses of all cryptocurrencies which Ledger supports. That's everything that you need to recover everything you own. So once you input your 24-word seed to a new device for recovery, all the private keys will be restored there.

You need to take note that your private keys are not stored in the Ledger Live app. There is, therefore, no transfer that happens from your Ledger Live to a device.

So the private keys of all the supported 1000+(?) cryptocurrencies are all somehow embedded in these 24 words?  

Yes.
 

I would thought that the private key for a coin address is created after user install the coin app and deposited the coin.  

No.
 

I guess Im still a little confused on how private key works.  Isn’t a private key associated to a transaction after an exchange is made?

It depends on what you mean by associated here. But a private key is not derived from a transaction.
 

For example, if I haven’t transferred any BTC into the BTC account, would there be a private key associated to the account?  

Yes. There is always a private key in every public key which is where the public address is derived from.
 

Is the function of a coin (ex, BTC) app just to help user to see the specific coin info and to manage the coin?  
If I installed the EOS app and transferred 100 EOS coins to the ledger.  Later, I deleted the app to gain more space back, would the 100 EOS coins still be in my ledger wallet address?  If I reinstall it later on the same device, would I be able to see the 100 EOS coins?  The reason why I’m so concerned about this is because I got a Ledger Nano S which can only hold 3 of coin apps.  I need space for 7 other coins that I need to transfer.

1. Yes, the app will allow you to manage your coins.
2. Yes, even if you delete the app to make way for another app, you can re-install it later on and still have your funds intact.
 

Also, does Ledger Live store the information that my EOS account has 100 coins?  

Yes, you can find it under Accounts.

Else, if I use the 24-word phrase to recover my coins to a new ledger device, how would the 100 coins be there?  

Because, as I've said, your 24-word seed holds everything. It does not mean that since you uninstalled your EOS app from your device, that it doesn't show there anymore, that you cannot manage it anymore, you already have deleted your private keys. Your EOS private keys are still safely stored in your device even if you uninstalled the app. So once you re-install it, you will find that it is still there. And once you input your 24-word seed on another device, it is also restored.

I know this is a lot of questions, but please be patient with me.  

Questions are always encouraged. But complete and more precise information as regards Ledger is always available here: https://support.ledger.com/.

[Lucius]

But I can still transfer EOS from other wallet into my account in Ledger, correct?  That is all I need for now.

That's right, although Ledger Live supports a relatively small number of coins, Ledger Nano S/X allows you to safely store a large number of coins/tokens, by using third party wallets. If you visit the link from my previous post and enter the name of any coin, you will get information whether it is supported by Ledger Live, and if not, which wallet you can use as an alternative.

[Pmalek]

I know a little bit about how Ledgers work, but I have to confess that the paranoid little parakeet that lives on my left shoulder kept whispering that I was in danger.  Sometimes that little bugger just won't shut up--but after asking a question about this in another thread I was reassured that my meager crypto stash is safe.

The money is safe, yes. I though about putting the word 'still' before safe, but I changed my mind.

The privacy of many users is fucked though. I found this yesterday:


Source: https://twitter.com/yeolddoc/status/1353139243548364805

But I can still transfer EOS from other wallet into my account in Ledger, correct?  That is all I need for now.

To expand on what Lucius said.

For EOS you need to install Fairy-wallet. The link on the Ledger crypto assets page will take you here > https://github.com/tarassh/fairy-wallet/releases/
Your Ledger device will need to interact with the Fairy Wallet for you to send and receive EOS tokens. You need to install the EOS app on your hardware wallet, and the Fairy wallet on your computer.

When you want to receive tokens, the process looks something like this:
You will get a receiving address on Fairy Wallet. Before you send this address to the sender, you need to verify on the screen of your Ledger hardware wallet that the two addresses are the same. There should be a button in Fairy Wallet that says verify address on hardware wallet, or something similar.

When you send EOS, the process is again somewhat similar. You do that through the Fairy Wallet and you have to verify the amounts, addresses, and transaction fees on your hardware wallet. You use the keys stored safely on your hardware wallet to sign and broadcast the transaction.

[Bitcoin Guy]

For EOS you need to install Fairy-wallet. The link on the Ledger crypto assets page will take you here > https://github.com/tarassh/fairy-wallet/releases/
Your Ledger device will need to interact with the Fairy Wallet for you to send and receive EOS tokens. You need to install the EOS app on your hardware wallet, and the Fairy wallet on your computer.

When you want to receive tokens, the process looks something like this:
You will get a receiving address on Fairy Wallet. Before you send this address to the sender, you need to verify on the screen of your Ledger hardware wallet that the two addresses are the same. There should be a button in Fairy Wallet that says verify address on hardware wallet, or something similar.

When you send EOS, the process is again somewhat similar. You do that through the Fairy Wallet and you have to verify the amounts, addresses, and transaction fees on your hardware wallet. You use the keys stored safely on your hardware wallet to sign and broadcast the transaction.

It is good to know that.  However, I was able to transfer it from an exchange which no longer serve US customers to a desktop wallet, and immediately converted the coins to ETHs and sent them to an US exchange.  I did the same for another coins.  I have about 10 altcoins so I haven't completed the transferring process yet.  All the hardship is just because I live in a state which is not supposed for all the US exchanges (ie. bin..ce.us) that support these coins.  It is sad to part away with these coins after almost 4 years and I am not even making money on them yet!