Ledger is one of the most secure hardware wallets after recent hack said CZ

[EL MOHA]

While CZ was addressing the issue related to the recent ledger hardware wallet hack, the former CEO of binance reportedly claims that ledger is “one of the most secure and oldest hardware wallet in the industry” also claimed it stood the test of time.

While ledger is definitely one of the oldest hardware wallets out there, CZ cannot simply call ledger hardware wallet secured after the how many number of hacks and data breaches it has had

For me a decit by CZ to lure people into trusting the wallet or a way not to clash with the company

If I am not mistaken I don’t think there is any hardware wallet that’s its users has suffered from numerous data breaches and hacks than the ledger users it’s even surprising to see ledger still having users of their products.

My advice is not stay away from ledger wallet alone but also from influencers like CZ who call multiple breaches like this has “this things happens”.

[Aanuoluwatofunmi]

I don't expect CZ to be saying things like this in public, for crying out loud, ledger wallet is even one of the worst how do we wallet to consider using even before the recent issue they had, since it has been discovered that did no longer have privacy confined in using their wallet, and I've been seeing several repeatable members of this forum kicking against using ledger wallet and will rather support trezor among others, this same ledger wallet is what we now see CZ coming to support and this is so disappointing is here even at the heat of the current issue with Ledger hardware wallet.

[SilverCryptoBullet]

I don't expect CZ to be saying things like this in public, for crying out loud, ledger wallet is even one of the worst how do we wallet to consider using even before the recent issue they had, since it has been discovered that did no longer have privacy confined in using their wallet, and I've been seeing several repeatable members of this forum kicking against using ledger wallet and will rather support trezor among others, this same ledger wallet is what we now see CZ coming to support and this is so disappointing is here even at the heat of the current issue with Ledger hardware wallet.

Ledger hardware wallet actually has very long history, and like CZ said, it has gone through many tests. Not all were good but it's better than new hardware wallets that have yet tested by the community and time as well as hack attempts.

Celebraing 10 years of the hardware wallet revolution. The article was in 2024, 2 years ago, so now it's 12 years of hardware wallet existence.

It's about Trezor hardware wallet in 2014.
Another article.
The evolution of Bitcoin hardware wallets: a journey through time.

The Early Innovators: Trezor and Ledger

In 2014, Trezor from the Czech Republic introduced the Trezor One – the first real-deal Bitcoin hardware wallet. Not long after, Ledger, a French company, released its Ledger Nano. 

[m2017]

While CZ was addressing the issue related to the recent ledger hardware wallet hack, the former CEO of binance reportedly claims that ledger is “one of the most secure and oldest hardware wallet in the industry” also claimed it stood the test of time.

From a technical standpoint, CZ is right, as no vulnerabilities allowing the theft of assets (as happened with Coldcard) have been discovered to date in the Ledger's wallets. Ledger's HW devices have not been hacked. For now.

While ledger is definitely one of the oldest hardware wallets out there, CZ cannot simply call ledger hardware wallet secured after the how many number of hacks and data breaches it has had

To date, there have been no known hacks resulting in the loss of assets stored on this hardware wallets. Data leaks are not the same as hacking the Ledger device itself. While such incidents damage this company's reputation, they don't affect the reliability of its products. Furthermore, the closed-source code (which could theoretically contain undetected backdoors) has not caused a single failure so far.

One should only be accused of what has already happened, not of what might (theoretically) happen.
 

For me a decit by CZ to lure people into trusting the wallet or a way not to clash with the company

The question is, why is he doing this, and what does he stand to gain from it?

It would also be interesting to know what device CZ uses. Does he trust Ledger to store his personal crypto assets?

If I am not mistaken I don’t think there is any hardware wallet that’s its users has suffered from numerous data breaches and hacks than the ledger users it’s even surprising to see ledger still having users of their products.

However, it didn't cause its users problems regarding the loss of stored assets (through the manufacturer's fault).

Ledger’s strong marketing department enables it to acquire new clients. What they are truly good at is selling.

My advice is not stay away from ledger wallet alone but also from influencers like CZ who call multiple breaches like this has “this things happens”.

It seems we are entering an era where one should steer clear of all these HW devices (and their manufacturers).

I’m not ready to take CZ at his word, but I am ready to judge by his actions. Let him show his hardware wallet and that will set the record straight.

[MusaMohamed]

From a technical standpoint, CZ is right, as no vulnerabilities allowing the theft of assets (as happened with Coldcard) have been discovered to date in the Ledger's wallets. Ledger's HW devices have not been hacked. For now.

Ledger security breaches history (2018 - 2026)

In This Article
1. Introduction
2. Ledger Security Timeline
3. Early Ledger Hardware Vulnerabilities And Supply Chain Risks (2018)
4. Physical Attacks And Side Channel Research Against Ledger Devices
5. The 2020 Ledger Data Breach That Changed Everything
6. Ledger Phishing Scams After The 2020 Breach
7. Fake Ledger Replacement Devices And Mail Based Scams (2021)
8. Ledger Recover Controversy And The Trust Model Debate (2023)
9. Ledger Connect Kit Software Supply Chain Attack (December 2023)

I read about Ledger data breaches but I don't know Ledger wallet has ever been hacked.
The wallet brand name is here List of hardware wallet hacks and you can check more details.

Has ever Ledger wallet been technically hacked?
I don't know.

[noorman0]

I don't expect CZ to be saying things like this in public, for crying out loud, ledger wallet is even one of the worst how do we wallet to consider using even before the recent issue they had,

I don't know if these two companies ever partnered in the past,  but I think he spoke too much during certain security incidents without considering that it might hurt the victims' feelings.

since it has been discovered that did no longer have privacy confined in using their wallet,

If CZ truly valued privacy, Binance would never have KYCed. Therefore, privacy is not a factor when claiming the wallet is "secure."

[Catenaccio]

If CZ truly valued privacy, Binance would never have KYCed. Therefore, privacy is not a factor when claiming the wallet is "secure."

It's another thing.

Binance did not request KYC in years but they could not avoid it forever for their business and users. When governments wanted to enforce KYC and AML, Binance got legal troubles, and they had to change their business strategy from ToS to KYC enforcement on users.

After CZ was sued by DOJ, he posted that it will be good time for him to take a break and discover more about decentralized exchanges.
https://x.com/cz_binance/status/1840265403882152232

A few quick updates/thoughts:

Will continue to invest in blockchain/decentralized technologies, AI, and biotech.

[MisFoxie]

In my view we should completely avoid Ledger wallets. We don't know from exactly how many supply chain those compromised hardware wallets have been distributed to users.

As ordinary users even if we wanted to we wouldn't be able to check and determine whether our hardware wallet had been compromised. Since money is at risk here I think it's best to avoid Ledger completely.

I thought CZ would take advantage of this situation to promote Trust Wallet. It's a good thing he didn't otherwise he would have been roasted by the public.

[The Cryptovator]

While CZ was addressing the issue related to the recent ledger hardware wallet hack, the former CEO of binance reportedly claims that ledger is “one of the most secure and oldest hardware wallet in the industry” also claimed it stood the test of time.

While ledger is definitely one of the oldest hardware wallets out there, CZ cannot simply call ledger hardware wallet secured after the how many number of hacks and data breaches it has had

Since I realised Ledger is one of the closed-source wallets, then I don’t call it a secure wallet anymore, although for some point I have been using it as well. But for not big funds, only keep small funds in the ledger. I am not sure how CZ calls it, secure wallet, when Ledger hasn't published the code.

However, I am not blaming Ledger for hacking the wallet, but only because I don’t like closed source. For tempering wallets, I don’t believe the ledger itself is responsible anyway. Probably suppliers are tempering wallets; I have also heard before how wallets have been tempering. Even all the wallet would would be tempered, not only Ledger. Probably from that angle CZ said Ledger is one of the secured wallet.

[crwth]

What a timely comment lol. Imagine a crypto influencer saying those things to see who would still believe them.

Of course, the ones affected are those who were sold by CryptoBilis this year, but it will certainly damage Ledger's reputation again, and people will remember this the next time something like this comes up.

I have a Ledger, and it has served me well so far but won't be recommending them.

[bitbollo]

Issues could always happens with hardware wallets.
There are many "points of failure" from manufacturing to shipment... or just with data breach.
It would not means they are negligible or acting with malice, probably the whole process of security is too expensive for a product like this (probably it can't even be obtained since you had to trust many intermediate passage)...
Meanwhile "paper wallets have no issues" --> here you can see an interesting guide on the argument https://glacierprotocol.org/

[stompix]

Since I realised Ledger is one of the closed-source wallets, then I don’t call it a secure wallet anymore,

Oh, again with this thing.
Open source software means really nothing other than you can audit the code yourself!
The bug that was the culprit in the seed creation in coldcard stood there in the open for eveyone to see for years, nobody realized it.
Electrum had bugs, for god's sake, Bitcoin Core had bugs that stayed in the open, and luckily nobody was able to take advantage of them first.
Open source has its own vulnerabilities, it's easier for the bad guys to simply inspect code, if they find the bugs before the good guys release an update, you're done for!

This myth of it's open source it's invulnerable, it's closed source so it's buggy needs to die!

What a timely comment lol. Imagine a crypto influencer saying those things to see who would still believe them.

Although I despise CZ as much as one can despise a lifeform pretending to be human, he is right here, the ledger wasn't breached if I put a camera on your ceiling and I capture you writing down your paraphrase on a piece of paper, it doesn't make personal cold storage obsolete or insecure.

[Ambatman]

Imagine taking advice from CZ about wallet security when the wallet under its exchange
Trust wallet it's something else.
It has been adviced quite alot of times about the dangers of ledger
Their recovery system and their close source should be enough reason to back off
When there are better alternatives out there with less drama surrounding them.
Yes their security has proven to have stood so far but the minor red flag surrounding them shouldn't be ignored.

[Hyphen(-)]

I don't expect CZ to be saying things like this in public, for crying out loud, ledger wallet is even one of the worst how do we wallet to consider using even before the recent issue they had, since it has been discovered that did no longer have privacy confined in using their wallet, and I've been seeing several repeatable members of this forum kicking against using ledger wallet and will rather support trezor among others, this same ledger wallet is what we now see CZ coming to support and this is so disappointing is here even at the heat of the current issue with Ledger hardware wallet.

CZ as an influencer was known through Binance which is a centralized exchange, now he is given advice to new crypto users on hardware wallets Ledger precisely and from his statement, he is encouraging its usage but to be careful of buying fake. I don’t know what he is after, but I think he is just trying to be valuable in both centralized and decentralized aspect of crypto, maybe he have a plan for making this statement.

What’s just there right now is to go wallet that has never been hacked, but with the record of compromises attached to ledger, they are not a trustworthy company that their wallet will be used anymore, our investors are losing money because they trusted them and their wallet, now it’s time to go for other wallets we feel comfortable with.

[Charles-Tim]

While CZ was addressing the issue related to the recent ledger hardware wallet hack, the former CEO of binance reportedly claims that ledger is “one of the most secure and oldest hardware wallet in the industry” also claimed it stood the test of time.

You can easily understand what that happened. If he has lost like $50 million to the hack, he will not be saying something like this. Or if he is the person that lost the $100 million.

Everything CZ has been connected to like Trust wallet are all close source which I can not recommend anyone. So defending Ledger is not surprising at all.

[AVE5]

While CZ was addressing the issue related to the recent ledger hardware wallet hack, the former CEO of binance reportedly claims that ledger is “one of the most secure and oldest hardware wallet in the industry” also claimed it stood the test of time.

While ledger is definitely one of the oldest hardware wallets out there, CZ cannot simply call ledger hardware wallet secured after the how many number of hacks and data breaches it has had

For me a decit by CZ to lure people into trusting the wallet or a way not to clash with the company

I don't know why I feel you're taking this news about CZ the binance CEO this so personal even more than the news of the hardware wallet that's being this attacked by hacks on the few occasions.
The CEO only said what he had to say without meaning to lure anyone as you ma think.
Perhaps the ledger is a hardware device which on that concept it stores its private keys offline and while we all also recommends these offline private keys storage the best to keep user's fund's safe from hackers, I wouldn't in anyway blame CZ  being campaigning for the ledger brand.
If it is because of the security breakouts experiences that's making you fell this disheartening for CZ, then you must know the most of the insecurity incidents is due to the user's database being breached.
The recent incident about the ledger hardware is said to be suspected happened by their third party distributor who's believed to had tampered the privacy of the hardware before being delivered to the user's.

[Zoomic]

For a hardware wallet that's been around for the longest like Ledger, I think it'll be unfair to dismiss it's entire security record because of just one incident.

They've spotted that there's a security issue and instead of assuming, they should thoroughly investigate to establish what really went wrong, their customers should know if it's the device that was compromised or it's something that happened as a result of poor security in the supply chain.

[sunsilk]

That tweet is insensitive to the victims. He should mention more of the accountability of the company of why these things happen instead of praising them for standing the test of time.

Because that proves that they really can stand these incidents if they're going to help all of the affected users entrusted them because of what they believe them to be secured.

His opinion might be right and personal but, in these times they can prove them to the world that he's right.

[EL MOHA]

I don't know why I feel you're taking this news about CZ the binance CEO this so personal even more than the news of the hardware wallet that's being this attacked by hacks on the few occasions.
The CEO only said what he had to say without meaning to lure anyone as you ma think.
Perhaps the ledger is a hardware device which on that concept it stores its private keys offline and while we all also recommends these offline private keys storage the best to keep user's fund's safe from hackers, I wouldn't in anyway blame CZ  being campaigning for the ledger brand.
If it is because of the security breakouts experiences that's making you fell this disheartening for CZ, then you must know the most of the insecurity incidents is due to the user's database being breached.
The recent incident about the ledger hardware is said to be suspected happened by their third party distributor who's believed to had tampered the privacy of the hardware before being delivered to the user's.

What was needed to be said, the tweet was needless if you’re definitely a victim, he cannot just simply say things like this do happen when the breach wasn’t coming from maybe a phishing attack but rather a change of chip in a wallet a user bought.

And we should stop with the third party reseller thing, CryptoBillis was an official reseller he was more like a store for ledger, do you think if he was listed as an official reseller most people will have bought from him?

Personally I do feel the tweet is unnecessary and also insensitive at this period because it’s not a time to throw support to the company and throw the victims under the bus

[Darker45]

In all fairness, what happened wasn't strictly a Ledger wallet hack. Ledger's system wasn't compromised at all. The attack was directed at specific devices coming from a third-party reseller--authorized reseller, if I may emphasize. So, in a way, CZ was right.

I'm not defending Ledger, of course. On the contrary, I won't recommend it. Moreover, it should be held fully liable for what had happened. The company vouched for and endorsed its authorized resellers. People trusted Ledger on that. In the end, they lost their funds.