What to do with Ledger now?
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The news about the recovering the seed phrase from the cold wallet brand caught security-conscious enthusiasts off guard.
For a long time, it was believed that a #coldwallet was the ultimate guarantee of fund security. After all, your keys mean your crypto. But the company's statement that they always were able to get an access to users' keys made everyone a little uncomfortable.
Let's discuss how bad and scary it really is and what to do with the assets that were stored on #Ledger.
Spoiler alert: you don't really have to do anything with them.
Of course, this situation goes against the old-school #crypto philosophy where every user is a self-made wallet custodian.
However, the removed tweet about the company's ability to create firmware to extract keys is more of a PR mishap than a cause for concern.
Yes, technically such a possibility exists. And yes, theoretically, the clouds where the recovery seed phrases will be stored can be hacked.
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As for the rest, we must understand that even a bag of cash under the mattress can turn to dust one morning without any warning.
It's impossible to completely escape the possibility of force majeure even with the help of crypto, but it's important to understand that security is the face of any #cryptowallet vendor. Losing reputation for Ledger means the end of their business. People are already make videos of getting rid of those devices in mass protest.
So, companies, which produce crypto wallets of all sorts and have their own reputation, care about your assets safety not less than you!
emcd. also values the trust of its users and provides a simple and secure wallet to keep your crypto assets at hand. You can even earn interest on them!
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