Ledger's security team opened wallets sold through a reseller in Southeast Asia and found hardware nobody authorized inside. A microcontroller read the screen while the 24 recovery words were displayed during setup and sent them out over LTE. The secure element was never touched.
Your seed sits in readable form for a few minutes, in one place. Anything standing between you and that screen can take it. A chip that guards the key protects nothing from a screen that prints it. Losses are estimated above 86 million dollars, and Ledger has confirmed no total.
Watch what comes next: hardware wallets are unsafe, hold an ETF instead. The same industry sells you the box and the reason to distrust boxes. Self-custody was never a product on a shelf. It is a set of checks you perform yourself.
Your seed sits in readable form for a few minutes, in one place. Anything standing between you and that screen can take it. A chip that guards the key protects nothing from a screen that prints it. Losses are estimated above 86 million dollars, and Ledger has confirmed no total.
Watch what comes next: hardware wallets are unsafe, hold an ETF instead. The same industry sells you the box and the reason to distrust boxes. Self-custody was never a product on a shelf. It is a set of checks you perform yourself.
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