Are Ledger wallets still safe?

Are Ledger wallets still safe? It depends. Lets talk about it.
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Disclaimer: The information contained herein is for informational purposes only and is not to be construed as 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. The speaker does not guarantee any particular outcome. This description contains affiliate links. If you purchase a product through one of them, I will receive a commission (at no additional cost to you). Thanks for supporting the channel!
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-Alex Gomez
Founder at Cyber Scrilla
#crypto #hardwarewallet #ledgerwallet #bitcoin #cryptowallet #coldwallet #tangemwallet #cryptowalletsinfo #cryptocurrency #nfts #ethereum #cryptocoldwallet #blockchain #web3 #trezorwallet #trezor #bitcoinwallet #bitcoin #ethereum #ethereumwallet #nftwallet #bestcoldwallet #besthardwarewallet

[@Abraham117A]

Don’t sign up for the service. The wallet has never been hacked. Why give your keys to a third party?

[@gregingram8082]

Using the ledger recover service still requires the user to allow access to the private key by pressing both buttons on the device as part of its setup. Something we dont have to do

[@cyberscrilla]

That’s what they say. The main issue is that Ledger lied. Originally they said: The firmware cannot extract your private key. Now, it can. What else are they hiding?

[@nicktfy]

@@cyberscrilla If an encrypted version is the only thing that ever leaves the secure chip, an the decryption key is stored on that secure chip as well, then it is not a lie to say that the private key never leaves

[@hectorbriceno9501]

Wow this is news to me! This Got my attention.

[@cyberscrilla]

It might be time to look into a new wallet! Something that’s 100% open source. The Trezor Safe 3 is a great ledger alternative Here’s my review if you’re interested: Trezor Safe 3 Review - It’s REALLY Good. kzbin.info/www/bejne/aHqal4l9bpyojKc - Alex

[@danacollins6386]

Do you have a video explaining /showing how to transfer from, say nano x (I have now) to a different wallet? This makes me nervous, I’m somewhat new to crypto.

[@andreasbirk5780]

Dont use Ledger, they have access to your seed frase, they have build in a backdoor, at any time they Can get access so dont use Ledger.

[@danif620]

Facts

[@thodorispatakiouths5849]

And what to use brother

[@dev3022]

I have a Ledger Nano S that I bought like 2-3 years ago. Haven’t even opened the box yet. Should I use it even with all the controversy over the Recovery update or should I get another wallet?

[@cyberscrilla]

That’s up to you. I chose to move away from ledger

[@Paulsmarttrades]

Appreciate your good answers. Can you tell if metamask was compromised and does One inch has any difference?

[@cyberscrilla]

Unless there is activity going on in your wallet that you didn’t approve, it can be hard to determine if your wallet has been compromised. 1Inch is just as secure as MetaMask, they are both hot wallets. This video about increasing your crypto security might help you out: kzbin.info/www/bejne/h5Wrg3iCrN92d80si=z2ZpKgJQBvpq-XxV

[@Ahmed-Ali]

We trusted Ledger when we used it while it is not open source. They could have been already able to do whatever they please without us knowing even before the seed recovery service. My lesson from this experience with Ledger is that my next wallet has to be 100% open source. If I want something to trust, then the whole point of self custody is meaningless.

[@cyberscrilla]

100% I would look at the Trezor Safe 3 if you want a similar but completely open source wallet. Here’s my review of it: Trezor Safe 3 Review - It’s REALLY Good. kzbin.info/www/bejne/aHqal4l9bpyojKc - Alex

[@Ahmed-Ali]

@@cyberscrilla thanks Alex! I had Trezor Model T, and while it is open source, I am too paranoid that I have to use USB connection during which anything can go. I ordered a Keystone 3 Pro to see how this one goes. I am also considering Ngrave Zero but not before they go open source

[@cyberscrilla]

3 Pro is awesome too! Ngrave is way overpriced imo.

[@Ahmed-Ali]

@@cyberscrilla I would swallow the ngrave price if, and only if, 1- they go open source, 2- their ecosystem integration and coins support pace improves. At this point and it is only because I am a nerd, I am considering it for hobby activities as there is no denying that it seems like a neat piece of technology stack. But definitely won't consider it for my actual crypto storage, at least not for anything valuable

[@Ahmed-Ali]

@@cyberscrilla ended up keeping the Pro 3 and retuning the NGrave. Way overpriced for what it is indeed.

[@przemekd4694]

Can you be sure about your seed being truly random and not pre generated when using trezor, ledger,coldcard or any other wallets ?

[@cyberscrilla]

Yes. Especially with a wallet like Trezor which is completely open source so you can confirm how the keys are generated. Most cold wallets use a hardware random number generator with a true random number generator to generate private keys. The seed phrase is then derived from the private key.

[@przemekd4694]

@@cyberscrilla You said that the ledger nano x was your first wallet and same goes for me. Have you switched/changed your seed for a new one on diffrent device after ledger recovery and all that mess ? Cause if ledger is closed source and not trust worthy it can possibly mean that the seed was compromised from the get go or am I to paranoid ?

[@cyberscrilla]

@@przemekd4694 I have changed since then yes. If you trust ledger. Nothing to worry about. If you don’t, get a new wallet and a new seed phrase to transfer your assets to

[@przemekd4694]

Do Trezor produce their own secure element so they can be fully OS or then aren't like fully fully OS ?@@cyberscrilla

[@albertocoutinho5703]

I don't think they have access to seeds just because they offered a recovery system, they have a name in the market and there would be no reason to do anything to steal from someone and get dirty in a market that is getting bigger every day. I'm not defending them and just an opinion, I've used it in the past, today I have the tangem without seed phrase and I'm very satisfied

[@rasheed9705]

what happens if the piece of electronic equipment breaks?

[@cyberscrilla]

You use your seed phrase to recover your assets on a new wallet.

[@rasheed9705]

@cyberscrilla Could you fo a video on the process of selling crytp from a cold wallet? Many people I speak to that keep their money on an exchange Is out of confusion of 1. how to get it onto a cold wallet 2 how to sell after it being on.

[@cyberscrilla]

@@rasheed9705 I’ve made this video: Send Crypto to Hardware Wallet in 3 EASY Steps! kzbin.info/www/bejne/mYSXcoeVh7ypiJI To sell crypto you can just send it back to an exchange and sell it there. - Alex

[@Mrdrunkenbadger]

TANGEM!

[@guvengursel6988]

I bought my Ledger nano s wallet from Ladger in France, completely closed and never opened. I changed the 24 word key by resetting it when empty. I transferred my coins to the wallet. Transfers were made from my wallet when I did not have any physical connection to my Ledger nano S wallet and when I did not even turn on the PC. I saw that my coins were stolen and this person is ledger himself. So the person who stole it had no device, no pin, no 24 security words, but he managed to transfer my money. This company is not reliable. Stolen coins are in the pictures

[@cyberscrilla]

This seems very unlikely. I’d need more info to help you figure out what really happened. Ledger would have no reason to do this.

[@guvengursel6988]

@@cyberscrilla I can send you screenshots of coin transfers

[@ProtectorOfIsrael]

Always use open source, preferably free software.

[@cyberscrilla]

Why

[@CK-mi3sd]

Is Tangem wallet safe? Will it still work 20 years from now?

[@cyberscrilla]

Define safe. In terms of security. I’d say yes. The main concern with most people is you don’t know the seed phrase. This is actually a security feature. In terms of durability, the cards and chip inside is made to last 25 years. That’s why it comes with a 25 year product replacement warranty. We have a full review on our channel if you want to check it out, just go to our “Hardware Wallet Reviews” playlist. - Alex

[@davidmercer5561]

I don't think there's any way you can 100 percent trust anything. We just have no idea. I'm still using a ledger. I bought a tangem to move some but I can't get a menu on the app to do anything. I'm going to try something else.😊

[@cyberscrilla]

@@davidmercer5561 Open source wallets are the most “trustworthy” because you can verify the hardware and firmware. As for Tangem, what do you mean about the menu?

[@davidmercer5561]

@@cyberscrilla I finally figured it out. You have to scan the card twice. It doesn't tell you to do it the second time, but I figured it out. I'm going to transfer some funds onto it today. Thank you so much for asking though. Sometimes it can be hard to get help when you have a problem. And I will say that the tangem folks were very responsive. I like the wallet and concept

[@user-jk7ow5yg4c]

Nope they have a very common screen problem .. don't use Ledger

[@Abraham117A]

Very safe, don’t sign up for recovery service, why would you do that?

[@cyberscrilla]

Don’t trust Ledger

[@laughingbird]

Access is the problem.. signing up for the service just gives them legal right to share it. But that doesn’t mean they don’t already have access. A simple firmware update gives them access technically speaking.. whether you use the recovery service or not.

[@oldschooldexter4119]

The thing is with tangem whenever u want to withdraw your crypto’s u need to be connected to the internet. And if their servers are compromised or hacked then ur no more safe. Please what u think on this ???

[@cyberscrilla]

That’s not correct. You have to use the internet with any cold wallet. Tangem doesn't have its own servers that connect to blockchains. It is the app on your phone which communicates directly with the blockchain

[@andreasbirk5780]

Old School are you High right now, what you are saying must be a joke “I hope”

[@Karl_Papu]

Well, if they have your recovery words, Ledger can't be called a cold wallet

[@cyberscrilla]

@@Karl_Papu facts

[@ellerellerek52]

the chances there is a back door and one day they will use it to steal everybodies crypto is like 1 to 1000000000

[@cyberscrilla]

It’s more of a trust issue than anything. Ledger lied. Plain and simple.

[@Nushima96]

@@cyberscrilla Every hardware wallet can do this. How is it supposed to sign a transaction without the seed? It literally looks to the seed and regenerates your private key each time to perform a transaction. None the less, after the connect kit thing I'm thinking of moving away from ledger anyway.

[@InAVanByTheRivr]

​@@Nushima96the secure element was supposed to be separated via hardware such that you could send a transaction to be signed, and the signed transaction sent out, but never pull the data out of the element itself. It was intended to be a 1 way street of information. But it appears not.

[@onlineincomejobs265]

@@Nushima96 Every HW can do the same thing, that is the fact.

[@user-ym5mw8ft6d]

And don't forget that how lazy they are in case of storing customers' data: Mega data-leaks, Ledger ex-worker had access and so on...

[@roygie163]

Not safe

[@cyberscrilla]

Not trustworthy. Ledger that is

[@viperviperpiro]

No!