For those moving on from Ledger what will you do?
Change hardware wallet and keep the same seed phrase?
Change hardware wallet, generate a new seed phrase and move your Bitcoin?
Do the above with a coinjoin as well?
Something else entirely?
21 sats \ 2 replies \ @WeAreAllSatoshi 10 Jul 2023
Apparently I’m out of the loop. Did ledger expose seed phrases somehow?
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21 sats \ 1 reply \ @birdeye21 10 Jul 2023
They tried to push a 'Ledger Recover' Service which installs a firmware update that allows you to "shard" your private key to store the shards with other "trusted" entities...so you can recover your seed phrase if you lose it.
This "tech" really just opens the potential for a rug pull.
A hardware device fundamentally should not be designed to have the key leave the device. The fact that Ledger can push a software update that does this is a major red flag.
Ledger isn't open source either, so there's no way to verify how all this works and that this hasn't been possible with their devices from the very beginning.
They claim to be going open source now in a bid to regain trust, but we shouldn't have had to do that in the first place.
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0 sats \ 0 replies \ @WeAreAllSatoshi 10 Jul 2023
Thank you for the detailed response. I agree that pushing a software update to enable this means the hardware was always capable, which is exceptionally concerning. Yeesh!
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1 sat \ 0 replies \ @kenn_b 10 Jul 2023
Definitely generate a new seed phrase and get a different hardware wallet (ex: Trezor)
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1 sat \ 0 replies \ @birdeye21 10 Jul 2023
Generate a new seed phrase entirely.
If you import your Ledger seed phrase, they could still rug you even if it's from a different device
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