📚 Some concerns about the new recovery feature launched by ledger have been circulating.
Whilst we do think it’s a communication disaster the ledger team, we also think ledgers can still be used in a safer matter. Naturally this would imply not opting-in.
Our main takeaway this is
- seems like older Nano products are unaffected (Nano S) for now. This is likely due to memory size being limited; doesn’t have the capacity to support the recovery feature
- firmware upgrades are still essential for certain assets such as Ethereum and other EVMS, however not necessary for Bitcoin as BTC doesn’t see any upgrades/changes.
Naturally, we can recommend a variety of different cold storage devices to minimize risk, however, it’s still unknown if other products share similar risks.
It’s important to remember that all firmware updates are at the discretion of the device developers. There is a level of trust needed for all cold storage devices; unlike ledger (closed source), Trezor is open source and has updates peer-reviewed. However, this also has other security trade-offs.
Waiting on more clarity the Ledger team.
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