Learn to build your own Bitcoin vault:
https://www.trader.university/courses/38824-the-ultimate-guide-to-bitcoin
Use the discount code YT99 to get the best price.

In this video, I discuss the recently launched Ledger Recover service and what it implies about security problems with the Ledger hardware wallet.

I have always recommended against using Ledger hardware wallets, especially in a single sig setup. The fact that the firmware was and remains closed-source was always a deal-breaker for me. Ledger's many customer data leaks also showed a remarkable disregard for user security and privacy.

Now we learn that the new firmware (which is still closed-source) will have the ability to export encrypted shards of the recovery seed. Here's the big problem in my opinion: if the new Ledger firmware has the ability to split the recovery seed into 3 encrypted shards and send them out from the hardware wallet-- this is not only a feature, but also a potential vulnerability that can be exploited by an attacker.

What happens when a government goes to these 3 custodians and forces them to reconstruct your private key from the 3 shards, after you have KYC'd yourself?

Stick to Bitcoin-only hardware wallets that have open source and viewable firmware, like the Blockstream Jade and ColdCard hardware wallets.

I'm not being paid or compensated in any way by any of these companies that I mention in this video.

Not investment advice! Consult a financial advisor.

Ledger data leaks:
https://cointelegraph.com/news/ledger-data-leak-a-simple-mistake-exposed-270k-crypto-wallet-buyers
https://thedefiant.io/ledger-suffers-another-data-leak

Don't Use Trezor Coinjoin (Or Trezor):
https://www.youtube.com/watch?v=zp012aP0ZFA&ab_channel=BitcoinUniversity

Trezor's Betrayal (Your Questions Answered):
https://www.youtube.com/watch?v=hyQo95wfSaI&ab_channel=BitcoinUniversity

Ledger Launches Distributed, KYC-Based, Cloud Seed Recovery Service Then Quickly Deletes It:
https://www.nobsbitcoin.com/ledger-to-launch-kyc-cloud-based-recovery-service/

Ledger Recover is "optional":
https://twitter.com/Ledger/status/1658458718428700676

Shamir's secret sharing:
https://en.wikipedia.org/wiki/Shamir%27s_secret_sharing

My favorite 2 hardware wallets:
https://blockstream.com/jade/
https://coldcard.com/

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#Bitcoin
#ledger
#hardwarewallet

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