Is Ledger Recover Safe? 🔐 Unmasking the Truth | In-Depth Analysis
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- Опубликовано: 7 сен 2024
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💼 In this video, CryptoDad meticulously examines Ledger Recover, explaining its process and analyzing its security measures. How does Ledger Recover work? Can it truly secure your Secret Recovery Phrase? Is it as revolutionary as it claims to be? This comprehensive review answers all of your burning questions!
🔐 The ethos of cryptocurrency has always been about maintaining control of your own assets. With the advent of Ledger Recover, the industry seems to be evolving. But is it a step forward or backward? CryptoDad offers his unbiased insights to help you understand the implications.
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Yes, I feel disappointed as well. I always knew there was an element of trust in using a ledger device because their firmware was closed source. But I was always told that the rigorous third-party testing proved that the device was secure and always generated a random private key. We were also told that the private key never left the device. Now we’re being told that they have a new feature that allows you to export your private key and when people complained, they told us it “has always been possible”. That was enough to destroy all the trust that they had built up over the years.
maybe they want people to use their mobile phones becuase they will collect a phone number, maybe other info? in EU every phone number must be registered to a person before being used, so the telecoms already knows who you are, and in turn the govt will know too if they will request that data :) I believe ledger will be dead soon, if someone is reaching for a hardware wallet then that means that this person is already a bit more aware and more advanced than a crypto exchange holdler, so yeah...
So are you sticking with Ledger or moving to Trezor?
what is then the best option? could you make a video or do you have one made already?
So after losing my accounts in Ledger I bought the D’Cent Biometric for the free 200 Algo. I set it up and sent the address from the Decent biometric screen. I never got my 200 Algo. When I sent them a support ticket they said my address was invalid. 😳I then sent them 4 photos of my Dcent biometric dongle and asked the to explain how the address was invalid. They sent my 200 Algo but to a different address!!!!! I received it!!!! How does that happen ??????
I think most people who buy a ledger already know the importance of privacy and their seed phrase. This goes against the entire reason why we buy a ledger
that's why what they did backfired.
watch a mass exodus from Ledger
Exactly, who did ask for this service? Not any existing customer offcourse…
@@alfie44 hahaha yess!
not only that, they twitted that it was always possible to extract seed with the software, so who knows if they haven't extracted them already and what if they will pull the rug? or french government will come and say, give me all seeds? it's better to abandon the sinking ship and get a new seed using different hardware wallet and forget about the ledger
I hope someday you're recognized for how much work you put into this industry to help others understand it. We're probably around the same age except I don't have that much computer experience. I've been watching your channel for a long time and you've helped me immensely.
I appreciate you very much.
Thank you. It was confusing for me when I first started in crypto. So I started this channel to make it easier for others entering the space. I just provide what I would have wanted back then.
@@CryptoDad also about same age group, got a lot from this channel from paper wallets to. ledgers and perhaps back again
Thanks Crypto Dad, very helpful content always! Thanks for all the hard work to help the next guy!👍
👋 In this video, I delved deep into the world of Ledger Recover to help bring clarity to you. Remember, your trust is my top priority, so every piece of information shared here is based on thorough research and unbiased scrutiny. Your engagement matters! 💬 Please share your thoughts, concerns, or any new topics you'd like me to explore in future videos. Don't forget to like 👍, share, and subscribe if you haven't already. Stay safe and empowered on your crypto journey! 💪🚀
How does ledger get our seed phrase for backup? Do we have to provide it?
@@somedumbguy We export it to them when we set up the service. That is part of the set up process
Sounds dodgy
IMO Ledger is planning to go IPO and to do so the company will have to comply with homeland security requirements of KYC to trade securities. The only way to get this info (if you give to them by sign up for the recover subscription or you mess up sign up and brought cypto on ledger live thru a third party partner) if not, right now your Nano have no KYC data on them. That the No.1 reason for these new requirements to match hard wallet to owners and supply the data if when need to US government to control you. The bottom line is that LEDGER NO LONGER believe in self-custody and individual autonomy.
KYC is enough to warrant a big no; especially when restoring a wallet and a social credit score system becomes a norm.
Remember the: "not your key not your coins" used only a few months ago in the advertisements of... Ledger!!! States won't hesitate to force Ledger to reveal our seed phrases!
And the Blackrocks, JP Morgans and Alphabets of the world won't hesitate to acquire the custodian companies...
Oh my goodness I am not in any way good with technology, it took a lot to even purchase a Nano Ledger and teach myself how to use it. Now that I am comfortable and confident with it this happens. I only purchased the Nano believing that our coins would be safer on there than being left on our exchanges. I just don't know what to do now, it is very overwhelming. Thank you for taking the time to explain this.
I am in the same boat
Thanks for doing this video. Ledger really broke my heart with that announcement. I have two of their devices and I used them proudly. Ever since their announcement, I haven't even looked at my Ledgers.
I got my crypto off Ledger today... What they have done is one horrible betrayal
1) why don’t they make a separate device to have the recovery feature and leave the present ones alone?
2) on top of all the security features they say their recovery service has and that most of us do not trust, that’s not the only problem. I think governments are pressuring Wallet makers to gather more in depth kyc so they know who has a wallet. Then next it will be what’s in the wallet. Then next it will be enforcement and rules around the wallet that they now track. It’s all info around you and your coins which we know, is not a good thing!!!
You so right on No. 2
That was one of my main concerns as well
Thanks , Great points, I didn't think about that side of things. I think there is a major likelihood this is going on .
No. 1 scares me. They have mislead me from when I first purchased my Ledger S. I wasn't informed of any recovery feature in the future.
Yep!! I think they have been compromised as a company, and when in doubt, there is no doubt. I just asked for a refund of my ledger S’s. I no longer trust ledger manufacturer. They broke the key component of having your own wallet. Game Over for them!
First the leak of customer details, and now this. I'm done with Ledger.
Thanks CryptoDad, please keep us informed of any updates. I dont understand why they went down this path based on what you described. I definitely believe the individual should take responsibilty for their seed phrase.
This feature was probably already integrated 2 upgrades ago. You know we only find out about crap after it's on the floor.
A.I. isn't new, only now more people are learning about it.
The worst is the arrogance of adding a functionality that nobody asked for, and destroyed both the paradigm of self-custody and the trust of the users.
Personally, I did not understand why wouldn't I be the one to provide those seed words. That would be security, not having them giving them to me. I never got that.
Because you could just make up words instead of using known existing words. This would make it nearly impossible to hack and I suspect they WANT the ability there but would never let their customers know this
@@iboughtcharlieleesbags8289 It doesn't make any sense if the provider of a word based security provides you with the words. Of course they would know your seed, they gave it to you. Now, on the other hand, if I provide them the words, that would be more logical in my opinion. It's like if a security alarm system company (for your house, for example) gave you the password for alarm to arm or disarm. I wouldn't make sense for they will have access to your "secure" system. So in reality, it wouldn't be secure right from the start.
Hi CD!
I need an answer , is ledger safe (without this recover , i will not use that recover and pay an extra 10$).
I hold 90% of my crypto on ledger and i am a little bit scared of ledger , do i need to swicht to trezor or i can use ledger and futher ?
Is ledger and futher safe to use and hold all your assets ?
Thank you !❤
If you update your firmware, there is a chance that your keys can be exported now that the functionality exists. But this is very unlikely. The important question is whether you feel safe. I can't determine that for you. I will be doing videos on migration techniques if you decide to change wallets
I do not feel safe with this move. I presently own 3 ledger devices...one still in the box. I may never get another one again. I am already considering trezor and dcent as alternatives.
NEVER PUT ALL YOUR CRYPTO IN ONE WALLET...CAN YOU HEAR ME???
Damn ledger … they did All this shit just after I bought my nano S plus …back door was always there .. we just know now
if you secured your ledger with an extra word 25th word. will this also be sent? and kept?
Quality crypto-tech content since 2017, presented in a calm & thoughtful way, thanks CD !! 👍👍
Thanks you. Very succinct comment!
Im using a ledger x and ledger live is not showing the correct price point for my asset I have $1200 worth of a meme coin now it says $2.23 is this normal with this device
Ledger blew it. They have acknowledged the potential to obtain the private keys is there, even if we don't opt in.
It's simply BIP39, with Shamir's Secret you can combine the 2 of 3 keys to get the Seed Phrase. A new Ledger will display the seedphrase when it retrieves the 2 of 3 keys. And Shamir's secret has less entropy than the BIP39 24 word seed phrase, meaning it's easier to determine through brute force and mathematical formula someone smarter than us figured out.
I noticed one of the big crypto news sources is playing this down, probably a paid advertiser! The only reason most people have ledgers is self custody, plain, and simple.
On there AMA they really didn’t allow many to talk!
what about adding the 25th Passphrase/ 25th word of your choosing to your recovery phrase and using only a ledger nano S
Trezor also has Shamir Backup, I have no issues right now with Ledger. If you want to go really OP, use a 25th word seed, not even Ledger Recovery would be able to save you.
Thank you to chew the news for us. Wonder if passphrase will be bundle into the ledger recover. So many unanswered questions.
So Rex, how are you storing? What do we know is safe? Some suggest Xumm and Uphold. I’m thinking Xumm on a dedicated tablet secured with Yubikey. Would really like to know your plan at this point.
Actually, it is possible to extract the seed from any hardware device that is capable of firmware updates over the internet. That is the more fundamental problem.
I think this is a great idea remember the story of a guy that forgot his pin I believe, and could not get into his wallet and he had millions worth of Bitcoin. So I would join Ledger Recovery if they offered Insurance JUST IN CASE
Thanks for this video. I learned a lot from you and with your help I set that extra layer of security, the 25th word or passphrase to make the wallet even more secure, years ago.
Now my question is, do you think that even if all this is true and they can extract my 24 word seed from the device, would they be able to also figure out the 25th one that I created?
Please let me know your thoughts. The answer to this question would make all the difference whether or not I would continue to use Ledger.
The whole idea behind the passphrase is that if anyone ever got ahold of the seed phrase, it wouldn't matter because they would still not be able to access the funds without the one piece that is only memorized by me and was never written down.
Thank you for all your videos!
I'd love to hear your thoughts on alternatives for crypto storage. I'm listening to lots of youtubers to get lots of opinions but your opinion and thoughts are high on my list.
It's funny that when AI rolled out this Ledger Recover rolls out : ( Especially when there is over 6 million Ledgers out there...
additionally gov can subpoena ledger and the other companies for your keys that's a no go for me. the point of cold storage is self custody. ledger should've made a new device with this service for people who need or want a backup.
its like you creating the 3 shards yourself, and upload one to microsoft cloud, one to apple cloud and the third to the whatever cloud. would you ever do it? I wouldn't
can u make a video on how we can keep self custody with other alternative that is secure and safe?
Paper wallets (keys stamped in metal)
CryptoDad's Ultimate Cryptocurrency Wallet Comparison: Find Your Perfect Match! (New for 2023): ruclips.net/video/H0hQYqK6Ueo/видео.html
I'm some what on the fence on this. I think they should of offer separate device
Should everyone take their crypto off of ledger and into a safer wallet?
TANGEM. I DID
guys you don't want to use that service. the government will be in your business and come take your shit. don't do it. don't do the upgrade either.
Time to look for alternative's 🤬, basically goes completely against the ethos of crypto itself.
Bro I feel kinda scammed by ledger..... I thought the seed ohrase could never leave the device so how is it possible for the device to send your phrase out in 3 pieces? That means there is a way for them to get or seed phrase If they want?
You are a good guy.
Awesome investigation Crypto Dad. Thanks. I immediatley asked them for a refund of the ledgers I bought. I believe they have been compromised to government push. I would really like to ask you for a review of the best cold wallets that cannot be compromised. Will trezor be one, in the fact that everything is open source, so if another canada truckers event happens, even if they wanted to close down trezor and threatened them, they still couldnt give out our information. I believe all these companies will be targeted to provide information and keys about us
You are the best !!!! Perfectly clear !!!! What do we do next ? Wait Ledger movements while we look for better alternatives without panic ! Please keep us informed as time passes
Greetings from Italy
Defiantly. You might want to check out this video in the meantime. It is very recent. CryptoDad's Ultimate Cryptocurrency Wallet Comparison: Find Your Perfect Match! (New for 2023): ruclips.net/video/H0hQYqK6Ueo/видео.html
@@CryptoDad Thanks very much i will
Thanks for that. I was wondering why my phone wouldn't allow firmware update!
So now i have to set up my ledger on a laptop to even see my crypto wallet which i can't currently access
Hey Crypto Dad. I wanted ask you. I have ledger x. If I stop using the the ledger and restore the crypto with another hardware.. but using the same seed phrase. Is that safe? Please kindly let me know..
Excellent as always CryptoDad. Thank you for informing us and looking out for our best interests. Maybe in a future video you could discuss what you feel are the top hardware wallets for safety?
I'm planning on doing some alternate wallet videos. I do currently have this video: (you can skip the Ledger section 😀) CryptoDad's Ultimate Cryptocurrency Wallet Comparison: Find Your Perfect Match! (New for 2023): ruclips.net/video/H0hQYqK6Ueo/видео.html
Thank you I feel so scared now knowing ledger recover will be hacked
Hey Rex..welcome back home from your trip up north. We'll have to talk about that. So, looking at my desktop Ledger Live...they are showing version 2.58.0 as being available to download and install (...which I've yet to do). Is that the version that you're looking at as well? Also, if I heard you correctly, and if 2.58.0 is the same version that you downloaded and installed, that is the version where you could not find anything regarding the new restore option....correct? If this is accurate then I'll no doubt go ahead and install this current update. What a mess they've gotten into with this... Thanks, RP
That is the version of Ledger Live. That is not the firmware. The firmware is updated in "My Ledger" section. The latest firmware update is: 2.21. Updating the Ledger Live software does not automatically update the firmware.
Supposedly Ledger Recover only available for Nano X true or no. Thanks for all your info.
That is correct... for now
I just ordered a CoolWallet Pro and will try that out instead of my ledger.
Damn I need to move out my coins. Man should I buy trezor or klever device?
Great contribution as usual CD what's your opinion in tangem wallet, and safepal wallet?
Hope Ledger watches THIS!!! 🙌🏆
Thanks for this updated vid, everything in it is spot on
I thank you so much for how in-depth you covered this topic.
It was your videos that taught me how to use the ledger in the 1st place. 🙏
Now I’m researching other cold wallet models to purchase in order to create a backup. I’ll look on ur channel to see if you have a video on how to backup the seed phrase, or how to backup my crypto but if u don’t have one will you explain? Ur assistance is invaluable. Thank you for helping me and all the others navigate this space.
Ledger, just leave things as they are and charge us a monthly fee if you need more money to run your company.
No !! I don’t want to pay a monthly fee !! That’s crazy too!!
Thanks for this.I only use desktop so does this even affect me?? I ran ledger live an hour ago and my firmware is up to date. If ledger wanted to confuse someone like me they did a great job at that anyway
Has nothing to do with ledger live and everything to do with the DEVICE, itself.
Hi CD!
Im worried about Ledger transparency,my life savings is stored with them.
Should I panic?
I don't want to use recovery option,just cold storage.
Back to the old Trezor and then figure out how to use the Dcent wallet that’s been sitting in my draw unopened for the last 6 months 😅
Please advise us on the alternative of Ledger where we don't have to share our key Phrases.
You don't have to use the ledger recovery service. It is entirely optional. You can write down and store the seed phrase on your own
Thanks for looking into this. As far as ledger goes for me they've breached my trust with them so I'm going with the keepkey wallet for now.
Im not against the idea of more accessible alternatives to accessibility of crypto assets. I actually think the current systems will not suit the needs of many. For example for those with disabilities or the elderly. What scares me about the new ledger system is that it creates a backdoor for hackers in every device even if you don't opt in.
But that so called super hacker still needs your actual device!?! I mean come on, if he gets your device, its your damn fault anyway and he can most likely brake your pin code also:)
I would think that other companies are going to follow in their footsteps. I hope not.
scary thought!
The gov is already saying they don't like unknown wallets. You will have to show your identity eventually.
9:52 WoW. I thought it was more of a 3 steps system (with all of them )!??
after updating latest firmware … Can I disable this function even before KYC process..?
Nailed it. So far the best content. Thanks for the great peace of work!
Here a cue people LEDGER wont open sources their firmware....why is that?
Monero Looking Better !
Government Wants U & Their Money!
Peace I Hope !
Almost EVERY YT channel is just awful. childish, and/or shilling garbage and selling out the viewers, to sponsors.
THANK YOU for having integrity
The orange UPDATE FIRMWARE bar on Ledger Live that was showing 2 days ago, has since disappeared.. while being very careful not to click to update it.. why would this be I wonder??
never seen that happen, but as long as you did not run it, I would not worry about it too much. Maybe it goes away after a certain time period. It may re-appear
Since then, the orange UPDATE FIRMWARE bar has disappeared on Ledger Live, which was appearing for days.. Has the company retracted its decision? Are there people still using ledger please answer
Thank you!! So, I saw the update on my ledger live desktop app, and I’ve now ignored it because I didn’t know if doing the update was me ‘saying yes’ to the recovery bs. But… what your saying is that we could do the update, because it’s a CHOICE to do recovery - as there is more steps to activate it. So doing update should be ok, yes?? Aaghhh can’t believe they would do this!!
I'm not updating. I'll never trust anything ledger has their name on going forward, no matter what they do or say.
I dicched my ledger and went to the Elipal titan. That is my second device. I suggest you move your crypto elsewhere . Ripple will feel the effect of sales on their device and hopefully come back around but i doubt it. I feel that something big is coming and its going to hurt many people.
I don't have much on it. But now I don't want to use it at all. I'm not happy with this service. It's unfair they didn't give a heads up. The monthly payment I will have to pay out will be more then it's worth. Unhappy customer here. I can store this on an exchange i don't have to jump through hoops for.
What are the best choice tô replace ledger? What are you using for safe your coins?
Check out this wallet comparison: ruclips.net/video/H0hQYqK6Ueo/видео.html
Great Channel, thx from U.K. FELLA👍
Cryptodad could you do a video on the best hardware wallets outside of ledger. I no longer trust ledger and need another option.
Ok! there are other wallets. I trust your judgement and I have watched many of your videos and pleased with the help you have given.
Question, there is the Cecux Nifty w20, a Keystone option, And also a Onekey device that have come up in other videos on the topic.
What would you recommend?
It may not be available, but is the code already within the latest update? Not much transparency from Ledger.
I can’t transfer my crypto from ledger before install the new 2.2.1 version 🤦🏻♂️ help guys. I want to withdraw my crypto without installing 2.2.1 is it possible?
Thanks for all the video contents you are sharing. One question relayed to this ledger issue. Will passphrase be extracted as well along with the recovery seed if you sign up for the recovery service? Thanks
Simply I will not select seed recovery service. Then what is the issue with that ? It is our choice that we should select seed recovery choice or not . It is not enforced. Correct ?
Hi would it be easier to reset my nano s plus I didn't write down my keys
if i don't use ledger recovery what happens?
So is this for if you just lost your seed phrase? Because I should be able to recover if I lost my ledger device if I have my seed phrase. At least that's what I was told and why I bought it.
Hey, that self custody shit wont work for all people, that was pretty obvious from the beginning!! Ledger are the first to say it out loud and that is why they will stay the best and that is why I am sticking with them.😊👍
My concern is that Governments will threaten to take away the operating licences of wallet makers who don't bend to their demands. Therefore, what's to say this isn't just the start, that eventually ALL of the wallet manufacturers will be leant on?
There is a video of congress already stating unknown wallets are not good.
Ledger left a great video explaining all this! They said no one bad actor can access any information without the help of many other employees that are not supposed to share any info. The video was 5/17/23
So we have to trust Ledger employees NOT to collude against us. What if the entire company is compelled by the EU to reveal our personal info and our crypto activity.
So i guess you rely on Peter, Paul or Vladimir for your eternal security... REALLY... How much do you pay them daily... ? 😂
@@CryptoDad they don’t have our information unless we sign up for ledger live? otherwise i have never given ledger my name or info
i have never trusted the seed phrase alone and always use the 25th word secret passphrase...
How can you add it on ledger ?
I downloaded the new firmware to my stick. Then I got to the part where I had to re-download the crypto apps. I have Algo, XRP, and XLM. Only the Algo fully recovered. XRP and XLM did not recover. When I look at the log it appears like it has been transferred out somewhere. How do I correct this problem?
you can go to the "My Ledger" section and manually install XRP & XLM
Please tell us how much time I’ve got to get a new wallet. Please please tell me what wallet to buy now? Please!
So basically on any of our ledgers presently if we don’t use this recovery service are our cryptos still safe?? Or does ledger somehow or for some reason can still get into our wallets if subpoenaed??? Please advise. Thanks!!!
Very excellent information. Mahalo CryptoDad.
So are we still “safe” using ref ledger provided we not use the service or is the firmware update in itself the issue?
Go Keystone 👍
Thank you, comprehensive.
Your video is concise and logical. Thanks Rex
Excellent content as always mate! Thank you
I deleted my gallery from my ledger live can I get that back or no..
When cryptodad drops a video about your hardware wallet you best make sure your doing the right thing (Ledger) for shame!