Is Ledger Wallet Safe? Why Its Been Hack Last Year's
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The hacker took down the Ledger cryptocurrency wallet manufacturer. The data breach affected approximately 272, 000 customers. Nearly one million email addresses were leaked. According to the company, personal information such as first and last names and postal addresses were exposed.
Raidforums is a website that allows database sharing. The data was also stolen. Ledger hired a new Chief information security officer (CISO) and conducted a series of penetration tests to increase their security.
These are the main facts, but is there more?
Ledger Devices Are Uncompromised
The hardware wallet's software, Ledger, was not compromised. The shipping information needed to purchase one of their products was stolen. This means that hackers can use this information to create Social engineering attacks that are currently a major cause of identity theft and security system compromises.
These types of attacks don't just happen with cryptocurrency. They can also occur in many other settings.
Their customer's crypto assets are secure but their personal information isn't. They are vulnerable to phishing scams that can be used to defraud designated targets of their money or assets, including cryptocurrency. A hardware wallet's security is one of its main benefits.
Additionally, Ledger's branding also includes a commitment to security. It's ironic that Ledger was hacked this way since they claim to have "the highest security standards" and a number of certifications.
Although claims and certificates are impressive and help Ledger stand out as a company they do not guarantee privacy. Security is not perfect. This event reminds consumers that certifications of security are indicative of a commitment to security and not the quality of security.
Also Read: - How To Send Crypto To Ledger Hardware Wallets
How does a Hardware Wallet Work?
Let's look at how hardware wallets can add security to your cryptocurrency portfolio in order to better understand the irony.
A cryptocurrency wallet is actually a private and public key. Your private keys are stored on a portable and physical device with a hardware wallet, instead of being kept on a slow laptop or PC. Your public key is what is used to access the software, while your private key is what is actually stored in your wallet. It is proof of your ownership.
Hardware wallets are currently capable of claiming to be immune from certain viruses because they simply store data and do not have an operating system to infect. Hardware wallets are still susceptible to malware, so this claim isn't necessarily true.
Hardware wallets can still only run on the same software that they are running. Keep this in mind before you commit to one, even if developers and companies make claims and get certifications.
These flaws aside, hardware wallets can be very useful if you find the right source and meet your requirements as a customer.
What are the Alternatives to Ledger
What are some good alternatives to Ledger, based on the knowledge above? Here are a few examples.
Trezor is a giant in the world of hardware wallets. Trezor may be the next leader in this market, despite the loss of confidence in Ledger. The touch screen is very intuitive and easy to use. There are many options to add security measures if needed. Trezor is an obvious choice to replace Ledger's lost trust.
KeepKey is a USB device that uses a rotating encryption algorithm to recover your private keys. Because of its small size and easily readable LED screen, it is easy to use. You have many options to make transactions. There is also the option to adjust transaction speeds. Additionally, it has its own web-based interface that can help you manage your cryptocurrency portfolio. It has a higher reputation than other options.
Also Read: - How To Solve Ethereum Pending (Stuck) Transactions
These two are, in my opinion, the leaders in the race for the best hardware wallets. This analysis takes into account the trustworthiness of the manufacturers of both the hardware as well as the software. CryptoVantage also has a list of wallets available if you're not a fan of these two. If you aren't sold on hardware wallets, be sure to check out software wallets.
Are You able to trust Ledger in 2022
This event is ironic, and it should not be for***ten. As currencies such as Bitcoin rise in value, attacks like the Ledger hack will continue to occur.
If you are a Ledger customer and want to keep their products and their renewed commitment to security, here's how to protect yourself from social engineering and other phishing attacks. This is important to remember if you are considering switching to Ledger. It is possible for companies with high-security standards to be compromised.
Your personal defense against hackers and data theft is the best line of defense. When managing a cryptocurrency portfolio, of any size, it is important to be vigilant and continue learning. Cybersecurity is a rapidly changing field. As security professionals and hackers continue to fight each other, it will be even more so. It is vital to keep learning how to protect yourself and your assets.
Last note: If you are interested in cybersecurity, the National Institute of Standards and Technology and ISO 27001 standards provide a lot of useful guidance and are constantly improving. Stay safe everyone.