Post #1 – 5/22/2023
I thought my first blog post should be about a currently developing story. Recently the Cryptocurrency wallet Company Ledger launched a paid service to store a copy of your private key on their servers. It was immediately apparent that this service was made for amateurs in the space who might not know a whole lot about crypto. The problems start to show when you realize that Ledger passed a firmware update to all wallets adding this opt in feature. This whole approach to crypto completely violates the core reasons why someone would store their coins on a cold wallet. The founding principal of a cold wallet is that they are unbreakable, to safeguard against rugpulls, shutdowns, or hacks. From what I understand, they pushed the update to all Ledger wallets and those users who pay the subscription fee can access the recovery tools, but it also means that they have the ability to extract wallets private keys without consenting or opting in to the service.

Sources used: https://techcrunch.com/2023/05/18/turns-out-ledger-can-hold-some-of-your-crypto-wallets-keys-if-you-agree-to-it/ and https://techcrunch.com/2023/05/18/turns-out-ledger-can-hold-some-of-your-crypto-wallets-keys-if-you-agree-to-it/