Thread by @DeNetPro

False Sense of Security: A Thread from DeNet Co-Founder @djdeniro1 on Ledger's Recent Scandal

Introduction to the subject > coindesk.com/tech/2023/05/1…

#cryptonews

Ledger's key #recovery feature discredits its security by possibility of device reprogramming. Unclear how this is achieved - through exportation of #private keys or seed phrases (should be stored #encrypted) or with six-digit password protection (can be easily hacked)

Centralized recovery process offered by Ledger implies that the company views its users as uninformed market participants who will welcome this service.

However, using a wallet like Ledger does not guarantee complete security since it can still be taken away or someone could force you to enter your password. The only way to make this impossible is by using a #multisig wallet that has several points of influence.

Moreover, users must be aware of potential points of failure before an attack even reaches the wallet. For example, DNS hijacking which is prevented at DeNet. Unlike Ledger users, DeNet users can choose a software they trust and want to use

In conclusion, we encourage users not to stop using Ledger or any other services but rather to understand what they are using and how it works.

At DeNet, user safety and protection are prioritized by default, ensuring that users will not suffer from such events