Cryptocurrency News & Updates

Crypto wallet Ledger confirms “copy private key without permission is not possible”

After a big controversy over the ledger wallet’s security concerns, the Ledger’s key official clarified the misunderstanding of people.

Ledger is a popular self-custody hardware crypto wallet. Since 2014, Ledger has been king in hardware crypto wallet products. 

On 17 May 2023, a Ledger support agent tweeted that “it is possible to extract a user’s wallet Private Key without permission with the help of firmware but Ledger will never do the same”. In short, the support agent tried to grab trust support from the crypto sector for the Ledger firm. 

Many people noted that tweet and sparked a very big criticism against the Ledger crypto wallet’s ability against the safety of the customers’ funds. Later, the Ledger team deleted that tweet. 

On 18 May, the Ledger CTO officially talked about the whole controversy and said that the Ledger wallet’s private key remains attached to the ledger’s OS and it can’t be copied by any third-party app/firmware.

The ledger CTO also confirmed that the OS contains all the private keys of the wallet but it is just like Bitcoin can read Bitcoin’s private key & Ethereum can read Ethereum’s private key, in the same way only Ledger wallet can read the OS.

Many Ledger rivals also jumped against the Ledger wallet and stated that open-sourcing firmware would not protect against a dishonest wallet provider and also suggested people go for the hardware crypto wallet wisely. 

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