Ledger is one of the foremost companies when it comes to Hardware Wallets for storing Cryptocurrencies.
Read this article till the end to find out whether the Ledger Wallets are entirely safe from hackers or not.
The hacker would first need your personal pin to gain access to your digital assets. Anyone trying to access the Ledger Wallets is given three attempts to enter the correct pin. If the pin entered is incorrect three times, then the محفظة ليدجر will get locked for a certain period.
Now, this is an excellent feature. If you ever misplace or lose your wallet, this timed lockout period gives you enough time to regain access to your digital assets using the 24-word recovery phrase.
However, in 2017, a journalist had lost both his pin and the recovery phrase. He had Cryptocurrencies worth $30000 within his محفظة ليدجر نانو اس, with no way of accessing his assets.
He managed to find a programming wizard who found a way to access his Ledger wallet and allowed him to revoke his device’s security. The programmer gave particular instructions to the journalist and helped him to reaccess his digital funds.
However, the Ledger Company fixed this security flaw after the event. Ledger Wallets can never access your private keys. Hence, if you ever lose them, there is literally no way for you to access your digital funds. Thus, it would be best if you always kept them safe.
Besides, though the Ledger Company keeps the security intact, you should always be extra careful with your hardware wallet and your keys. If either of them falls into the wrong hands, you are likely to lose your digital assets.
Ensure to keep your wallet in a safe yet accessible place. Besides, use a secure key and remember never to share your pin with anyone. And if you ever have to write down your pin or recovery phrase, keep that paper in a safe place too. For instance, you can put it in your bank locker.
The Bottom Line
All in all, the محفظة ليدجر is the safest and most trustworthy hardware wallet to store your Cryptocurrencies. Moreover, it lets you store different kinds of Cryptocurrencies in a single wallet. However, it is advisable to split your funds in separate wallets if you hold a significant amount of digital funds. Thank you for reading!