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Second-hand Ledger Hardware Wallet

Jan 08, 2018 Posted /  1466 Views

Second-hand Ledger Hardware Wallet

Just a day back, some leading hardware wallet exchanges were saying that they are free from Spectre attacks. However, a man’s life savings vanished from a Ledger brand Nano hardware wallet. The reason is not spectre attack but a theft occurred when a Reddit user moodyrocket bought the wallet second-hand on eBay. According to the media reports the stolen coins values just over $34,000.

One post on the Reddit specifies that the seller of the wallet employed a ‘man in the middle’ attack, appending his own recovery seed. However, in a general system procedure the manufacturer of the wallet assigns a random seed to the seller. The seller in a post told the other users that he had not used his Ledger in a week time but a day back when he decided to re-check the value of his Ripple, Litecoin and Dash coins, he discovered that that all of them showed up as zero. He further says that he found that all his digital coins were transferred somewhere else and he got puzzled that how it was possible because he had not accessed his Ledger in a week. Right now the person says that he is totally mussed because the entire value of his coins was over £25000. He states that for some amount of time, he could not determine if his currency was stolen or was there something else he was missing.

The user remarked in the post that he felt lost here and at present feels that he has got physical sick. He asked for help from the users. The post is an example that the extent to which thieves can have access to coin wallets. Nonetheless, Ledger’s CEO has lend a helping hand and said that they will try their best to ‘bring the seller to justice’ through legal means.

The security question

Since last year the price of cryptocurrencies is continually increasing which is why there are constant security woos that are also continually increasing. There are many news stories that are flooding the market that there is constant theft and hacking proliferation. The private users are not feeling secured and they might need some additional technology which might ultimately be required. Even there are surging talks and debates amongst the blockchain based firms, which state that they are asking questions to themselves if it is better to protect their money at home or in bank. They state no option at this moment seems completely safe. Even cryptocurrency are not different the security question is very complex, because there are numerous ways to breach the accounts, or to drive people to give over their holdings.

The firms say that they need to develop a definite mechanism, which may ensure the absolute safety, since the contemporary options are all flawed. Even all the analysts and critics view that a research into new technology to protect cryptocurrency is the obvious need of the hour

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Tags: value of Ripple Ledger Hardware Wallet Nano hardware wallet price of cryptocurrencies

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