A lot of people are complaining about how LEDGER got hacked and leaked all their data.I know they are mad at Ledger. Everyone would be if their trust was compromised. The keyword here is TRUST.
Satoshi gave us a system to transact with each other without trusting anyone. A third party is not needed. Everything from transactions to storage is trustless.
Since nobody controls Bitcoin and similar cryptocurrencies, thieves have an unseen opportunity to try to steal them from you. Hodling your crypto in cold wallets is a pretty good way to prevent hackers to get to your funds through a computer. But there's always the old, good, raw, physical force. It enables thieves to physically assault you and torture you until you reveal your private keys. This kind of assault is also known as a "$5 wrench attack".
How to prevent this kind of attack?
Well, the best thing to do is to not brag about your coins. Shut your mouth and don't speak about it. Even talking about crypto, in general, should be done with a lot of caution. But if you are a security freak, you won't do even that. If you were holding a few gold bars at home, would you tell anyone about it? Then why would you tell people that you hodl crypto?
So what happened with the Ledger leaked data?
First of all, your funds are safe. They hacked their database, not the blockchain. The real problem is that thieves now know addresses, emails, phone numbers, and even full names of Ledger Nano wallet owners that sent that info to Ledger for shipping purposes. They know who owns a Ledger wallet, which means they know who is hodling cryptos. They are all potential future "$5 wrench attack" victims. Hodling now 0.1 BTC could sound like not that much value, but when everything goes up in value, those 0.1 BTC could be worth a lot. Mafia knows that.
Now, the thing I keep asking my self is:
- Do you understand how valuable your cryptos will be?
- Do you understand the potential threat of physical assault?
- Do you understand the value of privacy?
- Do you understand what Satoshi gave us (a trustless and anonymous transaction system)?
Why would you TRUST a 3rd party (like Ledger is) and give them all your info???
Let this be a valuable lesson for all!
Value your privacy and never share your info with third party sites!
Take a step back and understand the core values Satoshi gave us. Everything you do in this industry is your responsibility. Acting mindlessly is always a bad choice when your finance and privacy are on the table.
Thank you Satoshi!
