69. Is your crypto on your Ledger Safe? + Why Ledger Failed In Market Communication

In this episode of Ben & Bergs" we're cracking open the latest crypto controversy: "Is your crypto on your Ledger Safe? + Why Ledger Failed In Market Communication". We lay out the facts about: - Ledger, the hardware wallet creator, and the recent uproar over potential security concerns tied to its new "social recovery" feature. - The miscommunication that led to significant backlash towards Ledger's new "social recovery" feature - The working of Ledger's recovery system, how it enables "social recovery", and why it sparked outrage - The mechanism behind the "encrypted shards" approach for phrase recovery and the introduction of a photo ID-based recovery process - The reason behind the panic: concerns that Ledger might have a "backdoor" into devices, considering its closed-source nature, and why this might be a misunderstanding - Assurances to Ledger users about the security of their recovery phrases. - The inconsistent information disseminated by Ledger, and why the best course of action might be to wait for clearer guidelines. Tune in to "Is your crypto on your Ledger Safe? + Why Ledger Failed In Market Communication" for a no-nonsense breakdown of the Ledger controversy, and our advice on how to keep your crypto secure. 🔔 Enjoyed the episode? Hit SUBSCRIBE and turn on notifications for more! 📧 Join the Collective Shift newsletter for weekly crypto insights: https://collectiveshift.io/newsletter/ 💻 If you are a busy professional and want to take the uncertainty out of your crypto investment journey with expert insights powered by world-class research from a team with a track record, you can book a complimentary 1:1 strategy call with Collective Shift: ⁠⁠⁠⁠⁠⁠⁠⁠https://collectiveshift.io/strategy⁠⁠⁠⁠⁠⁠⁠ 📺 YouTube: https://www.youtube.com/@benandbergs 🎙 Podcast Links: Apple Podcasts: https://podcasts.apple.com/us/podcast/ben-bergs-%7C-crypto-business-sports/id1629581403 Spotify: https://open.spotify.com/show/5xir3V8fvtmHTAQy2D9dQd 👉 Connect with us: Twitter Ben & Bergs: https://twitter.com/benandbergs Ben: https://twitter.com/bensimpsonau Bergs: https://twitter.com/BabyBackBerg Linkedin Ben: https://www.linkedin.com/in/bensimpsonau/ Bergs: https://www.linkedin.com/in/aberghuber/ ——— Disclaimer: We are not Financial Advisors. All opinions expressed by Collective Shift representatives and/or guest/s in this video are intended for informational purposes only and should not be treated as investment or financial advice of any kind. Any information provided during the video is general in nature and does not take into account the viewers' specific circumstances. Collective Shift and its individual team members are not liable to the viewer or any other party for the viewer’s use of, or reliance on, any information received, directly or indirectly, from the video in any circumstances.