NiftyNoon: Are Ledgers Secure for Storing NFTs?
Questions around Ledger security are dominating Twitter as the company launches its new Ledger Recover service (May 17, 2023)
Nifty Thought
Ledger has been riddled in controversy following the announcement of its Ledger Recover service. The service, which enables users to opt into a subscription service that can enable them recover their seed phrase upon request, has raised large security concerns. Essentially, users fear that the Ledger’s secure element storing seed phrases is not as isolated as initially believed. Originally crypto enthusiasts believed that seed phrases would not and could not leave the Ledger secure element under any circumstance. The introduction of Ledger Recover shows this belief is explicitly not true. The fear then becomes the potential for exploitation that may arise from this ability. If Ledger can send your seed phrases to third parties, what’s to stop a bad actor from hacking into your hardware wallet and doing the same?
The reality is nuanced. While Ledger Recover does indeed enable the transfer of your seed phrase off the device (in 3 shards to 3 separate parties), it can only do so after you sign a transaction physically confirmed on the device. This is the same type of physical confirmation required to send crypto and NFTs off the device. In other words, a compromised Ledger through this method would likely have been compromised anyway.
Questions remain surrounding the logistics and mechanics of the new Ledger Recover service. However, people panicking around the security robustness of Ledger devices are ultimately faced with the same decision: do they trust Ledger’s ability to maintain the integrity of their device security? If they do not, the decision to move off Ledger is clear. Based on the currently available facts however, the NiftyNoon team will continue to self-custody their crypto assets on Ledger devices.
Highlighted News
Ledger announces a new product, Ledger Recover, launching soon:
https://twitter.com/ledger/status/1658458714771169282?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Blur announces new feature allowing users to view all active loans and loans in auction from the Loans tab with partial repayments for loans coming shortly:
Project and Community News
Bored Ape Yacht Club announces HV-MTL Evo 1’s are here:
Otherside Meta shares key strategic elements of Legends of the Mara:
https://twitter.com/OthersideMeta/status/1658540417766371329
Influencer @Eunicedwong with 126k followers fails to do any basic due diligence and promotes a honey pot scam undisclosed:
Community discuss Ledger Space takeaways, after announcement that Ledger Recover is launching soon:
Chris Maddern supporting new Ledger developments:
Foobar (@0xfoobar) shares he does not trust Ledger anymore and encourages followers to look for better alternatives:
ApeCoin Special Council shares it is hosting a Spaces this Wednesday at 10pm EST:
https://twitter.com/apecoin/status/1658194559661223936?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
LooksRare Raffles begin today, May 17th:
VeeFriends share CryptoPunk #9585 officially has a new owner:
NFTfi Rewards: Earn Season 1 is officially live:
nftInspect introduces Inspect DAO, the future of their platform and community with an initial goal of helping shape Inspect 2.0:
https://twitter.com/nftinspect/status/1658201481747505176?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Captainz Momentum and FOMO building up like the good old days, with steady price rise:
Quick Stats:
OpenSea Daily Volume: 2,641 ETH (▲ 41.83%)
Blur Daily Volume: 8,926 ETH (▲ 9.00%)
BTC: $26743.66 (▼ 1.31%)
ETH: $1798.36 (▼ 1.22%)
MATIC: $0.86 (▲ 1.74%)
SOL: $20.69 (▼ 0.79%)
NFT Daily Winners:
🐈⬛ VeeFriends: 2.30 ETH (▲4.93%)
🦧 Bored Ape Yacht Club: 46.69 ETH (▲3.76%)
🧟 Mutant Ape Yacht Club: 10.15 ETH (▲1.9%)
🥔 Potatoz: 3.37 ETH (▲1.69%)
⛩️ Azuki: 14.50 ETH (▲1.22%)
🏳️🌈 Chromie Squiggles: 9.36 ETH (▲ 1.22%)
🏴☠️ Captainz: 8.75 ETH (▲0.69%)
🧬 Clone 2.80 ETH (▲0.45%)
🌈 Doodles: 2.29 ETH (▲0.41%)
🥃 Proof Collective: 6.17 ETH (►0.00%)
NFT Daily Losers:
🧝🏼♀️ DigiDaigaku: 3.38 ETH (▼0.27%)
🚬 CryptoPunks: 49.00 ETH (▼0.87%)
🦉 Moonbirds: 2.08 ETH (▼0.87%)
🐧 Pudgy Penguins: 4.37 ETH (▼1.06%)
Notes:
If you find quick daily NFT updates helpful, please feel free to subscribe:
The content on this site is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.
Managed by @AxuETH, @NPapaellinas, @SharkFragile, @SpeedyGonzale87, @SSPxLEO and @xhuewa