Ledger is being scrutinized for the security it is supposedly promoting with the Ledger Nano X OnChain crypto wallet and necklace bundle.
Ledger, a company known for Security and infrastructure solutions, introduced the chain which enables users to take crypto wallets offline by wrapping them around their necks.
Criticism of Ledger ‘Fashion’ Launch
As part of the launch, Ledger asserted:
“Security is a flex. So, secure your assets and wear them in style with our new bundle: an industry-leading Ledger Nano X and its exclusive chain to keep your keys close, wherever you go.”
However, criticism is mounting on the Security lapses the launch oversees. One user called it a fashionable “mug me” look, and another confused it for an April Fools’ prank. Ryan Wyatt, President at Polygon Labs, said, “Taking ‘snatched his chain’ to a whole different level with this one, lads.”
The package offers a hardware wallet, a USB-C to USB-A cable, and three recovery sheets with a keychain strap. The OnChain bundle is said to be compatible with both phones and desktops. However, the wallet must periodically be connected to a computer for firmware updates.
Ledger released the product this month by backing up the benefits of “self-custody.”
However, users are perplexed about how Ledger overlooked that physically carrying the wallet outside is unsafe. Jon Radoff, CEO of gaming platform Beamable, observes sarcastically, “Marketing person obviously has never owned a single coin.”
Snoop Dogg was recently photographed sporting a custom-made Ledger Nano X as the host of WWE’s WrestleMania 39. The gold and diamond Ledger necklace was created to honor the rapper’s Death Row Records label and promote self custody of crypto.
Security Blunders Resurface
Ledger had defended the product by stating, “This device will NOT give access to ALL your wealth! “
In addition, the security platform promoted key segregation as the crucial factor in safeguarding digital money.
Ledger had previously experienced a slew of data breaches. A surge of phishing attacks erupted in 2020 that followed an incident in June. Then in December of the same year, the hardware wallet manufacturer experienced its second huge data breach. Due to the disclosure of the personal information of thousands of clients, the possibility of SIM swapping as an attack vector has escalated since.
Meanwhile, Ian Rogers, Chief Experience Officer of Ledger, believes that carrying a secure device with a cell phone, keys, a small amount of cash, and credit cards will become commonplace in the future.
Rogers also compared wearing the nano chain to carrying expensive gadgets and earbuds. He argued:
“Regardless of if you have your Nano on a chain or not (personally I have one on a chain for convenience and easy identification but never wear it in public), practice good OpSec and use best practices to store your recovery phrase!”
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