The better question is, does Ledger have a way to do that with a wallet that is non-custodial in nature? I don't think they do, otherwise we would have seen complaints with locked funds all over the place. Not just now after the Ledger-FTX partnership. I think it's the exchange that could lock funds, not Ledger. Even though they claim you never lose control and custody of your coins, it can't be true. The swap takes place on FTX, Ledger just holds your hand and shows you were to go during the process.

Unfortunately, that's correct.