Quote from: Pmalek on Today at 12:43:32 PM

According to the Ledger Developer Portal source you shared, the firmware is in the secure element chip, not the MCU.

There is firmware on both, but the firmware updates you install via Ledger Live predominantly target the MCU. The errors you get with an outdated device are either "MCU firmware is outdated" or "MCU firmware is not genuine".

Quote from: Pmalek on Today at 12:43:32 PM

Wouldn't the same be true for all other events, like broadcasting/sending transactions? Then we are back to trust where we have to "hope" they won't do it.

Yes, I don't see why not. In Ledger's own words, from a now deleted tweet:

Quote

Technically speaking it is and always has been possible to write firmware that facilitates key extraction. You have always trusted Ledger not to deploy such firmware whether you knew it or not.

Quote from: Pmalek on Today at 12:43:32 PM

Is Ledger the only company with such an architecture and how is it handled elsewhere?

I don't see why it would be any different elsewhere. Any company can deploy any code they like to their own products. Your only real protection against this is a permanently airgapped device which has no way of broadcasting transactions without your involvement.

Quote from: witcher_sense on Today at 01:06:37 PM

Am I getting it right? The moment you transfer shards of your seed to third-party companies, Ledger transforms to Trezor and starts using an insecure MCU chip to store sensitive information and send it to a USB host.

I think it's worse than that. Your shards, alongside their decryption key) have to go from secure element, to MCU, to Ledger Live on your internet connected computer, then across the internet to a variety of third parties. That's the same security (or lack thereof) as a hot wallet.

Quote from: vapourminer on Today at 03:05:05 PM

ive read good things on foundations passport.. anyone here want to chime in? might be off topic?

Open source, entirely airgapped, and statements from their devs on Twitter publicly calling out nonsense such as Ledger Recover and and Trezor's blockchain analysis support. I would still prefer to use an airgapped and encrypted device to make my own cold storage, but Passport is the only hardware wallet I would recommend at the moment.