The real deal-breaker isn't whether wallet is open-source or not (at least for me) but the clear vision of the company that builds that wallet. Ledger is a company with very cynical attitude towards their own customers and they are very money-oriented instead of being a privacy-oriented company.
At some point, the same applies to Trezor. While they are open-source, it doesn't mean their wallet is secure because their devices suffer from unfixable seed extraction vulnerabilities and at the same time, the problem lies within company too. This company is very pro-government, has partnered with Wasabi and Blockchain Analysis companies.
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At some point, the same applies to Trezor. While they are open-source, it doesn't mean their wallet is secure because their devices suffer from unfixable seed extraction vulnerabilities and at the same time, the problem lies within company too. This company is very pro-government, has partnered with Wasabi and Blockchain Analysis companies.
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Most companies side with the government out of fear from getting their business shut down in an instant. They also do it because of the money. I'd trust a wallet that's made by a non-profit organization or a single person (but open source), than a closed source wallet made by a company with shady practices. I'm not saying that closed source is bad, but rather risky since you won't be able to know the inner workings of your wallet.
With open source code, anyone can fix issues/vulnerabilities and make the wallet stronger. Just like how it's the case with Bitcoin today. I'd steer clear from any Ledger products, and choose an open source alternative instead. Who knows if the company's days are numbered? Just my thoughts
