Post
Topic
Board Hardware wallets
Merits 7 from 3 users
Re: My worries with ledger
by
satscraper
on 08/06/2023, 06:11:12 UTC
⭐ Merited by The Sceptical Chymist (5) ,RickDeckard (1) ,examplens (1)
I have a ledger nano s but I don't feel secure anymore with it after their recent update about subscription for wallet recovery. The only use of the leger is for Bitcoin and I use it with electrum.

I understand their new update does not effect Ledger Nano S but I still feel unsafe, I feel paranoid. Everyday I wake up and check my phone where I have a watch only installed and before the wallet loads I feel I will see an outbound transaction is just loading but it does not and my coins are there. I feel better.

What will be your suggestions?

First, don't panic.

Second, do research on available  open source, air-gapped HW and evaluate your own prospect of acquiring one of them to  move your stash there.

Third, at the time when your fund is still relies on Ledger Nano S create multisig  wallet, using  say two of two quorum. This means that only two of you keys will be eligible to sign transaction. One  of that key may belong to open sorce software wallet (say Sparrow or Electrum or any  of your choice)  the other one two Ledger nano s.

Forth, move you stash to created multisig wallet.

Fifth, after purchasing open source, air-gapped HW  create multisig wallet using your new HW  and move your stash from old multisig to new one.