Ledger Faces Backlash After User Alleges $2.5M in Bitcoin and NFTs Stolen

A crypto user claims to have lost $2.5M in assets stored on a Ledger Nano S, sparking concerns over the hardware wallet’s security. Ledger users debate whether this incident stems from human error or a potential vulnerability.

$2.5M Stolen From Ledger Wallet Raises Alarms Over Security

Ledger, one of the leading hardware wallet providers, is under fire after a user, identified as @anchor_drops on X, reported losing approximately $2.5 million in digital assets. The stolen assets include 10 Bitcoin, valued at around $1 million, and $1.5 million worth of NFTs.

According to the user, the theft occurred despite adhering to best security practices. The victim claimed the seed phrase was securely stored offline and never entered into any online platforms, nor were any unauthorized transactions signed.

“The device had not been used for two months,” @anchor_drops stated, leaving many to speculate about how the breach occurred.

Community Response: Vulnerability or User Error?

The incident has sparked widespread debate in the crypto community.

• Vulnerability Concerns: Some users theorized the theft could be linked to an undisclosed or resurfaced vulnerability in Ledger devices. These concerns have reignited scrutiny over hardware wallet safety.
• Human Error Hypothesis: Others argue that the breach could result from user mishandling or an inadvertent exposure of the wallet’s seed phrase.

A member of the crypto community commented:

“If this were truly a system-wide issue, the crypto space would see more such cases. This could point to user error.”

Implications for Ledger and Its Users

Ledger has faced criticism over security practices in the past, particularly after a 2020 data breach exposed the personal information of thousands of customers. While no connection between that incident and this recent theft has been confirmed, it has led some to question Ledger’s long-term trustworthiness.

What to Do if You Use a Hardware Wallet

This case underscores the importance of vigilance when handling crypto assets.

1. Seed Phrase Storage: Store your recovery phrase securely offline, away from potential theft or natural damage.
2. Firmware Updates: Regularly update your hardware wallet to patch potential vulnerabilities.
3. Monitor Activity: Frequently check wallet balances and transactions for unauthorized activity.

For now, Ledger has not issued an official statement about this specific incident.

Our creator. creates amazing NFT collections! 
Support the editors - Bitcoin_Man (ETH) / Bitcoin_Man (TON)

Pi Network (Guide)is a new digital currency developed by Stanford PhDs with over 55 million participants worldwide. To get your Pi, follow this link https://minepi.com/Tsybko and use my username (Tsybko) as the invite code.

Binance: Use this link to sign up and get $100 free and 10% off your first months Binance Futures fees (Terms and Conditions).

Bitget: Use this link Use the Rewards Center and win up to 5027 USDT!(Review)

Bybit: Use this link (all possible discounts on commissions and bonuses up to $30,030 included) If you register through the application, then at the time of registration simply enter in the reference: WB8XZ4 - (manual)