Saturday, December 2, 2023

Ledger Nano X in 2021 – What’s New and How you can Not get Scammed – My Up to date Assessment

This evaluate is NOT sponsored and accommodates affiliate hyperlinks.

I’ve been a person of Ledger {hardware} wallets since 2017, and right now I’d prefer to put up my up to date evaluate on the Nano X.

On this evaluate, I’d prefer to introduce the pockets to those that are new to the product, in addition to discuss concerning the options which have been added since 2018. Since my predominant focus is safety, I shall be additionally sharing some essential data that can hopefully assist you to keep protected and keep away from getting scammed.

What’s a Ledger Nano X?

The Nano X is a {hardware} pockets that helps over 1500 completely different property, and might retailer as much as 100 of them on the identical time. It helps the entire mainstream cryptocurrencies akin to Bitcoin, Ethereum, Ripple, Litecoin, Stellar, Monero, in addition to many alt cash and their derivatives. Right here’s a full listing of the supported property.

On the skin, the Nano X appears like a pen drive with a stainless-steel cowl. The physique of the Nano is made from plastic nevertheless, it feels manner sturdier than that of the typical pen drive. The machine includes a 30×13 mm display, and two buttons. It may be linked through USB to your desktop (MacOS or Home windows) or through Bluetooth to your telephone (iOS 9+ or Android 7+).

Regardless of its seeming simplicity, the Nano X is a complicated machine that includes a high-end ST33J2M0 safe component, in addition to its personal working system. This makes the machine resistant to any distant assaults, in addition to makes it extremely proof against assaults even within the unlucky case a hacker will get their fingers on the bodily machine.

Be aware: I say “extremely proof against assaults” to keep away from confusion. In case your machine will get misplaced or stolen, it’s essential to revive your funds with the restoration seed and switch them to a unique pockets asap. Regardless of how safe the machine is, you don’t need hackers to own the chip that has your encrypted keys on it.

What does the Ledger Nano X do?

The machine has two capabilities:

The primary one is to retailer your private keys. As you in all probability know by now, the entire cash are on the market within the blockchain; your pockets simply holds a set of keys that show your possession of these cash.

You’ll be able to clearly create a so-called software program pockets in your PC and again up your keys on an USB stick, and even create a cloud pockets and belief a 3rd celebration to retailer the keys for you. Whereas not a very dangerous thought for small sums of cryptos, this technique is way from protected.

You in all probability know the way weak are computer systems and smartphones to hacker assaults. A variety of keyloggers and trojans stay undetected even by one of the best antiviruses, and might leak your private keys to the hacker as quickly as they seem in your machine.

Right here’s the place the Nano X comes into play. Its second perform is to authorize transactions whereas maintaining the non-public keys secret. This fashion, you may function a cryptocurrency pockets even from an contaminated laptop or smartphone safer, so long as you observe sure tips (as detailed within the sections under).

The Nano X has signing authority for transactions. When you can’t provoke transactions straight from the machine, you do use it to manually affirm each transaction you do by pushing one of many two bodily buttons on the machine.

Right here’s the way it works:

  • You begin by creating your pockets on the machine, and also you write down the restoration phrases someplace protected.
  • Then, you hyperlink a software program pockets of your option to your Ledger machine. This fashion, you should use the interface of that software program pockets to handle the funds in your Ledger.
  • Each time you ship crypto to somebody, you’ll have to both affirm or deny the transaction by urgent one of many two buttons in your Nano X. The display will show the recipient tackle, which is able to let you confirm that you just’re sending the funds to the proper individual.
  • If a transaction was initiated by a hacker, it is possible for you to to say no it, and hold your cash protected.

Merely put, if a hacker will get to provoke a transaction out of your pockets, they gained’t be capable to full it with out you bodily pushing the button in your Ledger.

Be aware: Though the Ledger does provide an additional layer of safety in opposition to hackers, it’s nonetheless a good suggestion to solely join it to a PC that has a freshly put in operative system on it to stop MITM assaults. Extra on that under.


What’s New: Ledger Stay

The Ledger Stay is a brand new utility that’s being developed and hosted by Ledger. As its description states, Ledger Stay is “the one-stop store to your crypto”.

Initially, all Ledger units solely operated with third-party wallets and exchanges. Many of the greatest wallets and websites let you hyperlink your ledger machine to them so as to add that further layer of safety.

Now, Ledger determined to make life simpler for his or her clients and launched their very own app that gives a easy interface for storing, shopping for, promoting, swapping, and stacking your crypto. The app is on the market for Mac OS, Home windows, iOS, and Android.

Be aware: Though the app is developed by Ledger, two of its key capabilities are nonetheless powered by third events – the purchase/promote possibility is powered by the Coinify gateway, and the swap possibility by Changelly.

Be certain that to obtain the app from the official Ledger web site to keep away from scams.

Frequent Questions

What occurs in case your Nano X will get stolen?

Within the unlucky occasion this occurs, you’ll most definitely have a while to make use of your 24 phrase restoration phrase on a brand new machine to entry your funds once more, and switch them to a brand new pockets. Right here’s how. As you understand, the pockets operates with a 4- or 8- digit pin. The seed will get worn out from the machine if a improper pin is entered 3 times in a row, so the machine is protected in opposition to brute power assaults. There are talks about different strategies a hacker can doubtlessly use to entry the information on the chip nevertheless, these require time and specialised tools.

What occurs in case you lose your 24 phrase restoration phrase?

If you happen to nonetheless have entry to your ledger, you may create a brand new pockets (ensure that to jot down down the brand new restoration phrase), and switch all of your funds there.

Professional Tip: You’ll be able to again up your restoration seed on a tool akin to a Cryptosteel Capsule Solo or billfodl


The Nano X is the latest mannequin, and it presents extra options, and an total higher person expertise in comparison with that of the Nano S. Each units are nonetheless manufactured and supported by Ledger, with person expertise being one of many key variations between the 2: Additionally test on official web site!

Ledger Nano X Ledger Nano S
Apps put in concurrently As much as 100 As much as 20
Appropriate crypto property 1,500+ 1,500+
Appropriate wallets 50+ 50+
Bluetooth Sure, will be linked to smartphones
Display measurement 128 x 64 pixels 128 x 32 pixels
Connector USB Kind-C USB Kind Micro-B
Battery 8 hours
Worth €119 €59

Ledger Nano X Hacks and Scams – All You Must Know

Since its launch, there have been fairly a couple of makes an attempt to each hack the machine itself, in addition to trick Ledger customers into sharing their non-public keys in a method or one other. None of this was identified to the early adopters of the Ledger, and lots of of customers misplaced their cryptos. If you happen to’re new, you’ll have the privilege of studying from different’s errors, and have a extra nice expertise along with your Ledger.

Please learn this part rigorously to get a greater understanding on what to, and what to not do:

Man within the Center Assaults

It’s no rocket science that malware can infect your PC with out you or your antivirus noticing it. As soon as a PC is contaminated, you may now not belief what’s displayed in your laptop display. Whereas your Ledger will stop hackers from accessing your restoration seed and wiping your pockets utterly, they’ll nonetheless reroute your fee to a unique tackle in case you’re not cautious sufficient.

Resolution: When making a transaction, ensure that to observe the steps detailed right here. Additionally, ideally you need to hold your pockets accessing PC offline and just for that function, and have a unique PC for normal net browsing.

Be aware: Please don’t confuse a MITM assault with a traditional BTC tackle change attributable to UTXO. If confused, learn this matter.

Chrome Extensions

9 months in the past, a person created this thread the place he claimed that his Ledger obtained hacked remotely. After some investigation, it grew to become clear that the person downloaded a third-party Chrome extension for the pockets, and launched his 24-word seed there.

Lesson discovered: the official Ledger app won’t ever ask you to your 24 phrases. Apart from, there is no such thing as a official Ledger Chrome extension, in order that app the person downloaded was clearly made by scammers.

Third-Social gathering Sellers

Some folks purchase their units from websites like eBay and Craiglist. Yow will discover some actually “candy” offers there however right here’s the factor – nothing comes at no cost.

Again in 2018, a younger hacker named Saleem Rashid claimed to have with the ability to hack a Ledger machine. His technique requires him to have the bodily machine with a view to set up a customized firmware on it by way of USB.

So far as I do know, this challenge has been addressed, and the Saleem Rashid now seems on Ledger’s corridor of fame. Now, it’s unknown whether or not there are different methods to use a Ledger machine so the lesson is fairly clear: keep away from third-party sellers.

Don’t get me improper – the Ledger Nano X is a really safe machine that additionally has an inbuilt integrity test system. Nonetheless, it’s a good suggestion to play it as protected as attainable.

Provide Chain Assaults

As this weblog put up by Kaspersky Labs particulars, a hacker may doubtlessly set up a {hardware} implant on the Ledger to make it leak your funds. Whereas it’s definitely not straightforward for a hacker to get their fingers in your machine in case you order it immediately from Ledger, it’s all the time higher to be protected than sorry.

Resolution: Ledger units are straightforward to open, and this brief tutorial exhibits the way to simply disassemble your Ledger Nano, and test whether or not it’s been tampered with.

Pre-Made Non-public Keys

As this video explains, some third-party sellers exchange the unique Ledger documentation with their very own.

What they do is that they mainly pre-set the machine for you. They create a personal key and print two copies of it. They put one copy within the field and canopy it with scratch-off ink, making it appear to be that is the way it got here from Ledger. The second copy stays within the possession of the scammer, permitting them to entry your funds until you reset your machine and create a brand new set of restoration phrases.

You may suppose “who will fall for this?”. Factor is, with over two million Ledger units being bought worldwide, you may guess there’s share of people that may doubtlessly fall for this.

Phishing Web sites

There have been (and doubtless nonetheless are) fairly a couple of phishing web sites that look precisely like Ledger’s. The principle intention of these web sites is to lure you into sharing your 24 phrase restoration phrase.

Takeaway: Ledger won’t ever ask you to your 24 phrase restoration phrase, neither it’s going to ask you to ship them cryptos. Please, take a minute to test this screenshot compilation to get a greater thought on how artistic scammers will be.

Knowledge Breaches

Again in June of 2020 there was a knowledge breach on Ledger’s e-commerce website API that leaked the contact data of over 8500 Ledger machine homeowners. The leak consisted of strictly e-mail addresses, telephone numbers and names. No fee or bank card data was compromised. Nonetheless, this allowed scammers to ship each emails and textual content messages to Ledger customers, prompting them to click on on hyperlinks that may cause them to phishing web sites.

Takeaway: Whereas this explicit breach was fastened, it’s a good suggestion to take any emails and messages with a grain of salt, even when they include your full title. Knowledge breaches occur even to the largest corporations, so please don’t click on any hyperlinks from emails no mater how credible they appear to be.

Getting your individual Ledger Nano X

The entire main on-line shops promote the Nano X. As we noticed earlier although, a talented hacker can doubtlessly tamper with the machine, so it’s all the time a good suggestion to keep away from third events as a lot as attainable.

I personally purchased my Ledgers from their official retailer, and obtained it shipped to me through DHL Categorical.

I do know €119 for one Nano X isn’t precisely low cost however for all of you seeking to getting your individual Ledger, right here is the hyperlink. Additionally contemplate the Cryptosteel Capsule Solo to retailer your seed phrases.

There may be additionally a chance to purchase a again up pack that consists of a Ledger Nano X and a Nano S. You get each for a complete of 20% low cost. You’ll be able to retailer the Nano S in your house protected, and take the Nano X with you to make transactions on the go.

In Conclusion

At this cut-off date, it’s frequent data that {hardware} wallets are a should for protected cryptocurrency storage. The extra priceless cryptocurrencies grow to be, the extra consideration they get from all types of thieves.

There are a number of corporations that make {hardware} wallets, and whereas I don’t doubt that almost all of them make good and dependable merchandise, I personally lean in the direction of Ledger. Ledger merchandise have observe file, and the corporate’s energetic bounty system helps to enhance its merchandise always.

Once more, this evaluate was not sponsored by Ledger.

Disclaimer: This isn’t monetary advise, I’m not a monetary advisor, that is for instructional functions solely. If you wish to spend money on cryptocurrency please do your individual analysis and make investments at your individual threat, 1stMiningRig isn’t responsible for any selections you make. 1stMiningRig could obtain donations or sponsorships in affiliation with sure content material creation. 1stMiningRig could obtain compensation when affiliate/referral hyperlinks are used.

Thanks for studying. As all the time, your feedback, ideas and questions are welcome.

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