Important - How to not lose your funds using Ledger Nano S. BE SAFE

thecryptochannel (37)in #bitcoin • 7 years ago

At the beginning of January, we could read an article about how one of the users lost all the cryptocurrencies that he kept on Ledger Nano S (over £25,000), because of the hardware wallet what he bought through the auction site, the dishonest seller used the ignorance of the buyer, more precisely the seller went through the "initialisation" procedure of the device where the private key was generated. Thanks to that he had access to the unfortunate buyer's wallet all the time.

OKAY. let's move on to today's topic - how to avoid losing funds - the cryptocurrency from our Ledger.

Some of us could hear about the attack of malware which can modifies the ledger chrome application in order to edit address displayed on the screen.
The Charles GUILLEMET – Chief Security Officer at Ledger said that as far as they know no one has been affected of that, anyway theri product is safe, and it's not about hardware wallet, it's about chrome application, he said that we can't blindly trust what is displayed on the screen.
Most of us users just copy the address to receiving funds and never compare that to address on the screen of our Ledger.
The safest way to not lost our funds is check the address from the application with the one on the Ledger, if they match, you can send your crypto.

To see the address in the window of our hardware wallet, click the mouse on the 3rd icon from the left side (screen), which is indicated by a red arrow in the picture below.

The address displayed on our ledger is on the only one you can trust.

Anyway the action has been taken and company released the software update for Ledger Wallet Bitcoin Chrome application that will request to verify destination addresses on the Ledger device, not just only on the screen of our computer/laptop.