Ledger Warns Against Using Pre-Configured Wallets Sold by Third-Party Resellers
(2 hours ago) · 1 source · Summarized by CryptoBipto
Hardware wallet manufacturer Ledger has issued a warning to customers not to use devices purchased from third-party resellers that arrive already set up. The warning follows reports from users who said they lost funds after using wallets that came with pre-generated seed phrases. Ledger has reminded buyers that legitimate devices should always be set up fresh by the user.
WHY IT MATTERS
A hardware wallet is a physical device that stores the private keys needed to access your cryptocurrency offline, making it harder for hackers to steal your funds remotely. When you first set up a hardware wallet, it generates a "seed phrase" — a series of random words that acts like a master password. Anyone who knows this seed phrase can access all the crypto stored on that wallet. If you buy a wallet from an unofficial seller and it arrives already set up with a seed phrase included, that means someone else already knows your master password. Think of it like buying a safe that comes with a lock already installed — the seller may have kept a copy of the key. This is why manufacturers like Ledger advise buyers to only use devices that they set up themselves from scratch.
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- bitcoinmagazine.com
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