Ledger Nano X in 2021 – What’s New and Learn how to Not get Scammed – My Updated Review


This overview is NOT sponsored and comprises affiliate hyperlinks.

I’ve been a person of Ledger {hardware} wallets since 2017, and in the present day I’d wish to publish my up to date overview on the Nano X.

In this overview, I’d wish to introduce the pockets to those that are new to the product, in addition to speak concerning the options which have been added since 2018. Since my foremost focus is safety, I shall be additionally sharing some important info that can hopefully enable you keep secure 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 may retailer as much as 100 of them on the identical time. It helps the entire mainstream cryptocurrencies reminiscent of Bitcoin, Ethereum, Ripple, Litecoin, Stellar, Monero, in addition to many alt cash and their derivatives. Here’s a full record of the supported property.

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

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

Note: I say “highly resistant to attacks” to keep away from confusion. If your gadget will get misplaced or stolen, it’s important to revive your funds with the restoration seed and switch them to a special pockets asap. No matter how safe the gadget 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 gadget has two features:

The first 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 can 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. While not a very dangerous thought for small sums of cryptos, this technique is way from secure.

You in all probability understand how weak are computer systems and smartphones to hacker assaults. Plenty of keyloggers and trojans stay undetected even by one of the best antiviruses, and may leak your private keys to the hacker as quickly as they seem in your gadget.

Here’s the place the Nano X comes into play. Its second perform is to authorize transactions whereas protecting the non-public keys secret. This manner, you’ll be able to function a cryptocurrency pockets even from an contaminated laptop or smartphone safer, so long as you comply with sure pointers (as detailed within the sections under).

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

Here’s the way it works:

  • You begin by creating your pockets on the gadget, and also you write down the restoration phrases someplace secure.
  • Then, you hyperlink a software program pockets of your option to your Ledger gadget. This manner, you should utilize the interface of that software program pockets to handle the funds in your Ledger.
  • Every time you ship crypto to somebody, you’ll have to both verify 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 permit you to confirm that you simply’re sending the funds to the suitable particular person.
  • If a transaction was initiated by a hacker, it is possible for you to to say no it, and hold your cash secure.

Simply 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.

Note: Even although the Ledger does supply 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 forestall MITM assaults. More on that under.

 

What’s New: Ledger Live

The Ledger Live is a brand new software that’s being developed and hosted by Ledger. As its description states, Ledger Live is “the one-stop shop for your crypto”.

Originally, all Ledger units solely operated with third-party wallets and exchanges. Most of the most important wallets and websites permit you to hyperlink your ledger gadget to them so as to add that additional layer of safety.

Now, Ledger determined to make life simpler for his or her prospects and launched their very own app that provides a easy interface for storing, shopping for, promoting, swapping, and stacking your crypto. The app is out there for Mac OS, Windows, iOS, and Android.

Note: Even although the app is developed by Ledger, two of its key features are nonetheless powered by third events – the purchase/promote choice is powered by the Coinify gateway, and the swap choice by Changelly.

Make positive to obtain the app from the official Ledger web site to keep away from scams.

Common Questions

What occurs in case your Nano X will get stolen?

In the unlucky occasion this occurs, you’ll almost certainly have a while to make use of your 24 phrase restoration phrase on a brand new gadget to entry your funds once more, and switch them to a brand new pockets. Here’s how. As you realize, the pockets operates with a 4- or 8- digit pin. The seed will get worn out from the gadget if a unsuitable pin is entered thrice in a row, so the gadget is protected in opposition to brute drive assaults. There are talks about different strategies a hacker can probably use to entry the information on the chip nevertheless, these require time and specialised tools.

What occurs if you happen to lose your 24 phrase restoration phrase?

If you continue to have entry to your ledger, you’ll be able to create a brand new pockets (be certain that to put in writing down the brand new restoration phrase), and switch all of your funds there.

Pro Tip: You can again up your restoration seed on a tool reminiscent of a Cryptosteel Capsule Solo or billfodl

 

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

Ledger Nano X Ledger Nano S
Apps put in concurrently Up to 100 Up to twenty
Compatible crypto property 1,500+ 1,500+
Compatible wallets 50+ 50+
Bluetooth Yes, could be linked to smartphones
Screen measurement 128 x 64 pixels 128 x 32 pixels
Connector USB Type-C USB Type Micro-B
Battery 8 hours
Price €119 €59

Ledger Nano X Hacks and Scams – All You Need to Know

Since its launch, there have been fairly a couple of makes an attempt to each hack the gadget 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 a whole lot of customers misplaced their cryptos. If you’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 fastidiously to get a greater understanding on what to, and what to not do:

Man within the Middle Attacks

It’s no rocket science that malware can infect your PC with out you or your antivirus noticing it. Once a PC is contaminated, you’ll be able to now not belief what’s displayed in your laptop display. While your Ledger will forestall hackers from accessing your restoration seed and wiping your pockets utterly, they will nonetheless reroute your fee to a special tackle if you happen to’re not cautious sufficient.

Solution: When making a transaction, be certain that to comply with the steps detailed right here. Also, ideally you need to hold your pockets accessing PC offline and just for that goal, and have a special PC for normal internet browsing.

Note: Please don’t confuse a MITM assault with a standard BTC tackle change as a consequence of UTXO. If confused, learn this subject.

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

Third-Party Sellers

Some people purchase their units from websites like eBay and Craiglist. You can discover some actually “sweet” offers there however right here’s the factor – nothing comes without spending a dime.

Back in 2018, a younger hacker named Saleem Rashid claimed to have with the ability to hack a Ledger gadget. His technique requires him to have the bodily gadget so as to set up a customized firmware on it by means of USB.

As far as I do know, this problem 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 gadget so the lesson is fairly clear: keep away from third-party sellers.

Don’t get me unsuitable – the Ledger Nano X is a really safe gadget that additionally has an inbuilt integrity verify system. Still, it’s a good suggestion to play it as secure as potential.

Supply Chain Attacks

As this weblog publish by Kaspersky Labs particulars, a hacker might probably set up a {hardware} implant on the Ledger to make it leak your funds. While it’s definitely not straightforward for a hacker to get their palms in your gadget if you happen to order it straight from Ledger, it’s all the time higher to be secure than sorry.

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

Pre-Made Private Keys

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

What they do is that they principally pre-set the gadget for you. They create a non-public key and print two copies of it. They put one copy within the field and canopy it with scratch-off ink, making it seem like 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 gadget and create a brand new set of restoration phrases.

You may assume “who will fall for this?”. Thing is, with over two million Ledger units being offered worldwide, you’ll be able to wager there’s a great share of people who might probably fall for this.

Phishing Websites

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

Takeaway: Ledger won’t ever ask you on your 24 phrase restoration phrase, neither it can ask you to ship them cryptos. Please, take a minute to verify this screenshot compilation to get a greater thought on how inventive scammers could be.

Data Breaches

Back in June of 2020 there was a information breach on Ledger’s e-commerce web site API that leaked the contact info of over 8500 Ledger gadget house owners. The leak consisted of strictly e-mail addresses, cellphone numbers and names. No fee or bank card info 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 might make them phishing web sites.

Takeaway: While 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. Data breaches occur even to the most important firms, so please don’t click on any hyperlinks from emails no mater how credible they seem like.

Getting your personal Ledger Nano X

All of the most important on-line shops promote the Nano X. As we noticed earlier although, a talented hacker can probably tamper with the gadget, so it’s all the time a good suggestion to keep away from third events as a lot as potential.

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

I do know €119 for one Nano X isn’t precisely low-cost however for all of you trying to getting your personal Ledger, right here is the hyperlink. Also take into account the Cryptosteel Capsule Solo to retailer your seed phrases.

There can be a risk 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 can retailer the Nano S in your house secure, and take the Nano X with you to make transactions on the go.

In Conclusion

At this cut-off date, it’s frequent information that {hardware} wallets are a should for secure cryptocurrency storage. The extra beneficial cryptocurrencies turn into, the extra consideration they get from all types of thieves.

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

Again, this overview was not sponsored by Ledger.

Thank you for studying. As all the time, your feedback, recommendations and questions are welcome.

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