2 hours ago
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The key part of Ledger’s warning is the 90-day guidance for recent buyers. A device that has never been set up should remain uninitialized, while users who already created a wallet may need to move assets to a new signer using a newly generated recovery phrase.
Key Takeaways
- Ledger is investigating the reported losses and has not disclosed their cause.
- Recent buyers who have not set up their device should avoid starting the process.
- A migration requires a new signer, a new recovery phrase and new receiving addresses.
- Ledger has not confirmed media reports of an $86 million loss total.
The 90-day warning turns on one question: has the wallet been created?
The difference between an unopened device and an active wallet explains Ledger’s two-part advice. A buyer who has not begun setup has not generated a recovery phrase through that device, so Ledger says not to initialize it. The company’s message to users who already set up a device is more involved because their wallet may already control assets.
Ledger advised those users to c...
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