Ledger Crypto Wallet Necklace leaves community confused

Ledger is under scrutiny for the security it allegedly promotes with the Ledger Nano X OnChain crypto wallet and necklace bundle.

Ledger, a company known for security and infrastructure solutions, introduced the chain that enables users to take crypto wallets offline by wrapping them around their necks.

Criticism of Ledger ‘Fashion’ launch

As part of the launch, Ledger claimed:

“Security is a flexibility. So secure your belongings and wear them in style with our new package: an industry-leading Ledger Nano X and its exclusive chain to keep your keys close, wherever you go.”

However, criticism is mounting over the security lapses the launch oversees. One user called it a fashionable “mug me” look, and another mistook it for an April Fool’s joke. Ryan Wyatt, president of Polygon Labs, said, “Taking ‘snapped his chain’ to a whole new level with this one, guys.”

The package includes a hardware wallet, a USB-C to USB-A cable and three recovery sheets with a key ring strap. The OnChain package is said to be compatible with both phones and desktop computers. However, the wallet must be periodically connected to a computer for firmware updates.

Ledger released the product this month by touting the benefits of “self-storage.”

However, users are confused as to how Ledger overlooked that physically carrying the wallet outside is unsafe. Jon Radoff, CEO of gaming platform Beamable, sarcastically observes: “The marketing person has obviously never owned a single coin.”

Snoop Dogg was recently photographed wearing a custom Ledger Nano X as host of WWE’s WrestleMania 39. The gold and diamond Ledger necklace was created to honor the rapper’s Death Row Records label and promote crypto self-storage.

Security flaws are showing up again

Ledger had defended the product by saying, “This device will NOT provide access to ALL your wealth!”

In addition, the security platform promoted key segregation as the decisive factor in securing digital money.

Ledger had previously experienced a number of data breaches. A wave of phishing attacks erupted in 2020 following an incident in June. Then in December of that year, the hardware wallet maker experienced its second major data breach. Due to the disclosure of personal information of thousands of clients, the possibility of SIM swapping as an attack vector has since escalated.

Meanwhile, Ian Rogers, Chief Experience Officer at Ledger, mean that it will become common in the future to carry a secure device with a mobile phone, keys, a small amount of cash and credit cards.

Rogers also compared wearing the nanochain to wearing expensive gadgets and earplugs. He argued:

“Whether you have your Nano on a chain or not (personally I have one on a chain for convenience and easy identification, but never wear it in public), practice good OpSec and use best practices to save your recovery phrase!”