{"id":8446,"date":"2022-11-10T12:51:50","date_gmt":"2022-11-10T12:51:50","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=8446"},"modified":"2022-11-10T12:51:50","modified_gmt":"2022-11-10T12:51:50","slug":"ledger-hardware-wallets-hit-by-the-ftx-earthquake-cto","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8446","title":{"rendered":"Ledger hardware wallets hit by the FTX earthquake \u2014 CTO"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Hardware-based cryptocurrency wallet provider Ledger has experienced some issues due to massive outflows from crypto exchanges amid the FTX bloodbath, according to its chief technology officer.<\/p>\n<p>Ledger<strong> <\/strong>saw a \u201cmassive usage\u201d of their platforms and suffered a \u201cfew scalability challenges\u201d on Nov. 9, Ledger chief technology officer Charles Guillemet reported in a statement on Twitter.<\/p>\n<p>Guillemet reasoned Ledger\u2019s issues by the outcomes of the ongoing crisis of a major global cryptocurrency exchange, FTX. The chief technology officer said that crypto investors have been increasingly offloading their holdings from crypto exchanges to Ledger, stating:<\/p>\n<p>\u201c\u200b\u200b\u200b\u200bAfter the FTX earthquake, there\u2019s a massive outflow from exchanges to Ledger security and self sovereignty solutions.\u201d<\/p>\n<p>According to Guillemet, Ledger should have resolved the outages as of 5:30 am UTC.<\/p>\n<p>Ledger first reported the wallet issues on Nov. 9 at around 11:00 pm UTC, officially announcing that its hardware wallet interface application Ledger Live was experiencing downgraded server performance.<\/p>\n<p>\u201cSpecific issues may vary, including connecting to the My Ledger tab and performing a Genuine Check,\u201d Ledger said in a tweet, adding that the client\u2019s assets were safe.<\/p>\n<p>The hard wallet company subsequently took to Twitter to announce that it fixed the server outage about one hour after detecting the issue. \u201cOur server outage has been resolved and all systems are operational,\u201d Ledger said, adding that their server outage was resolved and all systems were operational.<\/p>\n<p>Previously, Ledger Support also announced that it also temporarily paused FTX and FTX.US swaps on Ledger Live. Ledger launched the swap integration with FTX in July 2022.<\/p>\n<p>According to Ledger\u2019s Twitter thread, the outages caused some users to be unable to send any transactions using Ledger Live, including withdrawals.<\/p>\n<p>The crypto community was quick to react to the issues despite many staying confident about Ledger\u2019s operations amid the larger market issues. Some industry observers criticized Ledger for choosing the wrong wording to communicate with their customers amid the ongoing issues at FTX. People apparently got triggered by Ledger\u2019s wording \u201cassets are safe\u201d as FTX founder Sam Bankman-Fried made a similar statement on Twitter on Nov. 7, only to delete it a day after.<\/p>\n<p>\u201cFTX is fine. Assets are fine,\u201d Bankman-Fried declared in his tweet, just hours before the exchange stopped all crypto withdrawals after becoming unable to process such transactions.<\/p>\n<p>The recent issues on Ledger Live came as Ledger saw one of its \u201chighest traffic days ever,\u201d Ledger\u2019s chief technology officer told Cointelegraph. \u201cTraffic has increased significantly over time, even without major industry events,\u201d he noted, adding that Ledger also previously saw plenty of traffic spikes after Celsius bankruptcy, the Solana hack as well as the FTX bank run.<\/p>\n<p>Guillemet also said that Ledger Live had an \u201cunusual load on the device manager service,\u201d which is likely to be attributed to users updating their device for the first time in a while or using a brand new device for the first time. \u201cIt was quickly resolved and the team is already working on improving automatic detection and restoration,\u201d he added.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>FTX and Binance\u2019s ongoing saga: Everything that\u2019s happened until now<\/em><\/strong><\/p>\n<p>A major rival cold wallet provider, Trezor, has not recorded any issues due to the FTX issues so far, Trezor executive Josef T\u011btek told Cointelegraph. \u201cThe only way to avoid these massive blow-ups is to understand self-custody as a necessity,\u201d the exec stated. \u201cNot an option; a true necessity,\u201d he emphasized.<\/p>\n<p>Despite self-custody being associated with its own set of risks, many crypto people, including Tether and Bitfinex chief technology officer Paolo Ardoino,\u00a0still recommend users \u201calways to self custody in cold storage\u201d if they want to hold their Bitcoin (BTC) and crypto.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/ledger-hardware-wallets-hit-by-the-ftx-earthquake-cto-says\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hardware-based cryptocurrency wallet provider Ledger has experienced some issues due to massive outflows from crypto exchanges amid the FTX bloodbath, according to its chief technology officer. Ledger saw a \u201cmassive usage\u201d of their platforms and suffered a \u201cfew scalability challenges\u201d on Nov. 9, Ledger chief technology officer Charles Guillemet reported in a statement on Twitter. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-8446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8446","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8446"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8446\/revisions"}],"predecessor-version":[{"id":8448,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8446\/revisions\/8448"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8447"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}