An investigation by Rekt Builder has raised concerns about the extent of data collection by Ledger Live, the official software for managing Ledger hardware wallets.
The developer claims that Ledger Live tracks every move users make, including the apps they install and the crypto they hold.
A ledger in accounting can be described as a book of accounts.
A company records their classified financial information in a ledger.
Transactions are recorded in the ledger in different accounts as debits and credits.
The ledger is intended to provide a clear history of a business's financial health by providing an accurate account of all its transactions, both present and past.
A ledger contains all the financial activities of a company in an orderly manner.
The ledger contains all of the accounts required to compile financial statements and is also necessary for audit purposes.
Taking to X on December 27, Rekt Builder claims that Ledger Live embeds the genuine check into the app's listing procedure.
It means that whenever you plug in your Ledger device and open Ledger Live, the software checks whether the device is genuine and sends this information to Ledger's servers.
Rekt Builder also notes that Ledger Live tracks the crypto balances stored on the device.
What's concerning is that all this data is sent to Ledger's servers.
Accordingly, it means Ledger can access a detailed record of its clients' crypto holdings.
To determine whether Ledger was trailing user activity, the developer attempted to turn off the remote tracking feature in Ledger Live, but this was impossible.
This suggests that Ledger has intentionally designed Ledger Live to track user activity.
Rekt Builder's findings raise serious concerns about the privacy of Ledger hardware wallet users.
If Ledger is tracking each move users make, then it is possible that this data could be used to identify users and track their crypto transactions.
The Purpose Of A Ledger Account Business owners can focus their efforts on recording all business transactions.
The most reasonable way to get an accurate picture of the budget is by reviewing the ledger in detail.
There has been a crucial debate in the cryptocurrency community regarding the delicate balance between convenience and data security as users grapple with the potential privacy risks that may be brought to light by Rekt Builder's investigation into Ledger Live.
This Cyber News was published on www.cysecurity.news. Publication date: Sun, 31 Dec 2023 13:13:05 +0000