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LedgerX Co-Founders Put on Leave Following US CFTC Scrutiny

Ledger Holdings, Inc., the parent company of LedgerX, feels pressure from the United States Commodity Futures Trading Commission (CFTC) after it has been reported that LedgerX physically settled Bitcoin futures products have not been approved.

The CFTC continues to push for regulation and full approval before any crypto company wishes to offer commodities trading to US Citizens sparking what many believe could be seen as major problems for Ledger Holdings, Inc..

In July Ledger began to offer the trading services on its platform which has led to many in the CFTC commenting that this is not certified and should be.

Ledger X Co-Founders Paul and Juthica Chou have been placed on administrative leave effective immediately. Larry Thompson is appointed as the interim CEO and lead director of Ledger Holdings who has over 30 years of wall street experience. The reason for the personnel change remains unclear.

With board changes and regulatory scrutiny from the CFTC, it is expected that Thompson needs to step up and negotiate the best next steps for Ledger.

Images via Shutterstock

Ledger and Tezor Dismiss Rumor That Hackers Have Stolen Data from Popular Crypto Wallet Providers

Cybersecurity company “Under The Breach” has revealed that customers who have bought products using Shopify and bought items from companies such as KeepKey, Trezor, Bnktothefuture, and Ledger may have had their data leaked.

The cybersecurity company tweeted screenshots from a hacker trying to sell stolen data from KeepKey, Ledger, Trezor, and Bnktothefuture users.

The ‘Rumored’ Hack

The cybersecurity company further mentioned that the data was stolen after the hacker exploited weaknesses in the e-commerce website Shopify. The cybersecurity company posted screenshots in which the hacker advertised huge databases with information associated with an alleged 80,000 customers. This includes the customer’s name, email address, residential address, phone number, and other pieces of data.

The hacker is claimed to be the same individual who hacked the forum Ethereum.org in 2016. The hacker is now claiming to have the databases for Ledger, Trezor, and KeepKey users, including other important information. The hacker also claims to have hacked the Bnktothefuture SQL database and stole identify information from the investment platform. The databases are up for sale, but it may turn out to be false and publicity stunt.

A communications manager at Shopify said: “We investigated these claims and found no evidence to substantiate them, and no evidence of any compromise of Shopify’s system.”

Two of the four firms have taken the allegations seriously.

Ledger made a follow-up on the matter, terming it as a rumor. The hard wallet provider claims that so far, the allegedly hacked database does not match its real database. Ledger said that it is likely that the hacker is totally lying. The company confirmed that it will be continuing its investigations on the issue.

Trezor tweeted its confirmation that there are rumors going around that its e-shop database has been attacked through a Shopify exploit. The company clarified that its e-shop doesn’t use Shopify, thus making a Shopify-related hack impossible. The firm said: “We are nonetheless investigating the situation. We’ve been also routinely purging old customer records from the database to minimize the possible impact.”

The hacker has several dubious claims and is reported to have databases for almost 20 crypto exchanges globally. Nobody can confirm whether or not the hacker truly does have these databases. So far it appears to be more hearsay.

US Law Firms Had Data Stolen and Encrypted by Hackers Demanding Crypto Ransoms

Various big companies seem to have been the victim of recent cyberattacks, which has led to the theft of a massive amount of private information from customers. Hackers have recently breached five US law firms and encrypted their data, thus forcing each firm to pay 100 Bitcoins (about $918,500 at the time of this report) to restore their access. The hacker group identified as “Maze” also has threatened to sell some stolen data in case the firms refused to pay a ransom. The hackers have developed the habit of publishing small parts of stolen data and release more and more sensitive aspects until victimized firms pay a ransom. Hackers demanding ransoms in Bitcoin have a negative impact on the public image of cryptos, making people believe that such coins are just meant for criminals. Last year was marked not only by multiple ransoms demanding cryptocurrencies but also by major cryptocurrency scams.

Image via Shutterstock

Ledger Will Provide its First Crypto Lending Partner YouHodler with Crypto Insurance

FinTech platform and crypto-backed loan service provider YouHodler has selected digital asset wallet provider Ledger Vault to be implemented across its platform, to offer its users an added layer of security and protection.

Based in Switzerland, crypto-backed loan service provider YouHodler aims to adopt Ledger’s high-security standards for liquidity management by integrating Ledger Vault to its lending platform for one step further of protection of its users’ crypto assets. Ledger Vault will provide the security infrastructure for YouHodler, along with acting as a crypto-insurance provider.

Ledger Vault’s technology strives in providing highly secure, multi-signature governance rules while creating a flexible and agile environment. Ledger Nano devices, one of Ledger’s hardware wallets will also be offered to YouHodler’s users, in addition to the integration between the two parties. Alexandre Lemarchand, Vice President, Global Sales at Ledger said:

“By partnering with Ledger Vault, YouHodler’s users can take advantage of that commitment to security, all while receiving a peace-of-mind and an added layer of safety and insurance against the threats from hackers—something that is prevalent in the cryptocurrency space.”

Ilya Volkov, the CEO of Hodler believes that safety, efficiency, and convenience are the company’s primary concerns, and with the new partnership with Ledger, Volkov said, “we can proudly say we have these concerns fully covered by one of the best in the industry.”

“With these additional layers of security, our users can explore YouHodler like never before, taking full advantage of our crypto savings accounts, instant crypto-backed loans, and our trading/crypto multiplication suite for their complete benefit. I’d like to personally thank those at Ledger Vault for this terrific opportunity for our business and our community and I’m looking forward to a long and fruitful relationship with this innovative team.”

Ledger, Nomura, and CoinShares release custody platform

Ledger, Nomura, and CoinShares launched an institutional-grade custody platform recently, known as Komainu.

Komainu aims to integrate custody solutions seamlessly with traditional institutional players.

The new custody platform, Komainu, “bridges the gap by bringing financial expertise and capabilities for institutional clients to feel confident their assets are in safe hands,” according to Ledger CEO Pascal Gauthier.

Huawei Files Patent For Blockchain Ledger Storage and Device

Chinese technology giant Huawei has applied for a patent on a new blockchain-based storage systems.

Chinese ICT specialist firm, Huawei is steaming ahead with its adoption of blockchain technology with a recent application for a new blockchain patent that focuses on storage devices and methods.

According to a Chinese corporate database called Tianyancha, on January 17 Huawei filed for the patent on a blockchain ledger storage and device, with the application announcement date set for July 14 at the time.

Huawei has also recently partnered with the government of the Nanshan District of Shenzhen to build a Kunpeng industrial and ecological chain. The Kunpeng ecosystem will allow for open-source hardware and software, which is responsible for providing strong security for the digital economy, and both parties aim to construct a key financial platform to become a national benchmark.

China’s Central Bank enlists Huawei For CBDC

The Chinese central bank, People’s Bank of China’s (PBoC) Digital Currency Research Institute, has also enlisted the help of the multinational telecommunications giant, Huawei.

Fan Yifei, the PBoC deputy governor signed the fintech research cooperation agreement between Huawei and PBoC’s Digital Currency Research Institute in Shenzhen at Huawei’s headquarters. The partnership became a reality shortly after the PBoC tested its digital currency in Shenzhen while collaborating with Huawei.

Huawei said that the “strategic cooperation” agreement is for FinTech research. Fan also praised the firm’s achievement in developing distributed databases and computing chips.

Ledger Hacker Dumps Hardware Wallet Users’ Personal Info on Public Server

Ledger, the leading cold wallet providing company, appears to be reaping the consequences of an earlier hack that saw its e-commerce database compromised.

Earlier in June, Ledger’s e-commerce and marketing database was hacked, and as a result, millions of clients’ confidential information secured on the company’s servers were compromised. Confidential information, such as phone numbers, email addresses, and physical addresses were stolen, and it appears that the hacker has now exposed it all on an online data-sharing platform dubbed Raidforum.

The dump that recently occurred has served to anger many Ledger customers, who threaten to pursue the company in a legal class-action lawsuit. Although no cryptocurrencies were reported to be stolen in the process, as the storage was offline, the exposure of such a large-scale database could still pose severe risks to Ledger customers, according to cybersecurity expert Alon Gal. He said that this could potentially trigger cyber and physical harassments and explained:

“This leak holds major risk to the people affected by it! Individuals who purchased a Ledger tend to have a high net worth in cryptocurrencies and will now be subject to both cyber harassments as well as physical harassments in a larger scale than experienced before.”

Ledger has since apologized for the breach and advised customers against phishing attacks that may potentially occur in the near future. Its team said it was investigating the incident to confirm whether the leaked client information was from the earlier hack in June, but clues seem to point towards the indication that it was.

With the confidential information in its possession, the hacker (or hackers) may potentially impersonate Ledger executives through emails in an attempt to extract cryptocurrency funds. Ledger advised:

“STAY VIGILANT OF ONGOING PHISHING SCAMS! Never share the 24 words of your recovery phrase with anyone, even if they are pretending to be a representative of Ledger. Ledger will never ask you for them. Ledger will never contact you via text messages or phone call.”

Ripple to Build The Core Ledger that Will Power Central Bank Digital Currencies

Ripple has been making headway in pursuing projects involving central bank digital currencies.

RippleX’s Vice President James Wallis disclosed that the company has expanded by building a core ledger which can be used to mint central bank digital currencies (CBDC). Like many in the industry, Wallis thinks that blockchain technology will bring digital payments to the next level by ensuring faster speed, lower costs, and reliability. He said to Rudolf Falat, the host of the “Voice of FinTech” podcast in an interview:

“At Ripple, we view the future of payments as the internet of value. The concept there is making it as easy to move money around the world as it is to move information today across the world.”

Wallis believes that XRP has a huge potential in becoming the ideal bridge currency for central bank digital currencies by providing interoperability in transactions. Previously, Ripple had disclosed its intentions to partner up with banks to explore CBDCs. With 80% of the world’s central banks working on deploying a central bank digital currency of their own, getting in the CBDC game will be a game-changer for Ripple.

Currently, its on-demand liquidity (ODL) financial product has been leveraged by leading banking institutions such as the Bank of America and Santander for transactions. Previously, Ripple had posted a job listing for a technical partner manager position. The ideal candidate will play a crucial role in furthering Ripple’s engagements with Central Banks worldwide to design and guide the deployment of CBDC projects and solutions.

Despite being defamed in the United States due to the ongoing lawsuit it faces from the SEC, Ripple’s operations have been thriving – mainly in Asia.

Coinbase Adds Support for Ledger Hardware Wallets

Coinbase Global Inc, the biggest exchange in the United States, has confirmed that its Wallet browser extension is now available for the Ledger Hardware Wallets, a move that was initiated to bring an added layer of security to its users.

As the announcement published in a blog post by Adam Zadikoff, Senior Product Manager at Coinbase Global, the integration will provide “an additional layer of security and greater peace of mind” to all of its customers.

“Today, we are adding support for Ledger hardware wallets in the Coinbase Wallet browser extension, introducing an additional security option for our users,” he introduced the detail by adding that “Hardware wallets are physical devices that store the private keys to your crypto wallet offline. Because every transaction on the blockchain requires both a user’s public and private keys, a hardware wallet ensures that only the user who holds the physical device can complete a transaction.”

Since the launch of the Coinbase Wallet, both through the mobile app and its browser extension, the trading platform has played a pivotal role in helping its users to connect to the growing hoard of DApps and earn interest from a variety of Web3.0 protocols. The wallet is allegedly easy to use. According to Adam:

“Whether you are a first-time hardware wallet user or already have a Ledger it is easy to use Coinbase Wallet to connect to the ever-growing world of NFTs, dapps, and DeFi. All you need to do is download the Coinbase Wallet browser extension, connect your Ledger to your computer, and follow the on-screen instructions.”

While there are numerous hardware wallets in the market today, Ledger is one of the most prominent with over 4 million users. Through the launch, both Coinbase and Ledger have debuted a limited edition of the Nano X Coinbase Edition which users can use to gain more personalized self-storage services.

According to Adam, a host of related integrations of hardware wallets will be initiated in the coming future.

Image source: Suhtterstock

Ledger Postpones the Launch of Ledger Recover Amid Criticisms Aming to Improve Transparency and Security

In light of recent backlash from the crypto community, Ledger, a prominent hardware wallet company, has decided to postpone the launch of its Ledger Recover service. The decision came as a response to a wave of criticism regarding the product’s transparency, security, and potential for censorship.

The Ledger Recover service was originally designed to help crypto users securely manage self-custody of their digital assets and to facilitate migration from less secure environments like exchanges or soft wallets. The vision was to bring a solution for a much-needed problem in the crypto space: the challenge of seed phrase recovery.

However, the way this service was announced led to a significant amount of misunderstanding and criticism within the crypto community. Responding to the uproar, Ledger’s CEO and Chairman, Pascal Gauthier, took to Twitter to clarify Ledger’s stance and to apologize for the initial miscommunication.

“We never meant to surprise you. Maxima culpa,” tweeted Gauthier. “The fact that you care so much really forces us to always do better going forward.”

The CEO also addressed the main concerns of the community, promising more transparency, enhanced security, and resistance against censorship. According to Gauthier, Ledger has taken significant measures to address the issues raised and is looking forward to sharing a refined version of Ledger Recover.

In an attempt to increase transparency, the company announced plans to open-source Ledger Recover and to communicate openly about its open-source roadmap. The chairman further invited the community to a town hall meeting with the company’s leadership to discuss the future path of Ledger Recover.

In a public letter, Gauthier elaborated on Ledger’s commitment to transparency and security. He explained that Ledger has made significant strides in enhancing the security of digital assets and improving ease-of-use. He reiterated the importance of Ledger Recover for those seeking to exert self-custody over their digital assets, while highlighting the company’s firm stance on security.

The CEO also revealed the company’s new strategy to increase transparency by accelerating its open-source roadmap. This plan will include open-sourcing core components of the Ledger operating system, and will only launch Ledger Recover after the completion of this task. The Ledger Recover protocol will also be open-sourced, providing users with more options regarding their self-custody.

Gauthier reassured users about Ledger’s commitment to security, stating: “We are accelerating a roadmap that’s been in progress, and regardless, the security of your Ledger remains unchanged.”

The CEO concluded his letter expressing gratitude to the crypto community for their feedback, and restated the company’s mission to make crypto secure and easy to use. While the launch of Ledger Recover has been delayed, Ledger’s response has shown a commitment to addressing the community’s concerns and to improving their service based on feedback

Breaking: Coinbase, a16z, and Ledger Back New Texas Alliance Advocating for Clear Digital Asset Regulations

As the federal government grapples with establishing clear guidelines for digital assets, Texas emerges as a potential frontrunner in the crypto regulatory landscape. Today marks the launch of the Crypto Freedom Alliance of Texas, an entity committed to advocating for transparent and consistent digital asset regulations in the state.

Major Industry Players Rally Behind the Alliance

The Alliance isn’t a standalone endeavor. It boasts the backing of some of the crypto and blockchain industry’s most recognized names, including a16z crypto, Bain Capital Crypto, Blockchain Capital, Coinbase, Ledger, and Paradigm. This coalition, rich in technical and legal expertise, underscores the significance and potential impact of the Alliance’s mission.

A Proactive Stance in the Face of Federal Inertia

The federal government’s challenges in passing clear digital asset legislation present states with a unique opportunity. Texas, with its history of fostering innovation, is well-positioned to lead. The Alliance aims to be a cornerstone for regulators and industry stakeholders in Texas, offering insights and guidance on the rapidly evolving world of digital assets.

Kinjal Shah, Chair of the Crypto Freedom Alliance of Texas and General Partner at Blockchain Capital, emphasized the state’s potential role.

In the face of federal inaction, Texas has the opportunity to lead with policies that not only safeguard consumers and investors but also catalyze innovation,

Shah remarked.

Alliance’s Pillars: Regulation, Collaboration, Education, and Innovation

The Alliance’s objectives are clear-cut:

Transparent Regulation: At its core, the Alliance seeks to develop clear and predictable regulations for digital assets in Texas. The goal is to strike a balance – fostering innovation while ensuring consumer protection.

Stakeholder Collaboration: Recognizing the multifaceted nature of the digital asset space, the Alliance is dedicated to promoting dialogue and cooperation among regulators, consumers, and industry participants.

Education as a Catalyst: The Alliance believes in the power of education to shape favorable crypto policies. Targeted initiatives aim to enlighten a spectrum of audiences, from government officials to nonprofits, about the potential of Web3 technologies.

Championing Blockchain Ventures: Beyond regulations, the Alliance is committed to nurturing the blockchain ecosystem. Through mentorship and educational endeavors, the goal is to bolster the growth of startups and entrepreneurs in the crypto domain.

With its launch, the Alliance is poised for growth, eyeing an expanded membership and a more influential role in the Texas legislative process. An official launch event is slated for September 12 in Austin.

About the Crypto Freedom Alliance of Texas

A 501(c)6 non-profit, the Crypto Freedom Alliance of Texas champions transparent digital asset regulations in Texas. Its foundation is strengthened by the support of industry leaders like a16z crypto, Bain Capital Crypto, Blockchain Capital, Coinbase, Ledger, and Paradigm.

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Ledger and Coinbase Partnership Elevates Crypto Wallet Security

Ledger, a leader in security and infrastructure solutions for cryptocurrencies and blockchain applications, has partnered with Coinbase, one of the largest cryptocurrency exchanges in the United States. This collaboration aims to streamline the process of purchasing cryptocurrencies and transferring assets from exchanges into self-custody wallets. By integrating Coinbase Pay into Ledger Live, users are now offered a seamless method to buy and manage their crypto assets directly from desktop or mobile devices, enhancing both security and convenience.

The integration of Coinbase Pay into Ledger Live marks a significant milestone in the pursuit of greater security and user autonomy in the cryptocurrency space. It allows users to transfer and transact cryptocurrencies without compromising on security, addressing a critical need for safer and more efficient asset management in the digital age. This partnership is not just about facilitating transactions; it’s also about empowering users to take control of their digital assets in an environment where security breaches and fraud are all too common.

Ledger’s reputation for security, combined with Coinbase’s user-friendly platform, creates a formidable duo in the crypto world. Ledger hardware wallets are known for their robust security features, providing users with peace of mind by keeping their private keys offline and out of reach from online threats. The integration allows Coinbase users to leverage this security for their digital assets, including cryptocurrencies and NFTs, directly through the Coinbase Wallet browser extension.

Moreover, to commemorate the launch of this integration, Ledger and Coinbase co-released a special edition Nano X Coinbase Edition hardware wallet, available for a limited time. This edition not only symbolizes the collaboration but also provides users with a tangible asset that represents the cutting edge of crypto security and convenience.

The implications of this partnership extend beyond the immediate benefits to users. It signifies a step towards a future where managing and securing digital assets is as user-friendly and secure as online banking today. This collaboration between Ledger and Coinbase is a testament to the ongoing evolution of the cryptocurrency ecosystem, aiming to address user needs for security and ease of use while fostering wider adoption of digital assets.