So, can it actually get hacked?
There’s no such thing as anything that’s 100% unhackable. Even the biggest platforms like Google, Amazon, and Facebook are totally hackable, it’s just difficult for hackers to do so.
As of today, there’s not a single record of a Ledger Nano S or Nano X getting hacked, which is a good thing. Unfortunately, for other hardware wallet brands, there have already been instances where people actually managed to crack the device and access the funds.
While this sounds like a huge problem, these hacking instances have one thing in common: the hacker needs physical access to the hardware wallet to potentially gain access to the funds. And even though a hacker gains access to your hardware wallet, it’s going to be very difficult for them to crack it especially if you’re using a Ledger device.
So as long as you keep your hardware wallet, regardless of brand, hidden somewhere at home, your funds are going to be fine.
Other ways of getting hacked
While hardware wallets are pretty much almost impossible to hack online(without physical access), there still have been a good number of instances where people have got their funds stolen even though they’re using a hardware wallet.
If you already own a hardware wallet, chances are, a piece of paper for your wallet’s 24-word mnemonic phrase comes with the hardware wallet package.
Why is a piece of paper included?
So you can write down a backup of your wallet, so you have a backup if ever you lost or break your hardware wallet.
Unfortunately, a lot of people don’t take their security seriously. Instead of just writing down the mnemonic phrase down onto a piece of paper, some people instead saved their mnemonic phrase on a text file or word document on their computer, their email account, or anywhere digital.
Remember, anything that’s digital, hackers can potentially gain access to; and that includes your wallet’s 24-word mnemonic phrase.
How do I make my funds secure?
- Purchase a reputable hardware wallet, preferably, The Ledger Nano S or Nano X.
- Generate your wallet.
- Only write down the 24-word mnemonic phrase on a piece of paper, and do NOT save it anywhere digital, and that includes your computer, your tablet, and your phone.
- Hide the piece of paper that has your mnemonic phrase from peering eyes, preferably on a fire-proof safe.
If you follow these 3 easy steps, congratulations. Your funds are very very unlikely to get stolen.