Ledger hardware wallets affected by the FTX – CTO earthquake

Hardware-based cryptocurrency wallet provider Ledger has faced some problems due to the massive influx of cryptocurrency exchanges amid the FTX bloodbath, according to its chief technology officer.

Ledger’s chief technology officer, Charles Gillimit, reported in a Twitter statement that Ledger saw “enormous use” of their platforms and experienced “some scalability challenges” on November 9.

Guillemet deduced Ledger’s problems from the results of the ongoing crisis of a major global cryptocurrency exchange, FTX. The chief technology officer said that crypto investors are increasingly offloading their holdings from crypto exchanges to Ledger, noting:

“After the FTX earthquake, there was a huge flow of exchanges to Ledger’s security and autonomy solutions.”

According to Guillemet, Ledger was supposed to resolve the outages as of 5:30 a.m. UTC.

Ledger first reported the wallet issues on November 9 at around 11:00 PM UTC, and officially announced that its hardware wallet interface app, Ledger Live, was experiencing low server performance.

“Specific issues may vary, including connecting to the My Ledger tab and performing a real check,” Ledger said in a tweet, adding that client assets were safe.

The hard wallet company later took to Twitter to announce that it fixed the server outage about one hour after the issue was discovered. “Our server outage issue has been resolved and all systems are working,” Ledger said, adding that their server outage issue has been resolved and all systems are up and running.

Previously, Ledger support also announced that it was pausing FTX and FTX.US exchanges on Ledger Live. Ledger launched the swap integration with FTX in July 2022.

According to Ledger’s Twitter thread, outages have caused some users to be unable to submit any transactions using Ledger Live, including withdrawals.

The crypto community was quick to respond to the issues even though many remained confident in Ledger’s operations amid the larger market problems. Some industry watchers have criticized Ledger for choosing the wrong wording to communicate with their customers amid ongoing problems with FTX. People appear to have been provoked by Ledger’s formulation of “assets safe” as FTX founder Sam Bankman-Fred made a similar statement on Twitter on November 7, only to have it deleted the next day.

“FTX is good,” Bankman-Fried announced in his tweet, just hours before the exchange halted all cryptocurrency withdrawals after it became unable to process such transactions.

The latest releases of Ledger Live came as Ledger had one of its “highest traffic days ever,” Ledger’s chief technology officer told Cointelegraph. “Traffic has increased significantly over time, even without major industry events,” he noted, adding that Ledger has also previously seen a spike in traffic following the Centennial Bankruptcy, Solana hack as well as the operation of FTX Bank.

Guillemet also said that Ledger Live had an “unusual load on the device manager service,” which is likely attributed to users updating their devices for the first time in a while or using an entirely new device for the first time. “It was resolved quickly and the team is already working on improving automatic detection and recovery,” he added.

Related: FTX and Binance’s Ongoing Epic: Everything That Happened So Far

Rival cold wallet provider, Trezor, has not reported any issues with FTX issues so far, Trezor CEO Joseph Totik told Cointelegraph. The CEO stated, “The only way to avoid these massive explosions is to understand self-incubation as a necessity.” “Not an option; a real necessity.”

Although self-guardianship is associated with its own pool of risk, many cryptocurrencies, including Tether and Bitfinex chief technology officer Paolo Ardoino, still recommend users to “always self-book in cold storage” if they want to hold Bitcoin (BTC). ) and encryption.

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