NGL the latest news about data breach at ledger made me worried even if I am not their customer. Ledger is a company that should never ever have such incident so I started digging what leaked private key could lead to.
Beforehand I will quote what Ledger customers get on their mails to narrow any misleading comments:
Dear client,
We regret to inform you that Ledger has experienced a security breach affecting approximately 86,000 of our customers and that the wallet associated with your e-mail address (adres e-mail) is within those affected by the breach.
Namely, on Wednesday, October 28th 2020, our forensics team has found several of the Ledger Live administrative servers to be infected with malware.
At this moment, it’s technically impossible to conclusively assess the severity and the scope of the data breach. Due to these circumstances, we must assume that your cryptocurrency assets are at risk of being stolen.
If you’re receiving this e-mail, it’s because you’ve been affected by the breach. In order to protect your assets, please download the latest version of Ledger Live and follow the instructions to set up a new PIN for your wallet.
Sincerly,
Ledger
Now, since they noted the risk of cryptoassets being stolen, we can assume it has something to do with private keys leak.
According to Public and private keys, a blockchain address is generated based on a private key, and the wallet address (the one we share) is based on public key. One can transfer funds from address A to B only if it has a private key required to authorize the public address A ownership.
Without further ado, it looks like having the private key does not mean you know the existing public / private addresses that was generated with it. Its like having a door key, but there are billions of the doors.
The another thing is how can you just directly connect to a blockchain? Why would people use binance or kraken if they could just generate a key and use some app from blockchain.com?
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* This article was originally published here
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