Hardware wallets are essentially a dark forest—you never know if the person selling or gifting you one has malicious intent, or even if the company’s founder is planning a big exit to retire. That’s why I’ve never used a hardware wallet. Even collaborations between exchanges and projects giving away branded hardware wallets are incredibly foolish—you have no way of knowing whether the manufacturer is trustworthy, and if something goes wrong, you’ll be dragged into the legal fallout. The risks clearly outweigh the benefits. The Ledger situation did show early signs back in March. At that time, @star5490’s WeChat account was frequently impersonated by people claiming to give away Ledger wallets—likely all part of the same operation. This WeChat screenshot is from March. If you’re holding a significant amount of funds and don’t want to leave them on an exchange, using your old iPhone, disconnected from the internet, as an offline wallet might be a safer option?