Buy used Ledger Nano S? Better not!
If you as an investor want to invest your capital in Bitcoin, Ethereum & Co., then you should not skimp on the expenses for safe storage of the coins. A hardware wallet like the Ledger Nano S offers exactly the security that every crypto fan desires. There is no better way to protect your crypto assets from unauthorized third-party access than with a cold wallet.
Stories and posts on social networks where people lost their entire crypto balance usually have nothing to do with the Ledger Nano S wallet quality. There are also said to be cases of fraud involving the Ledger Nano S.
In fact, a loss of crypto assets is usually due to the carelessness and frugality of users. For example, you shouldn’t buy a used or “new” hardware wallet on eBay, because: A hardware wallet can be completely restored at any time. Why is this often the cause of a loss of crypto wealth?
That can be answered quickly: When setting up the wallet for the first time, wallet owners receive a so-called “recovery phrase” consisting of 24 words. Anyone in possession of these 24 words can therefore restore all keys stored on the hardware wallet at any time – without being in possession of the wallet.
And now comes the crucial point: the wallet seller (and alleged fraudster) only has to wait until the wallet buyer transfers his coins to his “new” hardware wallet. The alleged perpetrator can then use the recovery phrase to set up a new wallet and thus gain access to the (foreign) crypto assets. Among other things, Reddit users report such and similar cases of fraud.
Our recommendation: You should order a new hardware wallet from the manufacturer. Under no circumstances should you buy a used Ledger Nano S wallet.