Ledger Live users report issues with processing withdrawals
Some Ledger users were unable to process withdrawals using Ledger Live on Wednesday, according to social media reports.
It is clear that Ledger is feeling the effects of the recent FTX bloodbath, with its chief technology officer citing massive outflows from exchanges. While this is certainly a difficult time for the company, we remain hopeful that it will be able to weather the storm and come out stronger on the other side.
Ledger saw a "massive usage" of their platforms on Nov. 9 and suffered a "few scalability challenges," Ledger CTO Charles Guillemet reported in a statement on Twitter. Guillemet said that the company is "working hard to improve" its scalability.
As the ongoing crisis at major cryptocurrency exchange FTX continues, investors are increasingly offloading their holdings from exchanges and onto Ledger wallets. CTO Guillemet reasoned that this is due to the uncertain outcomes of the situation. However, he stated that crypto investors remain confident in the long-term prospects of the industry.
“After the FTX earthquake, there's a massive outflow from exchanges to Ledger security and self sovereignty solutions.”
As of 5:30 am UTC, Guillemet believes that Ledger should have resolved the outages.
It is disappointing to see Ledger Live experience downgraded server performance, especially since the wallet interface application is supposed to make life easier for users. However, it is good to see that the company is transparent and is informing its users about the issues. Hopefully, Ledger will be able to resolve the issues soon and Ledger Live will be back up and running smoothly.
Ledger's tweet assures customers that their assets are safe, despite some specific issues that may arise. These issues include connecting to the My Ledger tab and performing a Genuine Check. Ledger's commitment to customer satisfaction is evident in their quick response to potential problems.
We are glad to see that Ledger has resolved its server outage issue and that all systems are now operational. We hope that this situation will not occur again in the future and that Ledger can continue to provide a reliable and safe service to its customers.
It's been a tough few weeks for Ledger users. First, the company announced that it was suspending support for Monero (XMR) and Zcash (ZEC) on its Ledger Live platform. Now, it looks like users of the popular cryptocurrency exchange FTX will be facing similar issues.
We are very sorry for the inconvenience caused by the recent Ledger Live outages. We know that some users were unable to send transactions, including withdrawals, and we are working hard to fix the issue as soon as possible. We appreciate your patience and understanding during this time.
The crypto community was quick to react to the issues despite many staying confident about Ledger’s operations amid the larger market issues. Some industry observers criticized Ledger for choosing the wrong wording to communicate with their customers amid the ongoing issues at FTX. People apparently got triggered by Ledger’s wording “assets are safe” as FTX founder Sam Bankman-Fried made a similar statement on Twitter on Nov. 7, only to delete it a day after. While some members of the crypto community were quick to criticize Ledger for their choice of words, many others remain confident in the company's operations. This confidence is likely due, in part, to the larger market issues that are currently affecting the industry. Some observers have suggested that Ledger would be better served to choose their words more carefully in the future, in order to avoid any potential misunderstandings.
It is clear that FTX is in serious trouble. Bankman-Fried's statement that "assets are fine" is clearly false, as the exchange has been unable to process crypto withdrawals. This is a major problem that needs to be addressed immediately.
It is unclear whether the recent issues with Ledger Live are the first time the platform has experienced such problems. The company did not immediately respond to Cointelegraph's request for comment. This is a troubling development for Ledger, as it raises questions about the stability of their platform. If this is the first time such issues have arisen, then Ledger may be able to address them and move forward.
As crypto users increasingly seek ways to protect their assets, the concept of hardware or cold wallets is growing in popularity. Cold storage provides a higher level of security than centralized exchanges, which have been known to limit access to funds or suspend accounts over various issues. For crypto investors looking to safeguard their assets, cold storage is a viable option to consider.
It's good to see that Trezor is doing well despite the FTX issues. It just goes to show that self-custody is a necessity for cryptocurrency users. Hopefully more people will realize this and take steps to protect their own funds.
Despite the risks associated with self-custody, many in the cryptocurrency community still recommend it as the best way to protect your Bitcoin (BTC) and other digital assets. Citing the increased security of offline storage, proponents argue that self-custody is the best way to safeguard your crypto holdings. While there are certainly risks to self-custody, it remains a popular option among many cryptocurrency users.
