The Pepe meme craze captivated the crypto space for a few weeks in April and May. Don't let the stories of immense wealth creation cloud your judgment. Profiting off these projects is similar to winning the lotto. You may hear one or two success stories but you won't know about the thousands to millions of people who lost money trying to chase recent performance.
Ledger and Trezor, the leaders in crypto cold storage, have had to deal with controversies that may feel call into question how safe they truly are.
First Ledger announced that they are releasing a feature called Ledger Recover that allows users to recover their seed phrase if they lose it. The seed phrase is split into three encrypted fragments and sent to three separate entities. If the user loses the seed phrase and wants to recover it, the three entities can use their pieces to help the user recover the phrase. Critics claim this undermines the entire point of a hardware device. It can't be known for certain that the separate entities can be trusted and if that is the case then they could conceivably collude to steal a user's crypto. Once again not your keys, not your crypto.
Trezor is also getting negative press thanks to Unciphered, a cybersecurity company, that claims it found a way to hack into a Trezor T hardware wallet. Unciphered claims there is an unpatched hardware vulnerability that can be exploited. For their part, Trezor claims that the device would still need to be physically stolen and even then would require extremely sophisticated technical knowledge to gain access. Hopefully they are right but time will tell.
