Joe Grand, a hacker who previously hacked a hardware wallet, on the current Ledger drama. He believes that Ledger's move to encrypt and split private keys into different HSMs could be beneficial for those who are not technically inclined or unable to physically secure their hardware wallets. However, he also notes that this may negate the benefits of having a cold wallet and that there is still a risk of losing all funds if one loses access to all three parts of the encrypted key. Overall, he does not consider this to be a backdoor but thinks that Ledger did not do a good job explaining how it works.
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