Security Is the Ultimate Luxury

Mon, 12 Oct 2026 13:03:00 +0800

Last Friday (Oct 9), BTC quietly retested its 50-day line (around $80.7k), then, after a two-day weekend, climbed back to $83k–$84k. But what sent a chill down the market’s spine was not the price action. It was a supply-chain attack on Ledger hardware wallets that, by some accounts, drained close to $100 million.

A Ledger unit shipped from Malaysia, when opened, was found to contain a tiny board where the screen’s padding should have been — a board that had no business being there. On a fingernail-sized piece of silicon sat a full mobile-communications stack: an LTE module, an antenna, an eSIM, plus a microcontroller wired into the device’s SPI bus. It cannot crack your password, but it quietly watches the screen, memorizes the 24 words you jot down during setup, and beams them out[1].

Hardware Wallets Are Not a False Proposition

Mon, 12 Oct 2026 12:02:00 +0800

The recent supply-chain compromise of Ledger devices (analyzed in a companion piece) has left a lot of people nervous — suddenly doubting the hardware wallet they trusted. That reaction is understandable. But it does not mean a hardware wallet is a false proposition.

To see why, we have to separate the product from the idea.

A product, and a commodity

A hardware wallet from Ledger, OneKey, or any other vendor is, first, a product — something designed and built to meet a need — and second, a commodity — something that enters the market to be exchanged and sold. The two words describe the same object from different angles: “product” emphasizes function, “commodity” emphasizes the transaction.

Hardware Wallet on Mr.Yam

Security Is the Ultimate Luxury

Hardware Wallets Are Not a False Proposition

A product, and a commodity