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Why trust cold wallet companies more than exchanges?

Bitcoin Reddit

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I don't trust exchanges like Coinbase, especially given their recent press statements. But I'm also having trouble trusting one of these 3rd party cold wallet companies.

For example 'Ledger' claims on its website that it doesn't store user's private keys. Is there a way to actually confirm this? Or are we basically putting our faith in Ledger to be honest? What prevents them from stealing keys/crypto if Ledger goes bankrupt?


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