Recently, Ledger unveiled its new multisig application, which is praised for its advancements in technology yet met with backlash due to a newly introduced fee structure perceived by some as exploitative.
The Ledger Multisig application imposes a flat fee of $10 per transaction, excluding token transfers that are subjected to a variable fee of 0.05%. These fees are in addition to the standard network gas fees, which are not controlled by Ledger.
Ethereum developer, pcaversaccio, expressed his displeasure, stating:
“You parade as Cypherpunk while trying to make Ledger Wallet (formerly Ledger Live) the single choke point for all crypto so you can squeeze everyone through it (guys, this won’t happen).”
Moreover, discrepancies have been raised regarding Ledger’s CTO Charles Guillemet’s insistence on the necessity of clear signing for secure transactions against the backdrop of new recurring fees for those very features.
Analysts also pointed to inconsistencies between Guillemet’s statements and Ledger’s descriptions, where he implied that the Multisig service would be a paid feature while official documents suggested it to be free. Guillemet later acknowledged that his earlier claim about it being free was a typographical error.
Related: Ledger and Trezor 2025 hardware wallets released: What’s new for users?
Ledger’s Market Presence and Security History
Ledger has emerged as the largest provider of hardware wallets within the cryptocurrency market, boasting over 7.5 million devices sold throughout its decade-long journey. The company claims its wallets secure roughly 20% of the global cryptocurrency market in terms of value.
These hardware wallets enable users to retain ownership of their digital assets, a central concept of the cryptocurrency ideology that advocates for possession and authority without dependence on centralized platforms.
While hardware wallets provide heightened resistance against online threats, with Ledger declaring that none of its devices have been compromised, security experts from Kaspersky caution users about ongoing phishing tactics and social engineering attacks. Such scams can mislead individuals into revealing their private keys or recovery phrases, thus circumventing the physical protection of the wallet.
Related: Inside the $6.5M wallet drain — How users can dodge growing permit-signature traps
