These encrypted fragments will be sent through 3 independent secure channels
I find it hard to believe 3 channels that start from the same USB cable on the same computer and go through the same Ledger Live software can truely be independent.
The secure channel allows mutual authentication and avoids man in the middle attack.
What if the man in the middle attack starts at your own laptop? What if Ledger Live gets compromised?
Each fragment is then secured by a separate and independent company in different countries
Wait, they previously announced
a government could subpoeana them. I'm guessing all of them will cooperate when the government of one country subphoeanas them, so the different countries don't matter.
No single company has access to the entire backup, and each single fragment is completely useless by itself.
Great! We knew that already of course.
But here's the kicker:
This ensures the highest level of security
So they're literally saying you can't have better security than sharing your encrypted seed phrase online. How about
not sharing it? That is by definition more secure, so they're obviously lying.
and removes a single point of failure.
Great. Now there are multiple points of failure. How about A+B? Or B+C? Or A+C? Or one of them gets completely compromised, and some employees at the other storage locations start cherry picking lambos?
Additionally, each fragment backup provider uses a hardened, tamper-resistant server called a Hardware Security Module (HSM) to securely store these encrypted fragments.
I remember the days the secure element inside the hardware wallet was supposed to be the tamper-resistant part.
