Hardware wallet giant Ledger is facing significant criticism following the rollout of its new native multisig interface. While the technical upgrade is seen as an improvement, the introduction of per-transaction fees has ignited a firestorm among users and developers, who accuse the company of prioritizing profit over its cypherpunk roots.
Key Takeaways
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Ledger's new multisig feature introduces a $10 flat fee for standard transactions and a 0.05% fee for token transfers, in addition to network gas fees.
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Critics argue the fees contradict Ledger's commitment to self-custody and open-source principles, labeling the move a "cash grab."
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Confusion arose from conflicting statements by Ledger's CTO regarding the fee structure.
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The new feature is not supported on older Ledger Nano S devices, alienating a significant portion of its user base.
A New Fee Structure Sparks Outrage
The recently launched Ledger Multisig application has been met with widespread disapproval due to its new fee model. Users are now subjected to a $10 flat fee for most transactions and a variable 0.05% fee for token transfers. These charges are levied on top of standard blockchain network gas fees, leading many to decry the move as a "cash cow" tactic.
Developers have voiced strong opposition, with some, like Ethereum developer pcaversaccio, accusing Ledger of attempting to become a "single choke point for all crypto" to extract fees. This sentiment is echoed by others who feel the company is straying from its core cypherpunk ethos.
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Conflicting Statements and Security Concerns
Adding to the controversy, Ledger CTO Charles Guillemet initially posted on X that the multisig feature was free, only to later clarify it was a typo and that it is indeed a paid service. This inconsistency has fueled user distrust. Critics also point out a perceived contradiction between Guillemet's past emphasis on clear transaction signing for security and the introduction of recurring fees for these features.
Concerns have also been raised about the closed-source nature of Ledger's new interface. Unlike previous third-party tools like Specter or Sparrow, users cannot independently verify how their data is handled during the signing process, raising transparency and privacy questions.
Exclusion of Older Devices
Further exacerbating the backlash, the new multisig feature is not compatible with Ledger's older Nano S devices. This decision leaves millions of long-time users, who relied on the Nano S as an affordable entry point to self-custody, feeling excluded and unsupported. The lack of memory on the Nano S prevents it from supporting the clear signing and coordination systems required for the new feature.
Sources
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Ledger’s new multisig interface sparks backlash over 'cash cow' fees — TradingView News, TradingView.
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Ledger’s new native multisig rollout sparks criticism over ‘cash cow’ fee model, The Block.
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Ledger's new multisig feature lands with fees and backlash, Cryptopolitan.
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