I have a feeling ledger is absolutely screwed if they do not open source everything asap.

We now know every hardware wallet requires you to trust the company that makes them because any hardware wallet could have malicious firmware that exfiltrates your private keys. If that companies firmware is not entirely open source and auditable by the public we just have to trust them.

In the future we will no doubt see hardware wallets made all over the world that are closed source and malicious. People will go to great lengths to steal btc.

Once there has been obvious hacks where shady hardware wallet makers have stolen users private keys an industry standard for open source code only will evolve.

Right now ledger is not open source because of the secure element they use, and if they wont open source everything or cant open source everything they will go out of business simply because the new standard for hardware wallets will become open source only.

If ledger doesnt open source everything asap before more well funded, elaborate, malicious, closed source hardware wallets flood the market they will be absolutely screwed.