This is what Joe Grand, the guy who hacked a hardware wallet, says about the Ledger issue

I got curious about what he would say about the current Ledger drama, so I went to his Discord and found that he had written this:

It looks like they're having the on-board SE encrypt the private key and split it into 3rds for offline storage in different HSMs. Given how many people contact me asking for help with a lost key, I can see something like this being beneficial for folks who aren't technically-inclined enough or don't have the capability to keep their hardware wallet physically secure and/or want to have a back-up solution of the key being stored elsewhere (which IMO negates the benefits of having a cold wallet). It seems like a move to mitigate the risk of losing all your funds in a cold wallet and a way to attract more people into the cryptocurrency space by giving the peace of mind. Even if the split encrypted key was recombined, AFAIK it would need to still be bruteforced before getting to the private key (or the encryption key extracted from the SE). I wouldn't call this a backdoor by any stretch, but given the paranoia in the cryptocurrency space, I don't think they did a good job explaining what it is and how it works.

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https://preview.redd.it/y2cjssgcfc1b1.jpg?828&format=pjpg&auto=webp&s=a99ba39d9a1a3a93e2fd153bfbd0273beb0fbbe1

I think some people would like to know what he thinks about this drama.