Will this multisig setup work?

I’m a bit new to multisig setups and I’m not familiar with their limitations.

Is it possible to do the following:

Lets say I have 3 hardware wallets. – Ledger – HW 2 – HW 3

I set up a multisig 2 out of 3. But with such setup I cant tell if one of my devices has been compromised, right? Like if Ledger does some malicious firmware update and my private keys are exposed with this 2 out of 3 multisig I wont know because the bad actor wont be able to withdrawal any of my funds. So i wont know until a 2nd Hardware wallet gets compromised?

Now if my statement above is correct can I set up a 1 out of 3 multisig wallet using with the same 3 seed phrases from each Hardware wallet?

This way I want to know if 1 of my devices is compromised the funds in the 1 out of 3 will be stolen (small amount of funds) but at least it will warn me that one of the devices is compromised. The 2 out of 3 of course will be safe as long as no 2 devices get compromised at the exact same time.

Will this work? Is there a simpler solution?

submitted by /u/BGak47
[link] [comments]

Leave a Reply

Your email address will not be published. Required fields are marked *