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If you initialized the Ledger as a new device, then it generated a new private key (represented to you as the 24 word seed phrase) which is stored internally in the secure module and never exposed online.
Ledger has some good info online on how all of this works.
[https://www.ledger.com/back-to-basics-part-2-an-infinite-number-of-keys](https://www.ledger.com/back-to-basics-part-2-an-infinite-number-of-keys)