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Your Cold Wallet has (2) keys (a PUBLIC and a PRIVATE Key), each are exclusively 1-way traffic (Inbound and Outbound), and the two separate pathways do NOT intermingle.
* PUBLIC KEY: As the title says, this key is Public and is for INBOUND traffic/deposits. It is the address you copy and paste when you transfer crypto to your Cold Wallet. For Ethereum ERC20 tokens, the address is publically listed on Etherscan website; it is publically accessible, this anyone can deposit tokens to the address. BUT this pathway is EXCLUSIVELY 1-way for INBOUND deposits (ie NO withdraws can be made on the pathway).
“ PRIVATE KEY: The Private key is stored on your LEDGER device, and is used EXCLUSIVELY for 1-way/Outbound traffic/withdraws. The LEDGER device is set to use a PIN to access the device, and you can set it up to authorize each Outbound transactions.
SUMMARY: Anyone can make deposits into your Cold Wallet via the Public address/key. Don’t interact with ANY coins deposited into your Wallet by an unknown source.