Ledger Defends Its Latest Wallet Recovery Service Against Critics

According to ChainLinkGod.eth, a well-known community ambassador for the crypto infrastructure company, Chainlink, Ledger – the firm that has suffered from repeated security breaches compromising the personal information of thousands of its customers – now wants users to export their private keys from their hardware wallets and share fragments with them, Coincover, and an unknown third party. Despite the best intentions, this new approach to wallet security raises questions of safety and privacy, as users would be opening themselves up to further breaches and other potentially nefarious activities.

“To facilitate recovery, they need you to dox yourself and give even more of your personal information, allowing anyone with your identity documents (e.g. from other data breaches) to take your funds,” warns ChainLinkGod.eth. “This seems… poorly thought out.”

Given Ledger’s history with security breaches, the news of this initiative may leave many users feeling apprehensive. While it’s important to prioritize security measures and protect your assets, it’s equally important to consider the potential consequences of these efforts. In this case, it’s important to question the risks involved with this new approach and whether or not it’s truly worth the potential hazards.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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