Crypto wallet developer Ledger is facing criticism from the crypto community over concerns regarding its new wallet recovery service. Ledger Support missed an opportunity to address users’ concerns and reinforce its commitment to security, leading to confusion and anxiety about the exposure of funds. Ledger’s revelation that it always possessed the technical capability to develop firmware for extracting users’ keys raised significant concerns within the community. The company’s latest service, called “Recover,” has also sparked outrage, as it goes against the company’s prioritized principles of privacy and security. With “Recover,” customers can back up their random word phrases by dividing them into smaller parts and encrypting them. However, users worry that this could expose their personal information to risks, contradicting Ledger’s main principles. The seed phrase system poses challenges regarding user experience. Losing the seed phrase leads to assets becoming irrecoverable, and it can be used by the wrong people to compromise and restore wallets if needed. Chief Technology Officer Charles Guillemet took to Twitter to provide clarification and mitigate the controversy. Guillemet stated that any action that interacts with a user’s keys needs to be approved through their Ledger and that Ledger cannot extract or expose their keys.
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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