Ledger has been making headlines lately due to the latest feature that they planned to include. Check out what’s been happening with the crypto service below.
Crypto community criticizes Ledger’s latest moves
The crypto community is criticizing the service because it allows Ledger to store the seed phrases so that it can offer recovery. It’s been revealed that a lot of users are especially skeptical because Ledger has experienced data breaches in the past.
This update introduces a recovery feature that allows Ledger to back up seed phrases.
– market and sell device that keeps people’s private keys secure
– experience multiple data breaches leaking customer information
– offer service to upload private keys from secure device to a cloud based service
— hodlonaut 13%er 🌮⚡🔑 🐝 (@hodlonaut) May 16, 2023
“Cold wallet manufacturer Ledger is under fire yet again, this time for releasing a firmware upgrade that includes a subscription-based feature called “Recover.” The feature is facing criticism for granting the company access to customers’ seed phrases, which undermines the purpose of a hardware wallet,” BeInCrypto.com notes.
Ledger reveals updates about the issue
The Ledger CEO said:
— The ₿itcoin Therapist (@TheBTCTherapist) May 22, 2023
Ledger delays new feature as a result
Now, it looks like Ledger decided to delay the hated feature.
Here’s more about what the CEO had to say about all this:
We’ll gradually open source most of our Operating System, starting with Ledger Recover, to make it fully auditable.We’ll release Ledger Recover Product as soon as this firmware part of the code will be published.
— Charles Guillemet (@P3b7_) May 23, 2023
The company hosted a town hall with executives on Twitter Spaces to address customer questions and concerns as well as give more clarity on what’s next for Ledger Recover.
“We’ll start with open sourcing the white paper of Recover,” Guillemet said on Twitter Spaces. “It will also allow developers to build their own shard backup provider so you can use the Recover service as it’s offered by Ledger, but if you want to build the backup on your own, this will be possible.”