Following harsh criticism from the crypto community, hardware wallet provider Ledger will delay releasing a key recovery feature. baidakova writes
Following harsh criticism from the crypto community, hardware wallet provider Ledger will delay releasing a key recovery feature.
In a letter to users, Ledger CEO Pascal Gauthier wrote that the firm won’t introduce the new feature before releasing the code for it. The company also scheduled aLast week, Ledger announced the service, called Ledger Recover, which will allow users to store encrypted backups of their seed phrases with a set of three custodians. Ledger owners will then be able to restore their private keys even if they lose or forget their seed phrases.
Some critics also highlighted potential threats such as hacks of the custodians, data leaks from KYC providers and law enforcement taking control of Ledger users’ data. Others noted that the code for the Recover feature is not open-source, so there is no way to audit the safety of the proposed custody mechanism.
Unlike some competitors, Ledger does not publish all its code, but instead has its product tested by a
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