Key Points:
- Ledger came under criticism for its new “Recover” function, with some Twitter users claiming that the service is ineffective.
- However, the company still defends its position, saying that “it is and always has been possible” to access customers’ keys.
Ledger, the developer of crypto wallets, has once again enraged the crypto community by asserting that “it is and always has been possible” for the company to extract its customers’ keys.
When responding to questions about the company’s new wallet recovery service, Ledger Support released a pair of odd tweets that did little to relieve its users’ fears, implying that it could make its customers’ money susceptible in any manner it chose, but has not.
“Technically speaking it is and has always been possible to write firmware that facilitates key extraction. You have always trusted Ledger not to deploy such firmware whether you knew it or not,” the company said.
The crypto community was outraged earlier this week when Ledger launched its “Recover” service, claiming that it violates the firm’s mission of privacy and security. The optional recovery service would enable customers to backup their seed recovery phrase (a random string of words) with third parties by encrypting it in pieces.
Nevertheless, there are several clear user experience difficulties with the seed phrase system: if a person loses the phrase, they have no means of retrieving their assets. The phrase may also be used to break a wallet if it falls into the wrong hands, just as it can be used to recover a wallet.
Users are concerned that sharing the key with other parties may make it susceptible, essentially defeating the fundamental purpose of a hardware wallet over alternative storage choices.
Ledger has become determinable that this kind of backup solution is in fact popular, as the risk of assets being irrecoverable just by misplacing a random sequence of words might prove to be a problem in crypto.
In the aftermath of Ledger’s contentious decision to enable private keys to be “recovered” from its devices, cold storage rival GridPlus has announced that it would open source the firmware of its crypto wallets.
GridPlus announced on Twitter on May 17 that it would open source the firmware of all its crypto devices in the third quarter of this year in an effort to increase transparency.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Author
News
Ledger Defends Its Controversial Stand
Key Points:
- Ledger came under criticism for its new “Recover” function, with some Twitter users claiming that the service is ineffective.
- However, the company still defends its position, saying that “it is and always has been possible” to access customers’ keys.
Ledger, the developer of crypto wallets, has once again enraged the crypto community by asserting that “it is and always has been possible” for the company to extract its customers’ keys.
When responding to questions about the company’s new wallet recovery service, Ledger Support released a pair of odd tweets that did little to relieve its users’ fears, implying that it could make its customers’ money susceptible in any manner it chose, but has not.
“Technically speaking it is and has always been possible to write firmware that facilitates key extraction. You have always trusted Ledger not to deploy such firmware whether you knew it or not,” the company said.
The crypto community was outraged earlier this week when Ledger launched its “Recover” service, claiming that it violates the firm’s mission of privacy and security. The optional recovery service would enable customers to backup their seed recovery phrase (a random string of words) with third parties by encrypting it in pieces.
Nevertheless, there are several clear user experience difficulties with the seed phrase system: if a person loses the phrase, they have no means of retrieving their assets. The phrase may also be used to break a wallet if it falls into the wrong hands, just as it can be used to recover a wallet.
Users are concerned that sharing the key with other parties may make it susceptible, essentially defeating the fundamental purpose of a hardware wallet over alternative storage choices.
Ledger has become determinable that this kind of backup solution is in fact popular, as the risk of assets being irrecoverable just by misplacing a random sequence of words might prove to be a problem in crypto.
In the aftermath of Ledger’s contentious decision to enable private keys to be “recovered” from its devices, cold storage rival GridPlus has announced that it would open source the firmware of its crypto wallets.
GridPlus announced on Twitter on May 17 that it would open source the firmware of all its crypto devices in the third quarter of this year in an effort to increase transparency.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Other Posts
Related Posts
News
90% Of Stablecoin Transaction Volumes Have No Participation From Real Users
News
Sui Token Supply Is Controversial When Over 84% Of Staked Tokens Are Controlled By Founders
News
Bitfinex Data Breach Is Now Causing Controversy, Tether CEO Voices Rebuttal
News
New Coinbase Class Action Lawsuit Is Attacking Exchange With Securities Listing Charges
News
90% Of Stablecoin Transaction Volumes Have No Participation From Real Users
Knowledge
US Election Predictions: The Effects And Importance Of The New US President
News
