2023-05-24
Ledger recently announced a plan to release a key recovery feature. Crypto community is unhappy with the idea that Ledger wants to release a seed phrase recovery feature.
Ledger Recover by Coincover | Ledger
What Ledger wants to do?
Ledger is launching a recover program
to help its users recover lost secret recovery phrase. The recover program does
not apply to every user. It’s optional and only apply to users who use a paid
subscription service.
Ledger will keep the seed phrases as a
backup in safe deposit boxes (secured websites) in which can help users recover
them back in case they’ve lost the recovery phrases.
What the crypto community think?
Some people in the crypto community
afraid that the recovery phrases that Ledger backup for its customers can be
leaked. Many crypto users think that hardware wallet should never been hacked
or has any way that led to recovery phrase hack.
Second, if Ledger holders have legal
issues with the courts and facing lawsuits, courts can order Ledger to give
recovery phrases to the courts.
Third, crypto community fears that
Ledger’s new software can get access to users’ recovery phrases and private
keys. Crypto users don’t want any malicious software to get access to their devices.
Right now,
Ledger announces that the company is temporarily pause the recovery program and
it is looking for a way to find a solution for it.
