Ledger Continues To Respond Following Latest Backlash

We revealed the other day that Ledger is under fire following the latest update that they released.

According to the latest reports, it seems that Ledger has released a firmware update for Nano X cold wallet, which offers a recovery service.

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

https://t.co/df9VseSi7o

— 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.

The feature comes as a part of the 2.2.1 firmware update.

Ledger noted the following: “Decryption can ONLY happen on a Ledger’s Secure Element chip, which has never been compromised. So why did we develop Ledger Recover? To provide full peace of mind to some of our users.”

Self-custody remains and will always be the core principle of Ledger. The ethos of self-custody is that it’s your choice – you can choose to manage all your assets yourself, or you can have a backup with Ledger Recover.

It’s up to you – and that won’t change.

— Ledger (@Ledger) May 16, 2023

Make sure to check out the complete thread and stay tuned for more relevant data abu this important issue that managed to shake the trust in the crypto space.