Ledger to Launch Ledger Recover Feature in 2023 Despite Customer Backlash
Despite customer backlash, Ledger remains committed to launching the Ledger Recover feature by 2023. This article discusses the controversy surrounding the recovery service and the company's response to concerns about privacy and government interference.
Posted 10 months ago in Security
Despite initial backlash from its users, Ledger isn’t backing down on its intent to roll out the Ledger Recover feature by the end of 2023. This service aims to help users recover their private keys by splitting seed phrases into three parts. Ledger itself and two other cybersecurity firms would then hold the pieces to the complete seed phrase.
The announcement of Ledger Recover earlier this year sparked a huge wave of controversy. Many expressed concerns about the potential for their private keys to be exposed or given to government agencies who might subpoena Ledger’s customer data. In response, Ledger first delayed the initial launch date.
Charles Guillemet, Ledger’s CTO, seemed unfazed and stated, “We made the decision to bring more verifiability to everything we do.” CEO Pascal Gauthier then echoed this sentiment, asserting that government subpoenas wouldn’t be an issue for the majority of its customers.
Gauthier told The Block: “If you give them a solution that is acceptable to 99.9% of populations living in countries like Europe, US, etc., then we think it’s a great product and it’s very needed in the market.”
Also in response to the controversy surrounding the Ledger Recover feature, Ledger’s CTO revealed that the company would accelerate its open-sourcing roadmap. The latest update to Ledger’s open-source roadmap shows on its GitHub, made on July 27. The roadmap reveals a fully completed ‘Phase 3.’ This includes tools to implement one’s own shard backup provider and open-sourcing the Recover dashboard.
The goal of the final phase is to hone the Recover feature in a way. Ideally, it aims to hold as little sensitive information as possible between Ledger, CoinCover, and EscrowTech (its security firm partners). However, many customers have already closed the door on Ledger, and have switched to competitors like Trezor.
Considering the tight stranglehold that law enforcement and regulatory bodies now have on the crypto industry, only time will tell if all the outrage was actually warranted.
Disclaimer: In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.
Last updated 9/20/2023, 4:52:56 PM
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