Ledger Launches Controversial Recovery Service
Ledger, a well-known manufacturer of crypto hardware wallets, has officially launched its Ledger Recover service. This service allows users to back up their seed sets for recovery purposes. However, the launch has been met with criticism from the crypto community.
Backlash from the Crypto Community
Ledger Recover, provided by Coincover, faced backlash on social media platforms. Many users expressed their dissatisfaction with the service, arguing that it compromises device security and user privacy. They believe that the ability to retrieve a lost seed phrase contradicts the principle of self-custody.
Additionally, concerns have been raised about potential backdoors in Ledger’s firmware, which could grant access to customers’ wallets by the parent company or third parties.
Ledger’s Workforce Reduction
In other news, Ledger recently made headlines for reducing its workforce by 12%. The French company laid off 88 employees out of a total of 734 due to economic challenges in 2022 and the collapse of FTX and Voyager Digital.
Hot Take: Mixed Reactions to Ledger Recover
The launch of Ledger’s recovery service has sparked mixed reactions within the crypto community. While some appreciate the convenience it offers to novice users, others are concerned about compromised security and privacy. Ledger must address these concerns and ensure that its hardware wallets remain secure and trustworthy in order to regain the trust of its users.
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