Ledger has responded to continued criticism from customers by emphasizing its commitment to self-custody of funds. May 16th.
Some time ago, hardware manufacturers announced a feature called Recover that allows users to recover seed phrases. This drew backlash from security risks as most crypto wallets can be accessed with just a seed phrase.
Ledger executives say recovery is an option
In a conversation on Twitter Spaces, Ledger Chief Experience Officer Ian C. Rogers tried to reassure users that their data was safe. He said:
“[Ledger Recover] is a service that people can opt into. This is 1000% optional. If you don’t want Ledger Recover, don’t opt in. The attack surface does not change at all. ”
He said Ledger is built around “secrets of security and self-management,” and the team has no intention of introducing features that undermine those principles.
Rogers also noted that despite the current backlash against Ledger Recover, most customers have long expressed a desire for such a feature, and were positive when the feature was pre-announced a few weeks ago. said to have had a positive reaction.
He added that Recover will offer a $50,000 compensation just in case “something goes wrong.” However, Mr. Rogers did not specify under what conditions the compensation would be available. The company’s official website uses similar non-specific language, stating that the proposal is “subject to investigation.”
CSO Says ‘Features Are Not Backdoors’
Charles Guillemet, Chief Security Officer at Ledger, went on to explain Recover’s security model. He pointed out that the feature’s approach to data backup involves sharding an encrypted seed and storing that data in multiple vaults.
Guillemet emphasized that this does not give Ledger or anyone else backdoor access to a user’s wallet or device. He said:
“[Some say] This feature adds a backdoor. Well, it’s not a backdoor at all. Because you are in control…you decide whether to use it or not, and nothing happens without your consent. ”
Whether these guarantees will satisfy users remains to be seen. His Recover feature on Ledger has quickly become one of the most controversial business decisions in cryptocurrency history, but a commenter on Twitter said the question remains unanswered. says.
Ledger is one of the largest manufacturers of hardware wallets, so it is likely to maintain its dominant position despite the backlash. His main competitor is Trezor.
Ledger calls itself a “self-storing maxi” and says recovery services are optional.