In May 2023, Ledger announced a new cloud-based seed phrase recovery service called "Ledger Recover". The service would allow users to split their seed phrase into three encrypted chunks and store them with three different custodians. If a user lost their seed phrase, they could recover their funds by combining two of the fragments and providing identity verification.
The Ledger Recover announcement was met with widespread criticism from the crypto community. Many users argued that the service was unnecessary and would undermine the security of hardware wallets. They also pointed out that Ledger had a history of data breaches, which worried them about the security of his opening sentences.
In response to the criticism, Ledger announced that it would delay the release of Ledger Recover. The company said it would continue to work on the service and address concerns from the crypto community.
As of May 2023, Ledger Recover has not been released yet. It's unclear when or if the service will launch.
Here are some of the key points of criticism of Ledger Recover:
The service is unnecessary. Hardware wallets are designed to be secure and do not need a cloud-based backup service.
The service undermines the security of hardware wallets. By storing seed phrases with third-party custodians, Ledger Recover makes it easy for hackers to steal user funds.
Ledger has a history of data breaches. This causes users to worry about the security of their seed phrases if they are stored with Ledger.
It is important to note that Ledger has not released Ledger Recover yet. The company can address the concerns of the crypto community and make the service more secure. However, as of May 2023, Ledger Recover is a controversial service that has received widespread criticism.
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