After Ledger’s new service “Ledger Recovery” was officially launched, it still did not receive a warm welcome from the crypto community.
Crypto hardware wallet manufacturer Ledger has launched a new feature called Ledger Recover that allows users to back up their recovery seed phrases.
Meanwhile, the initial announcement was met with resistance from the cryptocurrency community, who criticized the service, and the official launch remains unpopular with users.
Ledger restored online
Ledger has announced the launch of a new optional subscription-based seed recovery service on the X, called Ledger Recover, provided by blockchain protection company Coincover. The new feature is currently available on the Ledger Nano X, and the service is expected to be available on other Ledger devices soon.
According to the ledger recovery FAQ,
“Ledger Recover is designed for users who want to add an enhanced layer of security in case their secret recovery phrase is lost or they lose access to it.”
With Ledger Recover, users’ private keys are encrypted and split into three parts. These pieces are then “securely distributed” to three separate companies, namely Ledger, Coincover, and EscrowTech.
Meanwhile, Ledger users interested in the new update will get a free subscription for the first month, followed by a monthly payment of €9.99 using Visa and Mastercard to access the feature.
Customers will also need to provide a valid ID and a selfie to verify their identity. According to Ledger, the identity verification process is less complicated and collects less information than the Know Your Customer (KYC) procedure.
Ledger CEO Pascal Gauthier said the new feature provides a solution for crypto users who don’t have to remember seed phrases.
“Let’s be clear: too many people have lost their digital assets because they lost their secret recovery phrase. This risk prevents people from using cryptocurrency, and certainly prevents people from using self-custody. Ledger Recover is the solution you need to stop worrying about getting locked out of your Ledger.”
More criticism Trail Ledger Recover released
However, the launch of Ledger Recover has been met with more criticism from users and the wider crypto community, some of whom were surprised that the company went ahead with the launch despite previous resistance.
As previously reported by CoinDesk, users expressed concerns about how Ledger’s recovery service could leave their private keys vulnerable to attack, with other allegations that the service was a backdoor. Growing criticism led Ledger to delay the release of Ledger Recover at the time.
Meanwhile, most commenters on X don’t seem happy with the new feature, stressing that it puts customer funds at risk. Others said they will ditch Ledger and advised people not to subscribe to the service. #Ledger #种子短语
