Ledger Postpones Key-Recovery Service Launch in Response to Public Backlash

Cryptocurrency Wallet manufacturer Ledger has been the subject of several criticisms for its new “Ledger Recovery” feature. The firm’s CEO, Pascal Gauthier, even defended the new feature, stating that is what future customers want.

Users expressing concerns about Ledger’s new recovery feature have raised questions regarding its safety. The feature involves the storage of encrypted user seed phrases with third-party custodians. Critics argue that this approach contradicts Ledger’s claimed dedication to privacy and security.

Now, according to the latest updates, Ledger has decided to delay the release of the new key recovery feature.

Source: Forbes

Ledger CEO says the firm will release the code first

According to the details from Gauthier’s recent letter to users, the CEO stated that the new feature will not be rolled out until the feature code is released. The Wallet manufacturer has also decided to host a Twitter Space session at 12:30 PM EST Tuesday to discuss the same.

Gauthier stated, “We have made the decision to accelerate the open sourcing roadmap! We will include as much of the Ledger operating system as possible, starting with core components of the OS, and Ledger Recover, which won’t be released until this work is complete.”

The CEO also stated that a significant portion of crypto users face challenges concerning private key ownership and security practices when it comes to storing the keys. However, the recent backlash from the community questioning the security has caused the company to postpone the release of the feature.

  • Ledger
  • Wallet

Comments

Post a Comment

Popular posts from this blog

XRP Futures Open Interest Surpass $1.1 Billion in 24 Hours

Image
XRP made notable strides in the crypto market, leading to substantial gains. Within the last 24 hours, open interest on futures contracts linked to XRP exceeded $1.1 billion. This achievement marked another milestone, surpassing the $1 billion mark set the previous week and establishing a new record high for the year. Open interest is the number of unsettled futures contracts. This has experienced a 21% increase since earlier this week. Among these positions, the largest share of about $459 million is held on the crypto exchange Binance. Bybit was next in line at $304 million and Bitget followed suit with $263 million. Source A higher open interest indicates a surge in investments or bets on various assets. This signifies the influx of new funds into the financial market. Typically, this suggested an expectation for the current trend to persist. In parallel, the price of XRP experienced an astonishing surge of 67.42% in the past few days. At press time, the altcoin was trad...
Read more

Analyst Predicts Trends Using Whales’ Onchain Borrowing Data

Traders can tell when whales go long by monitoring the Aave/Compound stablecoin borrowing pattern, according to The Data Nerd, an onchain data analyst. According to the analyst, four whales have used this strategy in the last 24 hours. Quick tip: Monitoring Aave/Compound stablecoin borrow can tell you when whales go long. We have created a @DuneAnalytics dashboard for you to easily follow this behavior. So far we have noticed 4 whales using this strategy since yesterday pic.twitter.com/RTwZ8LyWCL — The Data Nerd (@OnchainDataNerd) April 23, 2023 In a Twitter thread, The Data Nerd explained that similar to using margin or leverage on centralized exchanges (CEX), whales would go long by borrowing stablecoin using Aave or CompoundFinance. They would follow this up by using the amount to buy assets on decentralized exchanges (DEX) or to deposit to CEX. They repeat the cycle and use it as a profitable system in the cryptocurrency market. By monitoring the action of w...
Read more

US prosecutors outline jury instructions for SBF’s trial

US prosecutors have submitted their proposed instructions to the jury for the upcoming trial of FTX co-founder Sam Bankman-Fried, set to begin in October. The detailed 100-page filing, dated Aug. 21, outlines how the prosecutors wish Judge Lewis Kaplan to guide the jury in Bankman-Fried’s case. The instructions are based on previous guidance the New York district judge has provided in other cases. Bankman-Fried faces seven charges, including fraud, money laundering conspiracy, wire fraud, commodities fraud, and securities fraud. The filing breaks down each charge, suggesting how Judge Kaplan should present the allegations, the burden of proof required for a guilty verdict, and the evidence related to each charge. The document also includes proposed guidelines for how the jury should assess the evidence, deliberate, and conclude each count. While such proposals are standard in criminal trial s, the final decision on jury instructions rests with Judge Kaplan. The former FTX c...
Read more