The launch of Ledger Recover, a service that allows users of the Ledger hardware wallet to back up their secret recovery phrases, met with immense resistance from the crypto community. Ledger co-founder and ex-CEO Éric Larchevêque took the criticism against Ledger as “a total PR failure, but absolutely not a technical one.”
Ledger Recover is an OTA firmware update, which would allow users to back up their seed phrases by third-party entities. If a user chooses to opt-in to the new service, the recovery phrase fragments get encrypted and are stored by 3 different parties, which can be used to recover the phrase in the future. However, the idea of the seed phrase leaving the hardware wallet did not resonate with users that considered Ledger as a trustless service for storing cryptocurrencies.
This story originally appeared on Investing
