Ledger CEO Pascal Gauthier says the past week has been a “humbling experience” and apologized for the firm’s “miscommunication.”
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Ledger CEO Pascal Gauthier says the past week has been a “humbling experience” and apologized for the firm’s “miscommunication.”
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This week’s Crypto Biz explores Tether’s first quarter audit, Ripple’s partial victory against the SEC, Worldcoin fundraising and Ledger’s controversial recovery service.
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Ledger Recover is an OTA firmware update, which would allow users to back up their seed phrases by third-party entities only if a user chooses to opt-in to the new service.
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Ledger’s decision to introduce a third party to your wallet seed phrase created an exploit that could appeal to both governments and hackers.
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Ledger’s latest update — aimed at making private seed phrases on its wallets recoverable — was simply an attempt to innovate and improve user security.
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Developers say third-party apps can’t access Ledger users’ keys without the owner’s consent.
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As accusations are hurled at Ledger over a controversial update, one hardware wallet has decided to open-source its firmware. Others have turned it into a marketing opportunity.
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Many members of the crypto community believe Ledger’s latest seed phrase recovery feature is a bad idea.
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The Biden administration has released a strategy document focusing on standard setting for “critical and emerging” technologies such as blockchain and digital ID.
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