Popular cryptocurrency cold wallet company Ledger has been the target of a lot of criticism after announcing its new feature, Ledger Recover.
This update, which allows Ledger users to recover their cryptocurrencies even if they lose their 12-word security key, sounds good at first, but it has become the source of many new security concerns due to the way it is implemented.
Is it comfort? More privacy and security? As the discussions continued, Ledger decided to take a step back.
Ledger announced today that it has decided to postpone the Ledger Recover feature to a later date. The company will focus on transparency in this process and will try to make the entire Ledger open source. Until that happens, the Recover feature will be put on hold.
As Ledger CEO explains:
“I would like to address concerns about the way Ledger Recover has been announced and share with you our improved path forward.
We wholeheartedly believe in the necessity of a service like Ledger Recover. Our mission is to make crypto safe and easy to use. We must do this right together.
However, our communication error prevented our customers from understanding Ledger Recover correctly.
We will focus on making as much of our code open source as possible to make the system auditable.
That's why we've made the decision to step up the open source roadmap. We'll include Ledger Recover later, which won't be released until this work is complete. This will be a multi-option and optional service.
Thanks again for your feedback. You've helped us make Ledger a better company and our entire community stronger."
