Ledger, one of the most frequently used cold crypto wallets, is currently busy with the agenda of the crypto money world due to a kind of "recovery" feature.
Ledger Will Send Users' Private Keys to Various Companies
According to the answer given by the founder of Ledger in a question and answer event on Reddit, the "seed phrases" of the users will be sent to different companies in an encrypted form with the feature in question, and in this way, users will be able to recover their crypto money in case they lose their "seed phrase".
Some users expressed doubts and concerns about the security and privacy of this feature, fearing that it could create a backdoor for hackers or authorities to access their funds.
Seed phrase is a set of words that serve as a substitute for private keys that control access to crypto assets.
However, the founder of Ledger made a reactionary statement in the Twitter Spaces broadcast, which he participated after the criticism, and said that users who do not like it may not use Ledger wallets.
Ledger is one of the leading providers of hardware wallets, devices that store private keys of cryptocurrencies offline and protect them from hackers. Ledger claims to have sold over 3 million devices and has over 4 million users using its software, Ledger Live.
Ledger Live allows users to buy, trade, stake, manage and access various web3 apps with their crypto assets.
*Not investment advice.