Hardware wallet maker Ledger has officially launched its controversial “Recover” seed phrase backup service this week. The paid subscription service aims to help users recover access to their crypto assets if they lose their original seed phrase.
Keypoints
- Ledger has officially rolled out its “Recover” service, which provides backup for users’ crypto wallet recovery seed phrases. This allows users to recover access to their crypto assets if they lose their original seed phrase.
- Recover involves encrypting, duplicating, and dividing users’ private keys into three pieces held by Ledger, Coincover, and an independent backup provider. This decentralization of the backup has prompted criticism from some crypto users concerned about privacy and security.
- Critics argue Ledger is undermining its commitment to privacy and security by asking users to pay to make their private keys potentially more…
