Ledger Postpones Launch Of Recovery Service – Here’s Why

Ledger, a hardware wallet company, plans to delay releasing its private key recovery feature after it received widespread criticism from industry proponents. However, Ledger seeks to regain trust by open-sourcing its codebase and reinforcing its dedication to security and user empowerment.

On May 23, during a Twitter space session attended by over 13,000 users, the platform chairman and CEO, Pascal Gauthier, humbly acknowledged the platform’s shortcomings in communicating the launch of Ledger Recover. The CEO alleged that the company considered the community’s concerns and apologized for the miscommunication. He noted:

This experience has been very humbling. We miscommunicated on the launch of this product; it was not our intention to take people by surprise. So because of that, we understand the community’s direction and apologize for the miscommunication.

However, the controversy arose on May 16, when the firm announced the upcoming Key recovery tool, Ledger Recover. The new feature was designated to enable users who had lost their seed phrases to regain access via an optional feature.

On the other hand, the crypto community had raised concerns, fearing that the tool might create a potential backdoor for unauthorized access to private keys.

Ledger Responds To Community Concerns

However, in response to the community concerns, Gauthier revealed that the platform would accelerate plans to open-source more of its codebase. It will start with core components of its operating system and Ledger Recover, which he stated: “won’t be released until this work is complete.”

Further, the chief technology officer at the platform, Charles Guillemet, has noted that over the coming days, a white paper on the Recover Protocol would become open source along with technical blog posts. This will help “explain the principles of Recover” and provide more detailed explanations of how the process works. He further added:

It will be straightforward for every single cryptography and security expert to look at the protocol to get more guarantees and understand how it works.

Nonetheless, the platform’s decision to accelerate the open-sourcing process indicates Ledger’s commitment to the community’s concerns. It is worth noting that Ledger’s decision to postpone the launch of Ledger Recover signals its willingness to listen to the community and learn from its mistakes.

Related News:

• Ledger Crypto Wallet Faces Backlash Over Seed Phrase Recovery Service
• Ledger CEO Suggests “Sharded” Wallet Keys May Be Shared with Authorities Under Subpoena
• Ripple (XRP) holders beware: Ledger warns of a new wave of scams
• RippleX upgrades the design of XRP ledger sidechains
• South Korean Officials Approve Proposal to Include Virtual Assets in Ethics Act Amid Cryptocurrency Scandal