Ledger decided to delay launching the private key recovery service after facing heavy criticism from the crypto community, citing concerns about potential security vulnerabilities and the need for more transparency.
Hardware wallet company Ledger has decided to delay the release of its private key recovery service after a week of backlash from the crypto community. The company took to Twitter to address the concerns and announced plans to hold a public discussion on the matter.
Ledger Chief Technology Officer Charles Guillemette, advertiser On Twitter, the company has decided to accelerate its open source roadmap to bring more transparency and verifiability to its operations.
A white paper detailing the recovery protocol is due to be released in the coming days, according to a graphic shared by Guillemet.
the Ledger recovery service It was introduced by the company last week as an optional subscription for users who want a backup of their recovery secret phrase. Ledger confirmed that this feature will not be automatically enabled through firmware updates on their devices.
The intention of this service was to provide a way for ledger wallet holders to recover their private keys if they are lost. However, the company faced immediate criticism from users.
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Cryptocurrency wallets rely on a pair of public and private keys to authorize transactions.
The public key is visible in the blockchain data, but the private key is required to access the funds associated with it. It is essential to keep the private key secure to prevent unauthorized transactions.
Ledger hardware wallet users previously believed that their private keys could not leave their devices. One of the main concerns raised by users was that enabling this new feature on any Ledger wallet could become an attack vector.
Crypto community has it He expressed great concerns Regarding the security implications of the new Ledger service, even if it remains disabled. Ledger has made efforts to assure its users that their private keys and crypto funds remain secure.
In response to the criticism, Pascal Gauthier, Chairman and CEO at Ledger, said, published An open letter addressing concerns raised by the community. Gauthier acknowledged the comments and expressed his commitment to transparency and security.
The CEO stated that Ledger would take the time to address the concerns and build a more robust solution.