Ledger’s ID-Verified Seed Phrase Retrieval Provokes Controversy

Hardware wallet manufacturer Ledger is facing backlash from the cryptocurrency community over a new firmware update introducing a subscription-based feature called “Recover.” The feature allows Ledger to access customers’ seed phrases, which undermines the purpose of a hardware wallet. Users are also required to register with KYC, with the registration process requiring a government-issued ID. The update has been criticised as it contradicts the idea of a hardware wallet, which is to keep seed phrases private. Ledger has experienced multiple breaches in the past, and hackers have used stolen data to target users in extortion campaigns. Additionally, Ledger faced ridicule for releasing a necklace for its cold wallet, which users argued could attract theft. The company defended the product, but users remained sceptical.

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