Crypto Community On Edge After Ledger Announces Seed Phrase Recovery Service
Lil Kiara Token
Other 4 months ago
Ledger's latest firmware update will allow users to split their seed phrase into shards and backup this sensitive information with three custodians including the company itself.Users will have to pay a monthly subscription fee and provide a copy of their passport/national identity card to sign up for this service.The crypto community expressed concerns that this update could jeopardize wallet security by exposing private keys to third parties.Crypto proponents also cited Ledger's previous data breach from 2020. Crypto wallet maker Ledger announced a new recovery service that will allow users to back up their seed phrase with third-party custodians as the company moves to slot in an extra safety net for users.