Cryptocurrency wallet Ledger’s new update allows governments to access users’ seed phrases via subpoena, said Pascal Gauthier, the chief executive officer of Ledger.
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Fast facts
- Ledger has been at the center of security concerns over the firm’s potential backdoor into their devices, risking users’ 24-word recovery phrases. Last Tuesday, Ledger announced the launch of Ledger Recover, an optional recovery service for users’ seed phrases.
- “The only concern is if we get subpoenaed by a government,” said Gauthier, in a podcast interview published on Monday. “If you’re uncomfortable with this, you can keep your 24 words.”
- Gauthier added that the company has no backdoor to user passwords.
- The cryptocurrency wallet service provider’s latest update has generated significant backlash within the Web3 community on social media. Despite Ledger Recover being an optional feature, numerous crypto investors have expressed their intention to switch to alternative wallet service providers.
- Ledger is one of the largest crypto wallet service providers in the world. Their cold wallets, like Ledger Nano X and Ledger Nano S, are widely regarded as among the best in the industry.
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