The Backlash to Ledger’s ‘Recover’ Service Continues

Article source, here.

TL;DR

• Ledger just cancelled the roll out of its $9.99 p/m 'Recover' service, after the community panned its potential security flaws.

Full Story

Remember last week when we wrote about Ledger's new $9.99 p/m 'Recover' service?

The proposed service was meant to work like this:

Ledger would take your password (aka 'seed phrase'), and store a backup of it for you, so if you lost your password - you could still access your crypto.

The fear was...

The service required you to provide ID, meaning if someone got hold of your ID, they could gain access to your crypto.

Not great. (And the backlash was severe).

So severe that Ledger decided to straight up cancel the service's roll out. With its CEO commenting that it had been:

"A humbling experience on how to work with the community for future decisions.”

Good news for Ledger owners:

The company's  hardware wallets  work just fine without a $9.99 p/m recovery service.

So, no loss!