Cryptocurrency News & Updates

Crypto community says Ledger crypto wallet is now not safe: Ledger Recover service 

Ledger Wallet planned to bring a paid service for the customers to recover wallet phrase backup keys, which sparked a very big controversy. 

Leger is a popular hardware crypto wallet service provider. This firm is top in the crypto sector for its self custody & offline crypto wallet products.

On 16 May 2023, The Ledger team announced a new service “Ledger recover” to allow the customers to recover their phase backup key, in case they misplaced their phrase back-up key. 

This is a subscription-based service, which will store a customer’s phrase backup key to three different companies’ cloud servers. According to the Ledger team, it will be just like another layer of protection for their private keys. 

The majority of the crypto Twitter users slammed the ledger team for such services and said that it may only result in a very risky outcome for the ledger wallet users. 

A crypto user said that he will never use the “Ledger Recover” service because it will be easy for any person to recover the phrase backup for bad actors, as Sim Jacking-like scams are very normal in the present era of the tech world. 

Further, this user noted that three companies, which will store the backup keys will be able to reconstruct the keys. 

Now it will be interesting to see the next decision by the Ledger team, whether they will go ahead with their new service or terminate it here. 

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