Yeah, Ledger keeps finding ways to disappoint us. I'm still trying to wrap my head around this whole thing.
So, let me get this straight: they're gonna take our recovery phrase and split it up, sending encrypted pieces to these custodians without giving us a choice? And to make matters worse, they're gonna offer a KYC-based recovery process only for those who cough up the dough for this service? Seriously, if this is for real, they deserve an instant boycott! What a major letdown.
Topic: Ledger Recovery - Send your (encrypted) recovery phrase to 3rd parties entities - page 23. (Read 4835 times)
May 16, 2023, 04:52:34 AM
May 16, 2023, 04:03:41 AM
If anyone is wondering how can an entity destroy the concept of their own products - in this case by exporting the seed phrase to outside entities, even if it is encrypted - then wait no more because Ledger will launch their new service, Ledger Recover
What a piece of shit they are!Just when I thought ledger can't get any worse... they release this ''revolutionary'' stupid idea
Let me guess what happened here, someone with big capital invested a bunch of money in one of their several seed round funding (last one was in 2022 I think), and now those investors want to profit and get money back with this ''deal''.
Everything around ledger is closed source, but they ask us to believe them that everything will be safu encrypted and sent for safu keeping, they can't be serious...
€50,000 ($55,000) is covered and safu says the people from ledger, oh c'mon man, give me a break!
It's finally time to stop using ledger and switch to other open source alternatives, maybe even making your own DIY device or getting back to old laptop/phone as a cold storage.
PS
Just reading all the ledger reddit and twitter posts now... and oh boy customers are pissed, confused and very angry about this ''news''!
May 16, 2023, 03:40:21 AM
I guess they have released this info on the wrong day... This should have been released on april 1st, since it has to be an april fool's joke.
If this is true, i'll never point people towards ledger hardware ever again... FFS, if this is true, they're completely demolishing everything a hardware wallet stands for...
Just the idea that someone from the higher executive board actually thought that this was a good concept to be implemented, baffles me and it goes to show that they don't care at all about the concept behind Bitcoin. To make matters worse, they also bundled this service with KYC procedures since you'll have to send them your ID/passport in order to use the service, meaning that they successfully surpassed every privacy boundary that they could with this new service at the expense of $9.99 per month. Outrageous... If this is true, i'll never point people towards ledger hardware ever again... FFS, if this is true, they're completely demolishing everything a hardware wallet stands for...
May 16, 2023, 03:23:30 AM
I guess they have released this info on the wrong day... This should have been released on april 1st, since it has to be an april fool's joke.
If this is true, i'll never point people towards ledger hardware ever again... FFS, if this is true, they're completely demolishing everything a hardware wallet stands for...
If this is true, i'll never point people towards ledger hardware ever again... FFS, if this is true, they're completely demolishing everything a hardware wallet stands for...
May 16, 2023, 03:19:40 AM
If anyone is wondering how can an entity destroy the concept of their own products - in this case by exporting the seed phrase to outside entities, even if it is encrypted - then wait no more because Ledger will launch their new service, Ledger Recover[1]:
I believe most Ledger customers will see this as a service to subscribe to since this will be seen as a "safe heaven" in order to avoid the loss of their funds, or even an alternative that holds their hand and makes them feel safe regarding their funds. Sadly they aren't aware of what is actually happening in the background, but I don't think most people will care as long as they have another option to access their funds...
[1]https://www.wired.co.uk/article/ftx-crypto-investors-hardware-wallets
[2]https://safereddit.com/r/CryptoCurrency/comments/13im3bc/wtf_ledger_this_is_a_disaster_waiting_to_happen/
Quote
Ledger is preparing to launch a new service called Ledger Recover that splits a wallet recovery phrase—basically, a human-readable form of the private key—into three encrypted shards and distributes them to three custodians: Ledger, crypto custody firm Coincover, and code escrow company EscrowTech. If somebody loses their recovery phrase, two of the three shards can be combined—pending an ID check—to regain access to the locked funds. Essentially, Ledger Recover is an additional safety net; for the price of $9.99 a month, it takes the jeopardy out of crypto’s version of stuffing dollars under the mattress. It’ll be available in the UK, EU, US, and Canada and come to other territories later in the year.
(...)
Ledger Recover is a service, he says, not a feature—one that provides all the niceties and safety mechanisms regular people are looking for. The fragments of the recovery phase are encrypted and stored by each custodian on specially secured servers, and the balance of the user’s wallet is covered up to a value of €50,000 ($55,000) if something goes awry, a little like deposit insurance at a bank. It’s also being designed with a less technical user in mind.
I've tried to look upon any more news regarding this paid service, but so far I'm not able to find anything on Ledger website (release notes are currently on OS version 2.1.0). The only reference that I found was this[2] Reddit post where the concept appears in Ledger Nano X newest firmware update (2.2.1):(...)
Ledger Recover is a service, he says, not a feature—one that provides all the niceties and safety mechanisms regular people are looking for. The fragments of the recovery phase are encrypted and stored by each custodian on specially secured servers, and the balance of the user’s wallet is covered up to a value of €50,000 ($55,000) if something goes awry, a little like deposit insurance at a bank. It’s also being designed with a less technical user in mind.
I believe most Ledger customers will see this as a service to subscribe to since this will be seen as a "safe heaven" in order to avoid the loss of their funds, or even an alternative that holds their hand and makes them feel safe regarding their funds. Sadly they aren't aware of what is actually happening in the background, but I don't think most people will care as long as they have another option to access their funds...
[1]https://www.wired.co.uk/article/ftx-crypto-investors-hardware-wallets
[2]https://safereddit.com/r/CryptoCurrency/comments/13im3bc/wtf_ledger_this_is_a_disaster_waiting_to_happen/
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