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Hardware wallet manufacturer, Ledger has dug a deeper hole for itself on Wednesday when its support team said (on a now-deleted tweet):
"Technically speaking it is and always has been possible to write firmware that facilitates key extraction,"
Ledger has come under public scrutiny
Ledger's "Recover" service was met with much scrutiny since the new "Ledger Recovery" service was announced last week on the grounds that it undermines the firm's focus on privacy and security.
The optional recovery service would allow users to back up their seed recovery phrase (a random string of words) by encrypting it in fragments with third parties.
Users fear that splitting the key between third parties could leave it vulnerable, effectively negating the main purpose of a hardware wallet against other storage options.
Ledger has argued that this sort of backup option is in fact popular as the possibility of assets becoming irrecoverable simply by mislaying a random set of words could prove a deterrent to investing in crypto.
Ledger Stands Firm
Ledger is standing firm in its stance regarding the safety of its recovery system. The company is unwavering in its defense of the security measures in place and maintains that they are designed with the highest level of user security in mind. While any system has theoretical vulnerabilities, Ledger emphasizes that its system is as secure as technically possible.
However, as the debate continues, users and security experts alike are encouraged to keep abreast of the latest developments and ensure that they are taking all possible steps to secure their digital assets. The balance between convenience and security is a delicate one in the world of cryptocurrencies, and companies like Ledger are at the forefront of navigating these complexities.
While Ledger continues to assert the security of its recovery system, it is a clear reminder of the importance of individual vigilance and the need for continuous learning and adaptation in the ever-evolving landscape of cryptocurrency security.