Hardware wallet maker Ledger will expedite the disclosure of software source code to dispel user concerns about the security of assets. This was stated by CEO Pascal Gauthier.
I want to address the feedback over Ledger Recover, the way it was communicated, and share our path forward. Read my letter and join our town hall with our leadership team to learn more.
🧵👉 https://t.co/2hlPrMwzaN pic.twitter.com/juVBOpWeeG
—Pascal Gauthier @Ledger (@_pgauthier) May 23, 2023
The company’s announced Ledger Recover subscription service for recovering private keys has faced backlash in the community. The service breaks the seed phrase into three encrypted fragments and sends it to external custodians for storage. The client can restore information on his device using identification data.
A number of users raised concerns about the theoretical possibility of the three fragment keepers independently recovering the seed phrase and gaining access to the wallet. Others have suggested that the Ledger firmware originally included a backdoor in the key acquisition software.
Gauthier assured that the company “never compromises on security.” According to him, the situation with Recover is caused by “an unintentional communication error”, due to which customers misunderstood the option.
“We apologize for the way this was reported. We never intended to surprise you. Actually, that is why we have been publicly talking about this product for more than a year. We have learned a lot from this experience and you will see it in future communications,” Gauthier wrote.
The head of Ledger noted that the team is confident in the need for such a Recover service:
“The main problem in the implementation of self-storage of cryptocurrencies is the possibility of restoring the seed phrase. Most users today either don’t own their private keys or put them at risk by using less secure forms of self-control and sophisticated ways to store and protect the seed.”
While open source isn’t always a security feature, the company will expedite codebase disclosure in order to improve transparency, Gauthier said. This will affect parts of the OS and various aspects of the software, including the Recover tool.
Earlier, Ledger co-founder and ex-CEO Eric Larchevek said that the only problem with the new option is the failed PR support for the launch. At the same time, he admitted that the government can take the custodians of the encrypted fragments of the seed phrase to court and gain access to the wallet.
Recall, Gauthier confirmed that the authorities have the opportunity to demand information from the custodians in court.
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