HomeNewsLedger's Security Shake-Up: Recovery Feature Delayed, Code Goes Open Source in a...

Ledger’s Security Shake-Up: Recovery Feature Delayed, Code Goes Open Source in a Trust-Building Blitz

- Advertisement -
    • Ledger, the crypto wallet hardware manufacturer, has decided to postpone the release of its recovery feature due to security concerns and, in the meantime, open-source its code.
    • Ledger’s CEO Pascal Gauthier acknowledged the company’s communication errors and assured customers of prioritizing security and transparency going forward.

Addressing Security Issues: Ledger’s Open-Source Initiative

In the wake of recent controversies over security concerns, Ledger, the renowned cryptocurrency wallet hardware maker, is taking a significant leap forward in ensuring its users’ safety. It was discovered that a newly added feature in Ledger had a vulnerability that could reveal a user’s seed phrase. This revelation prompted numerous users to transfer their assets out of Ledger wallets.

To address this issue, Ledger’s team has opted for an approach rooted in transparency to handle safety concerns in the cryptocurrency market.

CEO’s Assurance and Delayed Feature Release

Pascal Gauthier, Ledger’s Chairman and CEO, admitted that the company did not mean to surprise users with the issues surrounding seed phrase recovery. Moving forward, he emphasized that Ledger would prioritize security and enhanced transparency. As part of this commitment, Gauthier announced that the company had decided to expedite its plans to open-source its code.

The open-sourcing initiative will encompass the operating system, beginning with its core components, and Ledger Recover—a feature that, due to these changes, will not be released until this work is finished. This postponement implies that the release of the key recovery feature is delayed until the completion of these security enhancements.

Gauthier stated,

“Our unintentional communication mistake took everyone by surprise and affected our customers’ ability to accurately understand Ledger Recover, its role for the growing crypto community, and for Ledger’s future offering. We apologize for the way this was communicated.”

Improved Security Measures and Next Steps

As a further step to prevent unauthorized access to user funds, Ledger announced that it would enable a passphrase feature. This addition is part of Ledger’s efforts to prioritize users’ security and restore trust in its products amid the ongoing controversy.

As the cryptocurrency market continues to grow and evolve, Ledger’s decisions to delay the release of the recovery feature and open-source its code mark significant steps toward increased transparency and security for its users. These measures show Ledger’s commitment to responding to user concerns and preserving the integrity of its products in a dynamic digital asset landscape.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Nikita Dmitrievich
Nikita Dmitrievichhttps://www.ethnews.com/
Nikita, a young and ambitious crypto investor who has been actively involved in the cryptocurrency world for the past 6 years. With a keen interest in blockchain technology, Nikita has been investing in various cryptocurrencies and has seen significant returns on his investments. He is passionate about educating others on the potential of cryptocurrencies and frequently shares his insights on social media platforms. Nikita believes that cryptocurrencies are the future of finance and is constantly researching new projects to invest in. With his dedication and knowledge, Nikita is quickly becoming a prominent figure in the crypto community. Business Email: info@ethnews.com Phone: +49 160 92211628