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Amid ongoing discussions around Ledger’s Recover update, which provides easy access to recovery seed phrases – a series of words that restore access to cryptocurrencies in the event of a wallet being lost or damaged – the company’s co-founder and former CEO, Éric Larchevêque, has made significant remarks.
Ledger Calls Criticism of Recover a Failed PR Effort
Larchevêque categorised all criticisms directed at Ledger as a failed PR operation, not a technical failure. The Ledger Recover, a firmware update of the hardware wallet Ledger, allows users to back up their private recovery phrases off the device in case of loss or damage of their wallets. This feature sparked backlash from the crypto community. If a user decides to use this new service, the recovery seed phrases are encrypted and stored with three separate centralised entities for easy access. The idea of seed phrases leaving the hardware wallet drew ire from users who trust the Ledger brand as a reliable service provider for storing their cryptocurrencies.
Addressing rising concerns among users worldwide on the social media platform Reddit, Larchevêque asserted that the company has never offered an untrustworthy solution. He mentioned, “You need to have a certain amount of trust in Ledger to use our products. If you don’t trust Ledger, if you treat your hardware wallet manufacturer like an enemy, then it’s pointless.”
He Put an End to the “Back Door” Controversy
Insisting that the Ledger Recover update has no impact on the hardware wallet’s security model, Larchevêque noted, “One mistake I probably made as a CEO during my tenure was not being ruthless enough in explaining the security model, but at some point, you give up because people don’t seem to care. Until they do care, as is the case now.”
Larchevêque put an end to the debate over the alleged “backdoor” in the update, stating the only thing that changed with Ledger Recover is the general user’s perspective on trust. He clarified that the Ledger Recover code introduced in the device firmware is not malicious, saying, “Ledger is still safe, there’s no backdoor. Ledger Recover is not part of a conspiracy, no one will force anyone to use Ledger Recover.” He also added that backing up the hardware wallet’s seed phrases with the Ledger Recover feature is similar to trusting Ledger to sign a transaction.
