Ledger Recover May 2023 event
Overview
The hardware wallet firm Ledger introduced on 16 May 2023 a paid optional subscription called Ledger Recover. The service encrypts a user's seed phrase, divides it into three shards and deposits those shards with three custodians—Ledger, Coincover and EscrowTech—using hardware security modules. Recovery is identity-based, requiring a passport or national ID. The announcement provoked a strong negative reaction because the necessary firmware feature showed that a device could theoretically transmit an encrypted seed, which contradicted the common assumption that a Ledger's private key would never leave the hardware. Ledger emphasised that the service is voluntary, later delayed the firmware release and pledged to make Recover open-source, release a whitepaper and allow external audits.
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