A contentious new feature has been added onto all Ledger hardware wallet devices. On Tuesday morning, the announcement had Crypto Twitter buzzing. 

Although advertised several weeks back in a Wired article, today’s release brought the fire from the crypto community. The feature in question is Ledger Recovery, an ID-based private key recovery service would allow users to backup their private seed phrase directly to their personal identity through three different custodians. The service will cost $9.99 per month.

A seed phrase is a list of words which store all the information needed to recover the cryptocurrency in your hardware wallet, if it’s lost or stolen. But remembering the 12-word phrase—typically made up of random words—can be challenging. So most people either write it down or store it in a flash drive, or other storage device.

Despite the company adamantly stating that this is a voluntary service, and users can continue to back up their seed phrases themselves, Ledger owners are still unsettled over what this means for the hardware wallet company’s security.

Is there actually a backdoor in Ledger now?

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Author: Pedro Solimano

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