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Ledger CEO Apologizes After a Week of PR Nightmares

Press Releases Crypto News BeInCrypto Ledger CEO Apologizes After a Week of PR Nightmares

Ledger’s CEO has released a statement apologizing for the security concerns surrounding its Ledger Recover product. The company has also said it will work towards making more of its code open-source.

Hardware wallet manufacturer Ledger has announced the firm will delay the launch of Ledger Recover. The new product stores encrypted backups of the user’s seed phrases with a set of three custodians. However, users had deep concerns about the safety of this information and the implications for privacy and security.

Ledger CEO Apologizes

The announcement was part of a Tuesday statement in which Pascal Gauthier, the chairman and CEO of Ledger, addressed the concerns and controversy surrounding the company’s new product.

“It’s always been our intention to continue to open source as much of our code as possible,” read the statement.

It continued:

“We will include as much of the Ledger operating system as possible, starting with core components of the OS, and Ledger Recover, which won’t be released until this work is complete. Furthermore, we will open-source the Ledger Recover protocol, enabling the community to have as much choice as possible over your self-custody, in addition to the service being fully optional. This roadmap will be shared and updated by our CTO and engineering team.”

Gauthier blamed the controversy on an “unintentional communication mistake.” He expressed regret for any confusion it caused for customers. The CEO also apologized and assured the crypto community that Ledger will learn from the experience.

In the statement, Gauthier emphasized the importance of providing key recovery services to attract and assist new crypto users who may find
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Author: Josh Adams

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