Just Launched, Ledger Recover Reaps Criticism From Crypto Community

Physical crypto wallet or hardware wallet. (Photo; Doc. Ledger)

JAKARTA - Ledger, the world's leading physical crypto wallet company, has launched its wallet recovery service, "Ledger Recover" on October 24. Even so, not a few of the crypto communities are starting to question this new feature.

For information, the new Ledger Recover service allows users to associate personal IDs with the phrase encrypted and fragmented secret recovery, stored in three separate companies.

Pascal Gauthier, Ledger chairman and CEO, proudly announced, "Today is a historic day. I am pleased to announce that our safe wallet recovery solution, Ledger Recover, provided by Coincover, is now available to Ledger Nano X users."

However, Ledger insists that subscribing to this service is not an automatic process. Users must pay 9.99 US dollars (around Rp. 140,000) per month and agree to the backup process.

Ledger Recover is aimed at users worried about storing their recovery phrases in paper form that are prone to damage. Ledger stressed that this solution is safer than a centralized exchange wallet because it does not save funds on behalf of the user.

Reap Criticism

According to Ledger, Recover services play an important role in achieving "main-stream adoption around digital value" by providing easier access for users.

Although Ledger is trying to reassure the community that Ledger Recover is safe, this feature has come under strong criticism from the crypto community. Some community members urge users not to use this recovery service.

They referred to a previous statement by Ledger co-founder Larchevignque, indicating that a court call from the government could force the three companies involved to provide information on recovery.

It should be noted that Larchevque is currently no longer an executive official at Ledger and only has a position as a shareholder. Therefore, this speculation has not been confirmed by Ledger himself.

Meanwhile, some users worry that while the use of the Ledger Recover is optional, the functions that support it are included in regular firmware updates. This raises concerns about Ledger's future security concerns or potential backdoor creation.