The Ledger Confusion: Are Wallets In The Hands of Governments?

ledger‘s co-founder and former CEO stated that governments can seize user assets with subpoenas.

The crypto ecosystem, which has been struggling with regulatory turmoil, is embroiled in a new event. hardware wallet manufacturer ledger, ledger recovery launched its service. This service has received intense backlash from the crypto ecosystem.

Cryptobacking up the secret recovery statements in their wallets ledger recovery will store these statements by three different parties. This raised privacy and reliability concerns. However, the main confusion was created by statements from the former CEO of Ledger.

Ledger Ex-CEO: Governments Can Access Wallets

ledgerco-founder and former CEO of Eric Larchevêque Responds to user reviews on Reddit. However, the former CEO continues to fuel criticism with his statements.

Before Larchevêque , said that the criticism directed at Ledger was due to a PR error and the company’s failure to promote its service. Indicating that Ledger should gain the trust of the user Larchevêque argued that Ledger Recover was not developed with malicious intent. However, the former CEO stated that this service has been misrepresented.

Ledger Recover offers an innovative service that does not require mandatory use. This service allows users to back up their privacy statements on initial registration and store them with third parties. Larchevêque, argued that this event was not a backdoor and did not have an unreliable aspect.

At the same time LarchevêqueBroke the pot on Reddit. Larchevêque He also said that thanks to Recover, governments can access user assets with subpoenas. This rhetoric from the former CEO has been heavily criticized by the crypto ecosystem.

ledger recovery ‘s exposure to criticism also revealed that crypto hardware wallets’ codes should be clearly presented. Moreover GridPlus, has introduced its new open source hardware wallet amid criticism.