Crypto Market News: Crypto wallet hardware maker Ledger on Tuesday took a major step forward in its efforts to resolve the ongoing controversy surrounding the security concerns with the recently added feature. The recent the Ledger feature is said to have a vulnerability that can expose user’s seed phrase. This led to several users moving their assets out of Ledger wallets. In this context, the Ledger team took the transparency way to deal with the safety concerns in the crypto market.
Pascal Gauthier, the Chairman and CEO of Ledger, said the company did not intend to surprise users over the seed phrase recovery concerns. However, the CEO said the company will priorititize security and increased transparency going forward. Hence, he said, the company decided to accelerate its open sourcing plans. The open source code from Ledger will include the operating system, starting with core components of the OS, and Ledger Recover, which won’t be released until this work is complete, the CEO said in a statement. This means the key recovery feature’s release has been postponed until completion.
“Our unintentional communication mistake took everyone by surprise and affected our customer’s ability to accurately understand Ledger Recover, its role for the growing crypto community, and for Ledger’s future offering. We apologize for the way this was communicated.”
For additional security measures to avoid unauthorized user fund access, the passphrase feature can now we enabled, the company said.
Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Reach out to him at [email protected].
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