Ledger Wallet and Trezor Wallet were criticized for their new features
- Altcoin Daily discussed the recent allegations against the Ledger Wallet and Trezor Wallet hardware wallets.
- The host mentioned that ledger users felt betrayed because the platform was not transparent about the new seed phrase rollback feature.
- He concluded the video by suggesting that the crypto community stay quiet for a few days before drawing conclusions about the seriousness of the issue.
Altcoin Daily, a YouTube channel run by brothers Aaron and Austin Arnold, has released a new video that discusses the havoc afflicting hardware wallets, namely Ledger Wallet and Trezor Wallet.
On May 16, Ledger announced its new update, Ledger Recover, a recovery solution for hardware crypto wallets, claiming that the new feature intends to protect users if they misplace their seed phrase:
Exciting update, Ledger has a new product, Ledger Recover, launching soon: https://t.co/nT1VHnnSYz Here’s what Ledger Recover is and what it isn’t, explained by @P3b7_ and in the thread below. pic.twitter.com/RW1w07H6pK
– Ledger (@ledger) May 16, 2023
After the announcement, many ledger wallet owners emerged indignant at the new wallet feature. For example, the founder of DeFi and NFT foobar has lashed out against Ledger wallets, citing:
“Stop using Ledger hardware wallets. Immediately migrate away from them. They showed nothing but gross incompetence and wanton misunderstanding of their own purpose. And now they have publicly admitted that they deliberately backdoored their own hardware.”
Foobar’s vehement comments came after co-founder Ledger responded to an individual’s question about whether there was a “back door” to the redemption feature; The response was that there were no such backdoors that made ledger users “feel betrayed”.
Fubar added that “a hardware wallet must have a safe place where the private key never, under any circumstances leaves the device,” a comment Altcoin Daily called “exaggerated.” Altcoin Daily confirmed that the new feature will be useful to at least some members of the community.
Altcoin Daily also addressed the chaos surrounding Trezor Wallet after announcing the implementation of CoinJoin, a privacy technology, in collaboration with Wasabi Wallet.
The crypto community has pointed out censorship concerns surrounding the update. For example, Chris Blake, host of the decentralized proof-of-content podcast, tweeted that the tool will block BTC transactions.
He concluded the video by suggesting that the crypto community stay quiet for a few days before drawing conclusions about the seriousness of the hardware wallet controversies. The host added that he would do the same.
Ledger Wallet and Trezor Wallet cash on new features debuted in Coin Edition.