Ledger Hardware Wallet Goes KYC | What To Know | Alternatives | Seed Phrase Backup Cloud | Ledger ID

Ledger Under Fire for ‘Recover’: A New Cloud-Based Seed Phrase Backup Feature

Ledger has released a firmware update for Nano X cold wallet, which offers a recovery service.

The crypto community is criticizing the service because it allows Ledger to store the seed phrases so that it can offer recovery.

Many users are especially skeptical because Ledger has experienced data breaches in the past.

old wallet manufacturer Ledger is under fire yet again, this time for releasing a firmware upgrade that includes a subscription-based feature called “Recover.” The feature is facing criticism for granting the company access to customers’ seed phrases, which undermines the purpose of a hardware wallet. The feature comes as a part of the 2.2.1 firmware update.

Ledger KYC Registration a Major Point of Criticism
The feature is also facing criticism for requiring KYC registration, which goes against the privacy values held by many in the crypto community. The registration requires users to have to send a picture of a government-issued ID.

Currently, the subscription service is only available to Ledger Nano X devices, with the identity card requirement pertaining to users from the EU, the U.K., Canada, and the U.S.

https://beincrypto.com/ledger-recover-cloud-seed-phrase-feature/

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