One of the most popular cold wallets in the crypto industry might just lose its position on the market because of this update
The contentious update offers an opt-in"recovery services" feature that can potentially expose seed phrases, the unique combination of words that gives users access to their cryptocurrency wallets. The concern is that this feature could make users' funds less secure than if they were stored on hot wallets like MetaMask.
Users on online forums like Reddit have expressed their disappointment and frustration with the update. One user noted,"Leger, it was nice while it lasted...But it's game over." The sentiment was echoed by others who now plan to purchase new wallets and transfer their cryptoIn response to the criticism, Ledger has clarified that the device sends encrypted shards of users' seed phrases to different companies only if they decide to use the recovery service.
As more users abandon Ledger due to the controversial update, the company's credibility and market position are at risk. It remains to be seen how Ledger will address these concerns and regain the trust of its user base. For now, however, many in the crypto community are questioning the security of their assets and looking for alternative cold storage solutions.Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.
Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.
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