The Ledger Recover Backlash & Lessons Learned

<p>Valued at over $1 billion and with an estimated annual revenue of over $53 million, Ledger is one of the world’s most well-known and popular providers of hardware wallets. In May 2023, the company experienced a significant backlash around its Ledger Recover feature — a key recovery service that provides a backup of your seedphrase and allows you to restore your private keys. Many in the Web3 community claimed that the firmware update that enables the service to exist goes against Ledger’s longstanding policy that guarantees a user’s private key will never leave the device. As a result, Ledger postponed the laun...