The latest video from Altcoin Daily, helmed by the Arnold brothers, delves into the recent turmoil surrounding two popular hardware wallets – the Ledger Wallet and the Trezor wallet. Tune in for an insightful analysis of the situation.
Ledger made a significant announcement on May 16th, unveiling its latest update, Ledger Recover. This retrieval solution for hardware crypto wallets is designed to provide users with added protection in case of a misplaced seed phrase. The feature is a testament to Ledger’s commitment to ensuring the safety and security of its users’ digital assets.
After the announcement, several individuals who owned ledger wallets expressed dissatisfaction with the new feature. One such individual was Foobar, the founder of DeFi and NFT, who came forward with a strong critique of Ledger wallets. In his statement, he voiced his concerns professionally and articulately.
“Stop using Ledger hardware wallets. Migrate away from them immediately. They’ve shown nothing but gross incompetence and wild misunderstanding of their own purpose. And now they’ve publicly admitted to intentionally backdooring their own proprietary hardware.”
Foobar’s critical remarks were prompted by the co-founder of Ledger’s reply to a user’s inquiry regarding a “backdoor” for the recovery function. The co-founder’s response was unequivocal – there are no such backdoors. However, this left some Ledger users feeling disillusioned and let down.
Foobar emphasized the importance of a secure enclave within a hardware wallet, ensuring that the private key remains within the device at all times, without exception. Altcoin Daily dismissed this as an exaggeration but acknowledged that the feature would benefit certain community members.
Altcoin Daily provided insightful coverage of the recent uproar surrounding the Trezor wallet’s integration of CoinJoin, a cutting-edge Bitcoin privacy solution, in partnership with Wasabi Wallet.
The recent update has raised concerns among the crypto community regarding censorship. Chris Blec, the host of the Proof of the Decentralized Podcast, took to Twitter to express his apprehension about the tool potentially blocking BTC transactions. This issue has sparked a discussion about the implications of such censorship in cryptocurrency.
The video’s closing remarks advised the crypto community to exercise patience and avoid jumping to conclusions regarding the recent hardware wallet controversies. The host emphasized the importance of taking a measured approach and intended to follow suit.
