TL;DR
Full story
Remember last week when we wrote about Ledger’s new $9.99 p/m “Recover” service?
The proposed service was intended to work as follows:
Ledger would take your password (a.k.a. “seed phrase”) and store a backup of it for you, so if you’ve lost your password, you can still access your crypto.
The fear was…
The service required you to provide ID, meaning if someone got their hands on your ID, they could access your crypto.
Not good. (And the backlash was severe).
So serious that Ledger decided to cancel the rollout of the service right away. With the CEO noting that it had been:
“A humbling experience of working with the community for future decisions.”
Good news for Ledger owners:
The company’s hardware wallets work fine without a $9.99 p/m recovery service.
So no loss!