Crypto hardware wallet firm Ledger is pushing back against critics who say their new seed phrase recovery option indicates the company has a potential “backdoor” to obtain user data.
Ledger says their new product, “Ledger Recover,” is an optional subscription for users who want a backup of their secret recovery phrase.
The product encrypts a version of a customer’s private key and splits it into three encrypted fragments that are stored by three different parties “on hardware security modules,” according to the company.
Hardware security modules are tamper-resistance devices that secure cryptographic processes by generating and managing keys used for encrypting and decrypting data.
Recovering your seed phrase will require a comprehensive ID verification process, and then the third-party providers will send the encrypted shards directly to a customer’s Ledger Nano device, Ledger explains.
Mudit Gupta, the chief information security officer at Polygon (MATIC) Labs, argues
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