Re: Ledger Recovery - Send your (encrypted) recovery phrase to 3rd parties entities
If you thought the bombshell by the Ledger co-founder wasn't bad enough, wait until you see what he said now!
This is damning news and with the trajectory this is going, there is no guarded Ledger won't simply force Recover on in a future firmware update.
I suggest sweeping your Ledger HW coins as soon as possible.
Quote from: https://www.reddit.com/r/CryptoCurrency/comments/13m7gli/ledger_cofounder_admits_that_with_if_you_use/
Ledger co-founder admits that with if you use "Ledger Recover" a government could submit a subpoena and get access to your funds
Éric Larchevêque, a Ledger co-founder, posted in two subs (including here https://np.reddit.com/r/CryptoCurrency/comments/13ldgcl/my_personal_view_on_the_pr_disaster_from_a_ledger/?sort=confidence) trying to do damage control around the Ledger fiasco. In his post he said that he no longer works at Ledger, but in his Linkedin, he lists that he is a board member of Ledger. Apparently, he forgot to disclose that or update his Linkedin.
........
**If Ledger or 2/3 of the companies that handle the data receive a government subpoena, could they get access to your funds?**
Even if you trust Ledger not to change the firmware or add any backdoors to gain access to your private keys, **if you are a Ledger Recover Service user, then your private keys/funds would be accessible by a subpoena.** In the current firmware state, if you are not a Ledger Recover Service user then your private keys would not be accessible with a subpoena.
An update that allows governments to subpoena your private keys and gain access to your crypto is a big deal and likely Ledger is no longer valued at $1.41 billion after this update.
Éric Larchevêque, a Ledger co-founder, posted in two subs (including here https://np.reddit.com/r/CryptoCurrency/comments/13ldgcl/my_personal_view_on_the_pr_disaster_from_a_ledger/?sort=confidence) trying to do damage control around the Ledger fiasco. In his post he said that he no longer works at Ledger, but in his Linkedin, he lists that he is a board member of Ledger. Apparently, he forgot to disclose that or update his Linkedin.
........
**If Ledger or 2/3 of the companies that handle the data receive a government subpoena, could they get access to your funds?**
Even if you trust Ledger not to change the firmware or add any backdoors to gain access to your private keys, **if you are a Ledger Recover Service user, then your private keys/funds would be accessible by a subpoena.** In the current firmware state, if you are not a Ledger Recover Service user then your private keys would not be accessible with a subpoena.
An update that allows governments to subpoena your private keys and gain access to your crypto is a big deal and likely Ledger is no longer valued at $1.41 billion after this update.
This is damning news and with the trajectory this is going, there is no guarded Ledger won't simply force Recover on in a future firmware update.
I suggest sweeping your Ledger HW coins as soon as possible.