Do you really manage your crypto on a ledger entirely by yourself?

Today, Ledger made headlines with the announcement of a new firmware update for its software. The update will enable users to subscribe to a recovery service called Ledger Recover. Subscribers pay a monthly fee and can recover their assets using identity documents in case they lose their key.

Negative reactions from the community

The update to the firmware has been poorly received in the "not your keys, not your coins" community. Ledger had previously promised that they would never have access to the issued wallet keys, even with firmware updates. Now, questions arise whether crypto assets are truly under your own control if Ledger has found a way to access wallets. Concerns also extend to scenarios where Ledger might be compelled to comply with (unfair?) sanctions and freeze customers' assets. It appears that Ledger now requires trust in a third party, contradicting the Bitcoin philosophy for many.

Additionally, Ledger's approach prompted responses from competitors like Trezor, who indirectly referenced Ledger's announcement by emphasizing their own commitment to being fully open source.

(Source tweets: Ledger, David Schwartz, OKLAHODL, Trezor)