Justin Sun comes out in defense of Ledger
Justin Sun has extended their support in favor of Ledger by calling them a reliable partner. Highlighting that the collaboration with Ledger has indeed been long-standing and productive, Justin said that they are extending unwavering support to Ledger during times that can only be defined as challenging.
Sun has expressed confidence about Ledger standing true to its reputation of serving customers well enough with hardware wallets of the highest quality. Justin has also acknowledged the commitment to providing unparalleled service to customers in terms of offerings and security.
The only concern that some of the community members have expressed with Ledger is that the platform compromises user control. However, with the concrete support of Justin Sun and the commitment of Ledger, we are sure to deal with such queries.
One such example is Ledger Recover, a subscription-based service that will be optional for users. It is yet to be launched, and members can expect details about Ledger Recover in the days to come.
Ledger Recover basically adds an additional layer of security for wallets with the provision to securely recover the SRP (Secret Recovery Phrase). The announcement about the subscription-based service was made two days ago, on May 17, 2023. It has been clarified that users will have to separately enable the option to activate the service. It will not go live with any firmware update.
Users can choose to manually manage the SRP without opting for Ledger Recover.
Those who choose Ledger Recover will have the most secure backup of their SRPs. Using Shamir Secret Sharing, the private key is encrypted and then divided into three fragments. The Secure Element Chip remains the backbone of the entire process, predominantly to reduce the risk of SRP.
Different parties are responsible for storing each fragment. A protocol is already in place to ensure that the integrity of the data is not compromised if any party fails. Just the announcement of the launch of Ledger Recover placed it alongside MyCelium, Exodus, and Robinhood, to name a few of the top crypto wallets.
Notably, Ledger Recover does not provide the user with the Secret Recovery Phrase. It aids in restoring the phrase so that the user can once again access the data or wallet. If the user carries a physical copy of the SRP, it is exclusively their responsibility to safeguard it and prevent it from falling into the wrong hands.
Controversies arise from the question of whether the Ledger Recover goes on to interact with the data—SRP in this case—ever in the process. A member of the community had even asked if the service works by interacting with their respective SRP.
Ledger has, so far, clarified that the data is encrypted and stored on a secured chip before splitting into three fragments.
Justin Sun has presumably taken inspiration from Ledger’s commitment to security and customer service, as explained above, to extend their support during challenging times.