China News Daily TheBitTimes.com

Ledger CEO Pascal Gauthier says the past week has been a “humbling experience” and apologized for the firm’s “miscommunication.” Hardware wallet company Ledger is postponing the launch of Ledger Recover following an intense week of criticism from the crypto community. In a May 23 Twitter Spaces joined by over 13,000 users, Ledger chairman and CEO Pascal Gauthier said it has been a “humbling experience” and a hard lesson in communication: “This experience has been very humbling. We miscommunicated on the launch of this product; it was not our intention to take people by surprise. So because of that, we understand the community’s direction and apologize for the miscommunication.” Gauthier revealed that in response to concerns, the firm would be accelerating its plans to open- source more of its codebase. It will start with core components of its operating system and Ledger Recover, which he stated: “won’t be released until this work is complete.” Screenshot of tweet from Pascal Gauthie...

In a Reddit post, Buterin emphasized that having too much of a concentrated grasp of your self-custody wallets can be a bad thing if you get “hacked, coerced, or incapacitated or die.” Ethereum co-founder Vitalik Buterin has emphasized the importance of having a varied set of “guardians” to maximize the safety of crypto asset self-custody via multisig and social recovery wallets. Given the ever-growing rate of crypto scams and hacks over the past few years, and several major crypto firms going bust in 2022, the importance of self-custody and maintaining sufficient wallet safety procedures has never been more important. In a March 16 Reddit post on the r/ethereum community titled “How I think about choosing guardians for multsig and social recovery wallets, Buterin gave a detailed run down of how he approaches wallet security. Self-custody is important. And social recovery and multisig is a great way to do it. A quick reddit post on how I think about choosing guardians for social recov...

Trezor wants to respond quickly to demand-triggering events like the FTX collapse by taking control of wallet chip production. Hardware wallet manufacturer Trezor is accelerating the production of new Trezor wallet s by producing its own wallet silicon chips . Trezor officially announced on Feb. 27 that the firm will start facilitating the production of its own key component, the chip wrapper, in its flagship product, Trezor Model T. The move aims to significantly optimize Trezor wallet s’ production, reducing lead times in the supply cycle from two years to several months. The optimization will also eliminate delays in shipping finished products and protect consumers from exposure to price fluctuations based on component supply and demand, Trezor said. As previously reported, demand for Trezor wallets spiked by at least 300% in the aftermath of the FTX collapse in November 2022 as crypto investors rushed to move their crypto holdings from centralized crypto exchanges. Prior to b...