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“Ledger Co-Founder Shares Frustration Over Botched Service Launch: How to Move Forward”

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It’s been a brutal 72 hours for Ledger since it launched its Recover service. The co-founder of the hardware wallet company chronicled the growth of Ledger and how education has been at the core of the project’s mission since its inception. Users were concerned that they were having to trust in three centralized figures, the risks of identity theft, as well as the possibility that their seed phrase can be taken off their hardware wallet, even if they don’t opt-in, through an alleged “backdoor.” After signing up, your recovery phrase is split into three encrypted fragments and then trusted with custodians—Ledger, Coincover, and a third provider. When you want to recover your seed phrase, you are required to prove your identity using your passport or national identity card.

Ledger is still safe, there is no backdoor, the Ledger Recover is not a conspiracy, no one will ever force anyone to use Recover. The Recover code in the firmware is not a malicious code nor does it open a way to arbitrarily extract the seed. A Ledger spokesperson confirmed to Decrypt that for your seed phrase to be extracted in the Ledger Recover process you must sign a transaction. Otherwise, Ledger cannot access your seed phrase. This tweet led users to believe that Ledger is a trustless solution. This “is not the case,” the Larchevêque explained. “Some amount of trust must be placed into Ledger to use their product.”

The launch of the Ledger Recover service has been met with a great deal of backlash and outrage from users. There are two sides to the outrage, according to Larchevêque. One side comes from people who were misinformed about Ledger’s security model and for those people, he understands their hurt. However, he also sees a group of people jumping on “the hate bandwagon” spreading conspiracy theories about a backdoor.

This is a good news for crypto users as Ledger has clarified that there is no backdoor and that they must sign a transaction before their seed phrase can be extracted in the Ledger Recover process. The company is committed to educating users on the security model and have urged people to not jump on the hate bandwagon.

#Ledger #CryptoSecurity #LedgerRecover #CryptoEducation

You can read more about this topic here: Decrypt: ‘So Much Anger, So Much Hate’, Says Ledger Co-Founder Amid Botched Recover Service Launch

The post “Ledger Co-Founder Shares Frustration Over Botched Service Launch: How to Move Forward” first appeared on Byte Syze Crypto.

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“Unveiling 2021: UK Financial Watchdog Prepares to Launch Crypto Sandbox”

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The British Treasury is hoping to launch a Digital Securities Sandbox (DSS) by the end of Q1 next year, according to Helen Boyd, Head of Capital Markets at the independent regulatory watchdog the Financial Conduct Authority (FCA). The FCA already has a similar engagement via its Regulatory Sandbox, where companies with viable products can begin pitching them to a closed circle of early customers. Boyd stated that the DSS will have a new rule set to allow it to do new things with digital securities, and that the FCA is waiting for HM Treasury to publish the results of its consultation before they can take forward the new powers and develop the regulatory framework. Boyd also mentioned that tokenization is likely to shake up the traditional finance world once traditional securities instruments are represented on-chain, and that trading, settlement, and clearing processes could be ‘revolutionized’.

The FCA told crypto companies advertising in the UK that they have until October 8th to get in line with the regulator’s existing financial promotion regime, and that failure to comply can result in two years’ imprisonment, a fine, or both. Boyd mentioned that certain firms running late for registration may be able to get an extension.

This is good news for the crypto industry, as it will provide a safe and secure environment for those looking to bring innovative products to the market. It will also set up clear regulations for companies advertising in the UK, ensuring a safe and secure environment for customers.

#Crypto #DigitalSecurities #FCA #RegulatoryFramework #Tokenization

You can read more about this topic here: Decrypt: UK Financial Watchdog Hints at New Crypto Sandbox for Next Year

The post “Unveiling 2021: UK Financial Watchdog Prepares to Launch Crypto Sandbox” first appeared on Byte Syze Crypto.

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“Follow Sam Bankman-Fried’s Historic Trial Live: Get the Latest News and Insights Here”

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The trial of Sam Bankman-Fried, the disgraced founder of FTX and former crypto billionaire, has begun. Federal prosecutors accuse him of masterminding one of the most significant financial frauds in U.S. history. Bankman-Fried, once celebrated as a crypto billionaire, is alleged to have orchestrated a multibillion-dollar fraud and faces charges related to defrauding customers on his digital currency exchange, FTX. These accusations include wire fraud, securities fraud, and money laundering. The former CEO was arrested in December 2022 in Nassau, Bahamas, and extradited to the U.S. where he pleaded not guilty to all charges in January 2023. He was under house arrest at his parents home in Palo Alto, Claifornia, but in August 2023 his bond was revoked due to alleged witness tampering. Since then he’s been incarcerated at the Metropolitan Detention Center in Brooklyn. Jury selection began on Tuesday, October 3 at the New York courthouse, and the case has been described by Damian Williams, U.S. Attorney for the Southern District of New York, as “one of the biggest financial frauds in American history.” Bankman-Fried’s trial could potentially last up to six weeks.

This is definitely bad news for Bankman-Fried, as he faces a lengthy trial and potential prison sentence. The court denied his motion to be released from jail during the trial, so he will remain incarcerated. This news is important for the crypto industry, as Bankman-Fried’s case may set a legal precedent for future crypto-related frauds.

#CryptoFraud #FinancialFraud #SamBankmanFried #FTXExchange

You can read more about this topic here: Decrypt: The Trial of Sam Bankman-Fried: Live Blog, Latest News and Insights

The post “Follow Sam Bankman-Fried’s Historic Trial Live: Get the Latest News and Insights Here” first appeared on Byte Syze Crypto.

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Sotheby’s and Ledger Join Forces to Bring Digital Art Collectors Exclusive Deals

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Crypto wallet provider Ledger has partnered with art auction house Sotheby’s to offer exclusive benefits to digital art collectors. The tie-up entails that beginning in 2024, buyers of the most valuable digital art at Sotheby’s will receive a limited-edition Ledger x Sotheby’s Nano X hardware wallet. The partnership will also soon feature the introduction of a special edition of the Ledger Stax. Additionally, Sotheby’s elite collectors can enjoy a premium “white-glove concierge onboarding” facilitated by Ledger, which will seamlessly integrate them into the Ledger Academy’s educational resources. This move comes amid Ledger’s strategy to become a key player in the digital art world. Last year, the firm began development on an NFT Art collection and set up a fund specifically for aiding artists globally.

As for Sotheby’s, the auction house is hoping to merge its new interest in the digital art space with higher security standards via Ledger’s offering. They have also organized notable auctions like “Grails” that featured prominent digital artworks as well as an auction dedicated to legendary generative artist Vera Molnàr. “From announcing our secondary market platform as part of Sotheby’s Metaverse to further developments to be announced later this year, our goal remains to build a comprehensive digital art environment for collectors, and this partnership with Ledger is a key step in that development”, said Fahey.

This partnership between Ledger and Sotheby’s is great news for digital art collectors, as they will now be able to enjoy exclusive benefits such as limited edition hardware wallets and premium white-glove concierge onboarding. The partnership also extends to the development of an NFT Art collection and a fund for aiding artists, in order to further integrate digital art into the mainstream market.

#Ledger #Sothebys #NFT #DigitalArt

You can read more about this topic here: Decrypt: Ledger and Sotheby’s Team Up for Digital Art Exclusives

The post Sotheby’s and Ledger Join Forces to Bring Digital Art Collectors Exclusive Deals first appeared on Byte Syze Crypto.

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