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- The Crypto Compass Issue #19
The Crypto Compass Issue #19
Ledger's Wallet Recovery Service Sparks Controversy!? Read it in our weekly newsletter now! Brought to you by BitcoinWalletSG.
Hey Friends!
Welcome back to another edition of The Crypto Compass, where we navigate the rapidly changing world of cryptocurrency news and events. Let's dive in!
Ledger's Wallet Recovery Service Sparks Controversy
Crypto wallet maker Ledger has faced intense backlash over its new "Ledger Recover" feature, which stores encrypted user seed phrases with third-party custodians. Critics argue this undermines Ledger’s stated commitment to privacy and security, while Ledger's CEO Pascal Gauthier defends the feature, saying it's what "future customers want."
This situation underscores the ongoing tension between improving user experience and maintaining core principles of privacy and control inherent to blockchain technology. The community's outcry emphasizes the increasing demand for open-source software solutions in the industry, such as those offered by Trezor, where transparency allows for community auditing and trust.
Tether to Invest in Bitcoin from Profits
Tether, issuer of the world's largest stablecoin, has announced that it will invest up to 15% of its profits in bitcoin as it moves its reserves towards crypto and away from U.S. government debt. With $1.5 billion in bitcoin held as of the end of the first quarter, accounting for about 2% of its reserves, Tether's move towards crypto investment is a strong signal of shifting tides in the financial sector.
Tether will make regular purchases and self-custody all of its bitcoin holdings, further strengthening and diversifying its reserves. This transition comes in the wake of Tether's reported $1.5 billion net profit for the first quarter and offers an intriguing insight into the strategies of major financial players in the evolving crypto landscape.
Axie Infinity Set to Regain Lost Users with Apple Store Debut
Sky Mavis, the creator of Axie Infinity, the play-to-earn crypto game popularized during the pandemic, has announced its latest version, 'Axie Infinity: Origins,' will be available for download on Apple’s App Store in select Latin American and Southeast Asian countries. This move potentially sets the stage for regaining many of the users it lost after a tumultuous 2022.
The limited rollout will help Sky Mavis "gather data around retention rates" before an eventual global launch. Despite Apple's historical restrictions on NFT trading within its smartphone applications, Sky Mavis co-founder Jeffrey Zirlin remains optimistic that Apple's policies will eventually evolve in favor of web3 companies.
That's all for this week's edition of The Crypto Compass. As always, we're here to navigate the rapidly evolving world of cryptocurrency with you. If you have any questions or comments, feel free to reach out to us.
Stay informed and happy trading!
Best, QH
Tweets
Come and take it #Trezor
Worried over Ledger's new feature? you can purchase your Trezor on . Fast and free shipping within SG!
Use this promo code "COMEANDTAKEIT" to enjoy 10% off storewide until 21st May!
— bitcoinwalletsg 🇸🇬 | serangoon.eth (@bitcoinwalletsg)
May 17, 2023
there’s a few concerns on the @Ledger recovery feature.
1. The firmware can extract my key, shard it and send to different entities? Does this means the firmware can access my keys in the first place?
2. ID spoofing for recovery.
3. Government pressure to release keys.
— bitcoinwalletsg 🇸🇬 | serangoon.eth (@bitcoinwalletsg)
May 17, 2023
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