The CEO of a competing company is defending Ledger's new "Ledger Recover" feature, which has been criticized for allowing the wallet seed phrase to be sent to third parties. However, the CEO believes that the outrage is unfounded as the new system is opt-in only and uses a well-respected cryptographic process to encrypt the seed phrase. While there are concerns about the fundamental problem of seed phrases and the potential vulnerabilities of Ledger Recover itself, the CEO suggests that Ledger provides a comprehensive demo video and thorough explanation of how the feature works to regain the trust of customers. Ultimately, the crypto community should prioritize innovation, security, and transparency.

The recent news has been dominated by the collapse of several banks, including Silicon Valley Bank, Silvergate, and Signature Bank, indicating that these financial institutions have failed to meet their obligations to depositors and creditors.

In 2023, Web 3.0 has become synonymous with dynamic online practices.