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An interesting case study from Ledger: you enable recovery with your ID, but you lose privacy and need to trust the company 100%.
ZKP can help. A custodian gets a key to recover your wallet, but won't know which wallet it is. Combined with timelock recovery, it might just work.
1/ Ledger "Recover," a thread ๐งต
Last night Ledger accidentally leaked some info on their new recovery subscription service, and today they revealed the details.
Let's walk through their proposed "solution" to cryptocurrency custody and how dangerous it is.
with all the talk about wallet security, something that would make a lot of sense but nobody built yet is an MPC wallet that uses multiple of your devices to make a tx
Could work like 2fa for your wallet, where you make a tx and then need to approve it on your phone
@czar102 Because people unfamiliar with web3 are just starting to understand decentralization. It will take time before these better solutions gain mainstream traction.
Weโre excited to be one of the 30 teams participating in @celo_camp batch 7!๐
Follow us along our journey as we contribute to bringing superior security & recoverability for your
non-custodial wallet๐ก๏ธ
@UprightVcamps@CeloOrg
For the past 48hrs I've been unwinding a massive wallet draining operation ๐ณ๐ญ
I don't know how big it is but since Dec 2022 it's drained 5000+ ETH and ??? in tokens / NFTs / coins across 11+ chains.
Its rekt my friends & OGs who are reasonably secure.
No one knows how.