Ledger Delays Recovery Service after intense backlash

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Trending from the past 24 hours 👇️ 

1. 💻️ Charting the Virtual Frontier - Chinese city launches government-backed metaverse platform.

2. ⏸️ Hit Pause - Ledger postpones the launch of Ledger Recover after backlash by the crypto community.

3. 🙈 Money Mixer - Binance accused of mixing customer funds with revenues.

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Metaverse Manifesto 🧝‍♂️ 

Nanjing, China's bustling capital in Jiangsu province, has taken a bold leap into the metaverse realm by launching the China Metaverse Technology and Application Innovation Platform.

This government-backed initiative aims to harmonize the efforts of academic institutions and enterprises across the nation, supercharging research and development in metaverse-related domains 😅 

Although China maintains strict regulations on crypto and NFTs, it seems to slowly acknowledge the transformative power of Web3 technologies, including the metaverse, in driving its digital economy.

Another city in China, Shanghai, renowned for its ambition, envisions an impressive annual revenue of 350 billion yuan ($49.6 billion) from the metaverse industry by 2025. It has already unveiled a collection of 20 use cases, ranging from virtual healthcare diagnoses to architectural use cases.

From ancient wisdom to virtual wonders, China embracing the metaverse is proof that innovation knows no boundaries, even in the digital realm ❗️ 

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Backlash for the Backdoor 🚪 

Ledger, after finding itself in a PR nightmare after revealing plans on May 16 to introduce Ledger Recover, has now decided to pause the recovery service amid an intense backlash by the crypto community ⏯️ 

The firmware update was intended to allow users that lost their private seed phrase to get it back via an optional feature for a $9.99 subscription. However, this required the seed phrase to be split and shared amongst 3 different parties, which went against the ethos of decentralization and self-custody.

During a live Twitter space attended by 13,000 people, Pascal Gauthier, Chairman and CEO of Ledger, openly acknowledged the company's "hard lesson in communication” and announced the company’s plan to open-source more of its codebase to win back user trust.

Despite Ledger's recovery plans facing a blow, we hope that with open-source power, they'll regain their glow ✨ 

Binance pulls off an FTX ⁉️ 

According to a recent Reuters report, Binance, the world's largest crypto exchange, finds itself in hot water. Allegations claim that the exchange engaged in the mingling of company revenues with customer funds in the US 👀 

The practice allegedly happened “almost daily” in bank accounts with Silvergate, the report said.

The alleged financial mingling, which spanned through 2020 and 2021, appears to have violated US laws that mandate the separation of customer funds. Reuters even obtained a bank statement from February 10, 2021, which revealed a concerning snapshot: $20 million from a company account intermixed with $15 million received from unsuspecting customers 💰️ 

Binance, however, maintained its stance that the mentioned accounts were used solely for purchasing crypto on behalf of customers, not for receiving deposits and has denied any wrong-doings.

With Bitcoin halving and the hopes of a post-halving bull market less than a year away, investors can only pray that Binance comes out clean and the news is nothing more than just FUD!

Meme of the day

Memecoin speculators after losing all their money in PEPE 😆 

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And that’s a wrap for today’s roundup! Thank you for subscribing to our newsletter. Stay tuned for tomorrow’s highlights and updates! Remember, every dip is an opportunity to scoop up some more Bitcoin! Until next time folks!

Disclaimer: This newsletter is educational and does not constitute financial advice. You must exercise caution and conduct your research before making any financial decisions.