Hardware Wallet Company Ledger Defends Recovery System – May 18

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$27,096

Bitcoin price has reclaimed the $27,000 mark over the last day of trading, as price appears to be forming a new range around the level.

Top-20 altcoins have mostly seen small gains over the last 24 hours, as Ether and BNB gain 1% each, while XRP rallies 5%.

Top Stories for May 18, 2022 🔥

👉 Hardware Wallet Company Ledger Defends Recovery System

Crypto wallet maker Ledger has faced backlash after its support team tweeted that it had always had the ability to extract users’ keys.

The tweets, made in response to inquiries about the company’s new wallet recovery service, raised concerns about the security of users’ assets. Ledger acknowledged that it was technically possible to write firmware facilitating key extraction but assured users that it had not deployed such firmware.

The company’s optional recovery service, called “Recover,” drew criticism for potentially compromising privacy and security by involving third parties in encrypting seed recovery phrases.

👉 Grayscale & Bitwise Drop Ether Futures ETF Plans

Grayscale Investments and Bitwise Asset Management have decided to halt their plans for Ether futures exchange-traded funds (ETFs) due to increased regulatory scrutiny in the US.

Grayscale filed an amendment to its SEC filing to remove references to an Ether futures ETF shortly after announcing plans for three ETF products, after the SEC requested Grayscale to withdraw its application for a Filecoin Trust, claiming Filecoin is likely a security.

Bitwise also withdrew its application for an ETH-based futures ETF, stating that it does not intend to seek the effectiveness of the fund.

👉 Binance Australia Suspends AUD Deposits, Citing Issues With Payments Provider

Binance Australia has temporarily stopped accepting Australian dollar (AUD) deposits, citing issues with its third-party payment service provider.

The exchange clarified that users can still withdraw AUD, and it is working to find an alternative provider to restore deposit services. This development comes after the Australian Securities and Investments Commission canceled Binance’s financial services license in the country, which had already halted derivatives trading on the platform.