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Unchained

What’s Next for Wallets After Ledger Recover Outrage? - Ep. 502

Unchained

Laura Shin

News, Business News, Tech News

4.61.3K Ratings

🗓️ 6 June 2023

⏱️ 66 minutes

🧾️ Download transcript

Summary

Wallet security was in the spotlight after the announcement of Ledger Recover, but the crypto community doesn’t need to “freak out,” according to Itai Turbahn, co-founder and CEO of Dynamic Labs, and Ouriel Ohayon, CEO of ZenGo. The two CEOs join the show to talk about the challenges of bringing self-custody to the masses. For many, “not your keys, not your coins” is actually “your keys, your problem.”   Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights: the problems that may arise when managing your own keys the misconceptions that people have about hardware wallets why Ouriel says that Ledger is going in the right direction but made a major mistake how multi-party computation can be a solution to the problem of securing your own keys what are other ways to solve it, such as Shamir’s secret sharing (SSS) and multisigs the tradeoffs between security and user experience how Dynamic Wallet works by linking multiple wallets to a single account whether “passwordless authentication” is the future of security how can users protect themselves from “bad transactions” and what are companies doing to help whether open source contributes to more security in the wallet landscape how account abstraction will change the user experience whether security is the key to the future of crypto   Thank you to our sponsors! Crypto.com Guests: Itai Turbahn, cofounder and CEO of Dynamic Labs Ouriel Ohayon, CEO of ZenGo Previous appearance on Unchained: ZenGo: A Self-Custodial Wallet Minus the Risk of Losing Your Keys Previous coverage of Unchained on wallets: The Ugly Tradeoffs of Ledger’s New Recovery Service Links What is ZenGo Recovery Kit? Cointelegraph: Multiparty computation could offer increased protection for crypto wallets I run a Ledger competitor — But I support it in blow-up over keys Unchained: ‘Backdoor’ for Seed Phrases? Ledger’s New Recovery Feature Spooks Users Tweet from Ouriel that explains the differences between ZenGo and Ledger Solving the crypto adoption problem: making crypto *actually* usable Multi-Party Computation (MPC) Technology Can Ensure Effective Fraud Detection | Nasdaq Web3 Auth 101: What is wallet-based authentication?   Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hi, everyone. Welcome to Unchained, your no-hype resource for all things crypto. I'm your host,

0:08.5

Laura Shin, author of The Crypto Beans. I started covering crypto eight years ago,

0:12.8

and as the senior editor, Forbes was the first mainstream meter porter to cover cryptocurrency

0:16.9

full-time. This is the June 6, 2023 episode of Unchained. Buy, trade, and spend crypto on the

0:23.4

crypto.com app. New users can enjoy zero credit card fees on crypto purchases in the first seven

0:29.6

days. Download the crypto.com app and get $25 with the code Laura. Link in the description.

0:36.8

If you've been enjoying Unchained and find the discussions here fascinating, mind-blowing,

0:40.9

or as crypto tends to be, downright bonkers, please share this episode with a friend to keep

0:46.4

the conversation going. Today's topic is new developments in crypto wallets. Here to discuss

0:52.6

our Itai Torban co-founder and CEO of Dynamic Labs, and Uriel O'Han, CEO of Zenco. Welcome,

0:59.1

Uriel and Itai. Hi, Laura. Hi. So I'm sure everyone knows Wallet Security recently became quite

1:07.8

a hot topic with the announcement of Let Your Recovery, which is the service that Let Your

1:14.0

Announced offering people a way to have a backup of their private seed phrase that would be

1:21.4

split up amongst different custodians and also tied to their personal identity. The crypto

1:26.7

community kind of freaked out about this, and some of the reasons include the fact that it could

1:33.2

be possible for the companies to be compelled by the government to give up the identities of these

1:37.3

people. It could also be because people suddenly realized, oh right, the code for ledger is not

1:44.0

open source. There's numerous reasons here, but before we go into all the details on ledger recover,

1:50.2

let's just take a step back, because there's actually a lot of issues when it comes to wallet

1:55.6

security. So why don't we just kind of give an overview of what all the different problems are,

2:00.6

the pain points, when it comes to especially self-custody of our digital assets.

2:07.5

Uriel, do you want to kick off the conversation? Sure. Thanks, Laura. So just for the context,

...

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