This way, the service can verify who you are in the event of a Recovery request, but your private information stays private. This ensures you alone can back up and regain access to your wallet. Your device will take care of that for you following the verified identification.

How many times per month/year can I try to recover access to my wallet?

As an added layer of protection, subject to investigation, $50,000 compensation may be available from Coincover in the unlikely event that something were to go wrong. If you don’t update your payment info and pay the subscription within 7 days, you won’t be able to restore your private keys using Ledger Recover. If you don’t regularize your payment within 3 months, your subscription will be suspended. After your subscription is suspended, you have 9 months to contact Ledger Recover Support and reactivate your subscription. You will need to pay an administration fee of 50 EUR along with any outstanding balance.

• Ledger also promises to open-source the code for the Recover feature, so users can check the security of the proposed custody mechanism by themselves.
• Updating your OS will not automatically sign you up for Ledger Recover.
• Currently, Ledger Recover is only available to users who have Ledger Nano X or Nano S Plus wallets.
• To go through Ledger Recover identity verification you need a valid, government-issued document and be the rightful owner of that document.
• Plus, your Ledger will only allow your seed phrase to leave the wallet as encrypted fragments when you permit it.
• Ledger Recover is an ID-based key recovery service that provides a backup for your Secret Recovery Phrase.

Where can I find Ledger Recover Terms & Conditions?

Ledger, the world’s biggest manufacturer of hardware cryptocurrency wallets, has recently introduced a new subscription service called Ledger Recover. The company claims that this service can significantly enhance the security of users’ crypto holdings. Let’s explore what Ledger Recover actually is and whether the service is right for you.

• It’s a completely paid optional service, designed to help users take custody of their assets, no matter their situation.
• To make the world of digital assets more accessible to newcomers and bring it into the mainstream, we have to get rid of barriers to entry.
• Your identity is under your control, as opposed to social Recovery which relies on another party.
• Ledger Recover is an ID-based key recovery service that provides a backup for your Secret Recovery Phrase.
• If you lose or don’t have access to your Secret Recovery Phrase, the service allows you to securely restore your private keys using a Ledger device.
• Ledger also promises to open-source the code for the Recover feature, so users can check the security of the proposed custody mechanism by themselves.
• This means you stay protected, even if your device and the seed phrase go up in flames.
• Publishing this white paper is yet another step in our open-source roadmap, aiming at opening as much as possible of our technical stacks to the crypto community.

Who has access to my wallet with Ledger Recover?

With Ledger Nano S Plus, the service is available on desktop only. Ledger Recover is compatible with all Ledger devices (through the Ledger Live desktop and mobile app) and with Ledger Nano S Plus (through the Ledger Live desktop app only). Ledger OS updates can only be performed if you authorize them manually with your Ledger device. We have created this product for these users to feel confident using our products.

Enter a 6-digit backup code

Yes, even if you lose your Ledger device, you can access your crypto wallet again, provided that you have backed up your seed phrase (also known as the recovery phrase). You can either back up your seed phrase on a piece of paper or use a purpose-made metal crypto wallet backup for additional peace of mind. Ledger Recover is a wallet recovery service offered by Ledger in partnership with Coincover. The idea behind this service is that it allows users to access their wallet even in the event that they lose their seed phrase backup. Currently, Ledger Recover is only available to users who have Ledger Nano X or Nano S Plus wallets. In short, these Hardware Security Modules use similar technology to the computer chips in Ledger devices, but they use servers installed in data centers with more computation power.

What happens if I stop paying my subscription?

Only you can access your backup by verifying your identity with your ID card and connecting your Ledger device. Ledger Recover allows you to enjoy all the benefits of self-custody when it comes to interacting with web3, allowing complete control over your assets on the go. But it also gives you the freedom to retrieve access to your crypto wallet with your ID, just in case your Ledger device is lost or stolen and you no longer have your seed phrase. Your identity details are collected by Ledger Recover ID verification service providers.

Verify your email

• With Ledger Nano S Plus, the service is available on desktop only.
• Ledger Recover is an advanced solution for the backup and restoration of your device seed, built upon a robust and resilient cryptographic protocol.
• After suspension, you have 9 months to reactivate your subscription by contacting Ledger Recover Support and paying a 50 EUR fee and any outstanding balance.
• Ledger Recover does not store or access your private keys or your Secret Recovery Phrase.
• However, skipping OS updates will also prevent you from using certain features of the Ledger Live app.

If you trusted them before not to exfiltrate your keys, you can trust them now not to do it when that feature is off. The Ledger Recover service is not free, as it costs $9.99 per month (€9.99 per month if you’re in Europe). You’ll be able to recover your wallet only if your subscription is active. If you fail to pay the subscription within 7 days, you won’t be able to recover your private keys using Ledger Recover.

Why do I need to provide my identity information to subscribe to Ledger Recover?

Finish the onboarding to create the digital backup that secures access to your wallet.Redeem the code sent to your inbox to complete activating Ledger Recover. If you don’t want to update your Ledger OS, your Ledger device will remain functional. However, skipping OS updates will also prevent you from using certain features of the Ledger Live app. This is because some OS updates give your device the tools needed to sign certain types of transactions – for example, by updating your Ethereum withdrawal credentials. If you choose not to update your OS, you will potentially miss out on important security updates.

Create your username and password

Do you have housemates who you can’t trust around your valuables? In these situations, looking after your seed phrase may be more of a burden than not. You can now sign up for the optional, paid subscription wallet recovery service, Ledger Recover, provided by Coincover. In our opinion, the majority of this backlash was misguided and based on misunderstandings and incorrect assumptions.

• Hopefully, you won’t need to use it, but Ledger Recover brings you peace of mind should you ever find yourself in an unfortunate situation.
• The crypto space can be daunting, especially when it comes to securing your assets.
• These are highly secure devices that protect and manage digital keys.
• Put simply, Ledger Recover is a way to create a backup of your wallet access.
• When it launches, you can start using Ledger Recover via your Ledger Live app.
• One of the biggest hurdles blockchain technology faces is its accessibility.

How long is my Secret Recovery Phrase secured by Ledger Recover?

You can read through the Whitepaper here, and the source-code on Github here. Please note that one shard alone, even in the extremely unlikely case of decryption, is useless – you’ll always need at least two of the shards in order to restore your Secret Recovery Phrase. For a complete but less technical dive, you can read our blog series The Genesis of Ledger Recover.

Download App

Ledger Recover is a subscription service that will cost $9.99 per month. To use the service, you must also go through a KYC process with an ID document and a selfie recording. At the end of the episode, you’ll also hear Pascal’s take on the next Bull Market and why Ledger is building solutions for the next 100 millions of crypto users. But for those who want to back up their wallet access, Ledger Recover is the perfect solution.

Firstly, blockchain addresses are hexadecimal addresses, i.e long and complicated. However, one of the most confusing aspects for any newcomer is the concept of private keys and seed phrases and how they can keep that information safe. Ledger Recover can restore your private keys to your device, but it can’t provide you with your Secret Recovery Phrase. If you have any other physical/digital copies of your recovery sheet or Secret Recovery Phrase, it’s your responsibility to secure them. Keep in mind that anyone who obtains your Secret Recovery Phrase can access your wallet. Ledger Recover availability depends on the country/region where your identity document is issued.

How much does Ledger Recover cost?

To make self custody accessible to everyone, we must develop innovative products that maintain security while solving concrete hurdles for users. That’s what ledger recover pilot, provided by Coincover, is all about. Publishing this white paper is yet another step in our open-source roadmap, aiming at opening as much as possible of our technical stacks to the crypto community. Before joining CoinCodex, Emma had been covering stories at the intersection of culture, entertainment, and technology. Upon her friend’s recommendation to invest in Bitcoin in 2015, she became interested in all things crypto. When she is not writing reviews or guides about DeFi and other crypto products and services, Emma prefers to spend her time in the company of her friends and family.

Another option is to reset an already-used device to its factory settings. Identity verification inherently collects much less information compared to KYC. To go through Ledger Recover identity verification you need a valid, government-issued document and be the rightful owner of that document. KYC involves ID verification but it can also include revenue information, record of criminal activity, citizenship check, etc. Wrote down my recovery phrase on a piece of paper which I lost during a move. If you do choose to update your OS, using any of the services offered on Ledger Live will still require your physical approval.

Your identity is under your control, as opposed to social Recovery which relies on another party. Then, a government ID is also accessible — most people in the world have one. Finally, ID verifications are less cumbersome than a full KYC process, allowing customers to only reveal the necessary personal information and no more than that. Ledger Recover comprises extensive identity verification processes—performed by Coincover within a secure environment built by Ledger.

How Can I Start Using Ledger Recover?

I am Amit Chahar, a Crypto and blockchain content creator at Wallet Reviewer. With 3+ years of experience as a SEO content writer, I love talking about blockchain technology, digital assets, DeFi, Smart Contracts, DApps, Digital Wallets, Metaverse, and NFTs. Ledger is a great service if you have issues with forgetting to lose your backups. Remember, History says “Centralized security systems can be breached and hacked“. Your private keys never leave your Ledger device or the Secure Element chip.