In the end, the choice depends on your personal preference and risk tolerance. These encrypted pieces are worthless by themselves and can only be unlocked by your Ledger device with your ID verification. 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. Ledger Recover can also help those without a safe place to store their seed 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.
• It’s a completely paid optional service, designed to help users take custody of their assets, no matter their situation.
• 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.
• Your identity is under your control, as opposed to social Recovery which relies on another party.
• This means you stay protected, even if your device and the seed phrase go up in flames.
• 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.
• 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.
• Currently, Ledger Recover is only available to users who have Ledger Nano X or Nano S Plus wallets.

What is a One-Time Security Code?

Now, let’s quickly go through some of the most important things to keep in mind if you’re thinking of signing up for Ledger Recover. This means that even if one of the three companies participating in Ledger Recover were to be compromised, your funds would remain safe. If someone were to steal your funds through the Ledger Recover service, you’d be eligible for up to $50,000 in compensation from Coincover. Ensuring the security of your cryptocurrency is a question that every crypto investor must tackle at some point in their investing journey.

Search code, repositories, users, issues, pull requests…

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.

• After your subscription is suspended, you have 9 months to contact Ledger Recover Support and reactivate your subscription.
• Ledger Recover uses ID verification because we believe in self-custody and individual autonomy.
• This is why it’s so important to back it up safely and never share your seed phrase with anyone.
• Unlike the full KYC process, ID verifications are less complicated and reveal only the necessary information.
• Please note that while the redeem code purchase is charged in your local currency, any monthly renewal payment will be processed in EUR (Euros).
• However, keeping your Secret Recovery Phrase can be difficult and risky.
• Another option is to reset an already-used device to its factory settings.
• 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.
• If you have any other physical/digital copies of your recovery sheet or Secret Recovery Phrase, it’s your responsibility to secure them.

Redeem your unique code sent to your inbox

By clicking ”Add to cart”, you agree to accept these terms and the Ledger Recover Redeem Code T&Cs here. The encrypted shards are then sent over these secure channels, bound to your identity and stored encrypted (once more) in the backup provider’s HSM. Two of the three encrypted fragments will be sent back to your Ledger device, reassembling them to build your private key.

Get the latest cryptocurrency news directly in your inbox.

• Ledger is a great service if you have issues with forgetting to lose your backups.
• KYC involves ID verification but it can also include revenue information, record of criminal activity, citizenship check, etc.
• Ledger Recover, provided by Coincover, is an ID-based key recovery service that provides a backup for your Secret Recovery Phrase, and is a dedicated service for individual consumers.
• 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.
• Subscription requires a valid passport or national identity card.

Subscription requires a valid passport or national identity card. Valid driver’s licenses also accepted for Canadian and US users. Subscriptions are non-refundable except where statutory refund/cancellation rights apply. Please note that while the redeem code purchase is charged in your local currency, any monthly renewal payment will be processed in EUR (Euros). Due to fluctuating exchange rates, the price in your local currency may vary at the time of each payment and you may incur additional fees from your bank for currency conversion.

Enter a 6-digit backup code

You still need to go through the subscription process outlined above to activate your subscription and create a backup for your wallet access. Ledger Recover, provided by Coincover, is an ID-based key recovery service that provides a backup for your Secret Recovery Phrase, and is a dedicated service for individual consumers. Restore access to your crypto wallet in case of a lost or out of reach Secret Recovery Phrase.

What if someone gets access to my wallet using Ledger Recover?

When you want to restore your wallet, you initiate the Recovery from Ledger Live. You’ll have to log in to your account and then go through 2 independent Identity verification processes. At this point, two of the three parties will send back their fragments to your Ledger device using the same Secure Channel mechanism. Once contained in the secure element, they are decrypted and reconstitute your seed phrase. If you sign up for Ledger Recover, it is possible to restore your account on any new Ledger device too. This means you stay protected, even if your device and the seed phrase go up in flames.

• To understand the thought behind it, you must first understand who it was made for.
• These concerns may be the reason why some users keep their crypto on an exchange, a less secure but more “comfortable” option for them.
• This blog post dives into the technical explanation of how this works.
• If one of the companies holding a fragment shuts down, you will still be able to restore your keys until another trusted company replaces it.
• Two of the three encrypted fragments will be sent back to your Ledger device, reassembling them to build your private key.
• Other users are concerned about their Secret Recovery Phrase being destroyed or lost through no fault of their own.
• With Ledger Stax, Ledger Flex and Ledger Nano X, the service is available on the Ledger Live desktop and mobile app.

What is the difference between Ledger Recover identity verification and KYC?

While cryptocurrencies promise to have a major impact on the way we use and think about money, they also bring unique challenges. Yes, your crypto is still in self-custody after using Ledger Recover. This means that you are the only one who can access and control your crypto assets, without relying on intermediaries or custodians. To set up Ledger Recover, you will need a Ledger Nano X device and a subscription to the service. Jem started her web3 journey in journalism, running the NFT news site NFTevening. Since then, she became enamoured with power blockchain technology has to revolutionize multiple industries–not just art!

• Ledger Recover can generally be regarded as safe, although it is not risk-free.
• After your subscription is suspended, you have 9 months to contact Ledger Recover Support and reactivate your subscription.
• Ledger Recover is a wallet recovery service offered by Ledger in partnership with Coincover.
• 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.
• If you have any other physical/digital copies of your recovery sheet or Secret Recovery Phrase, it’s your responsibility to secure them.
• Firstly, blockchain addresses are hexadecimal addresses, i.e long and complicated.
• This is why it’s so important to back it up safely and never share your seed phrase with anyone.

Get the latest cryptocurrency news directly in your inbox.

However, keeping your Secret Recovery Phrase can be difficult and risky. You might misplace it, forget it, lose it, or have it stolen or destroyed by fire, water, or other hazards. If that happens, you could lose access to your crypto assets forever. To explain the ethos behind it, Ledger Recover uses ID verification due to Ledger’s belief in self-custody and individual autonomy.

Recovering access to your wallet

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.

Can you recover a Ledger device without Ledger Recover?

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.

You need to create your Ledger Recover login manually by entering your email and password. Keeping your device nearby, grab a valid ID and follow the instructions to complete your login setup. Once you’ve set up your device, click on “Start your free trial”, or go to the Ledger Recover section in the Ledger Live app. Ledger Recover uses ID verification because we believe in self-custody and individual autonomy. Unlike the full KYC process, ID verifications are less complicated and reveal only the necessary information.

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.

Is Ledger Recover available to B2B businesses such as companies, enterprises, or institutions?

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.

Choose a Reddit account to continue

This service is meant for customers who want to have an encrypted backup for their Secret Recovery Phrase. Subscription to the service is neither automatic nor mandatory. Hopefully, our article helped you understand what Ledger Recover is and which users the service is aimed at. Overall, the service is a welcome addition to the crypto security landscape and will be appreciated by investors who have a substantial portion of their net worth in crypto.

Where can I find Ledger Recover Terms & Conditions?

You will then be able to restore your crypto wallet using the decrypted Secret Recovery Phrase. You can use this service to securely get back your private keys with a Ledger device and your ID if you ever lose or can’t access your seed phrase. When it launches, you can start using Ledger Recover via your Ledger Live app. Following that, you can rest assured that your backup is safe to retrieve whenever you request it. Ledger Recover is an advanced solution for the backup and restoration of your device seed, built upon a robust and resilient cryptographic protocol. Ledger Recover also isn’t a suitable service for those who insist on controlling their private keys to the fullest extent possible.

LedgerHQ/recover-whitepaper

Ledger Recover is 100% secure – and you don’t have to trust us on that. We have the best security team in the world with our Ledger Donjon, and we’re proud of how they’ve built and tested Ledger Recover with our partners. It is an optional, paid subscription service, and if you do not enable it, there will be no change to your device security or experience. Welcome to the GitHub repository for the Ledger Recover Cryptographic Protocol White Paper! This repository contains the complete text of the technical white paper that delves into the system design, architecture, and operational flows of Ledger Recover.

ledger recover proxy requires customers to pass an identity verification check. Ledger Recover does not store or access your private keys or your Secret Recovery Phrase. It only creates an encrypted backup of your Secret Recovery Phrase that only you can decrypt with your ID and your Ledger device.