What is Ledger Recover? New Feature Review 2024

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.

Is Ledger Recover available both on desktop and mobile?

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. 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. On your device, after PIN verification, you’ll be asked to initiate a Ledger Recover backup process. This blog post dives into the technical explanation of how this works.

How can I update Ledger Recover password?

• Setting up Ledger Recover requires you to enter the device PIN and consent to start the process on the device.
• In the end, the choice depends on your personal preference and risk tolerance.
• 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.
• This way, the service can verify who you are in the event of a Recovery request, but your private information stays private.
• Your identity details are collected by Ledger Recover ID verification service providers.
• These are highly secure devices that protect and manage digital keys.

Ledger, the world’s biggest manufacturer of hardware cryptocurrency wallets, has recently introduced a new subscription service called ledger recover token. 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.

How Ledger Recover Works

You can read the FAQs of how to sign up for Ledger Recover here. In the end, we will only say “Not your keys, not your crypto“. 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. For the time being, Ledger Recover is available to Ledger customers in EU countries, the UK, Canada, and the USA with a Ledger Nano X or Ledger Nano S Plus. However, it will become available to all Ledger customers in an increasing number of regions soon.

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For any other issues related to credit card payments, reach out to Ledger Recover Support. Currently, you can set up a backup for one Secret Recovery Phrase per subscription.

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

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.

• The code will be displayed on the Ledger device that you’re using to recover access to your wallet.
• Finally, Ledger Recover has undergone independent security audits to check and test its processes.
• To explain the ethos behind it, Ledger Recover uses ID verification due to Ledger’s belief in self-custody and individual autonomy.
• Wrote down my recovery phrase on a piece of paper which I lost during a move.
• When a user signs up for Ledger Recover, their seed phrase is encrypted and split into three fragments.

Who has access to my wallet with Ledger Recover?

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.

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

For many users who are just entering this space, safeguarding a Secret Recovery Phrase may feel like too large a responsibility, one that they’re not comfortable taking on. Other users are concerned about their Secret Recovery Phrase being destroyed or lost through no fault of their own. These concerns may be the reason why some users keep their crypto on an exchange, a less secure but more “comfortable” option for them. If you want to learn more about crypto security and hardware wallets, make sure to check out our list of the best Ledger alternatives. In fact, your seed phrase is enough to gain full access to your wallet. This is why it’s so important to back it up safely and never share your seed phrase with anyone.

Create your username and password

Plus, your Ledger will only allow your seed phrase to leave the wallet as encrypted fragments when you permit it. Setting up Ledger Recover requires you to enter the device PIN and consent to start the process on the device. Without your permission, the device will not (and cannot) fragment or send the encrypted fragments anywhere. That means if someone wants to exploit Ledger Recover to steal your seed phrase, they would need to have your PIN in the first place, which would already give them access to your wallet. To understand the thought behind it, you must first understand who it was made for.

How much does Ledger Recover cost?

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.

What duties and taxes will I have to pay?

The purpose of the Ledger Recover service is to provide an additional backup in case you lose access to your existing seed phrase backup. Ledger Recover can generally be regarded as safe, although it is not risk-free. When you’re using Ledger Recover, encrypted fragments of your private keys are stored on servers that are not under your control, so there is a degree of trust involved. You also need to trust Ledger and Coincover that they will be handling your personal information safely. However, some crypto users may still choose to keep their secret recovery phrase offline and avoid depending on third-party services.

Enter the 6-digit code from your authenticator app

• The code will be displayed on the Ledger device that you’re using to recover access to your wallet.
• Your Ledger Recover subscription is officially activated once you have successfully validated your identity and secured your Secret Recovery Phrase backup.
• If you choose not to update your OS, you will potentially miss out on important security updates.
• When a user signs up for Ledger Recover, their seed phrase is encrypted and split into three fragments.
• Wrote down my recovery phrase on a piece of paper which I lost during a move.
• 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.
• 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.

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.

• 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.
• 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.
• You also need to trust Ledger and Coincover that they will be handling your personal information safely.
• There are several measures in place to assure the trustworthiness of Ledger Recover’s trusted parties.
• Hopefully, our article helped you understand what Ledger Recover is and which users the service is aimed at.
• Ledger, the world’s biggest manufacturer of hardware cryptocurrency wallets, has recently introduced a new subscription service called Ledger Recover.
• Ledger OS updates can only be performed if you authorize them manually with your Ledger device.

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.

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.

What is a One-Time Security Code?

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.

How can I recover access to my wallet?

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.

Coincover and Ledger store an encrypted excerpt of this data. To learn more about how we collect and use this information, please read our Privacy Policy. One-Time Security Code provides an additional level of security to Ledger Recover. The code will be displayed on the Ledger device that you’re using to recover access to your wallet. You’ll be asked to provide the code during the identity verification process. To restore your keys, you need two out of three fragments that are securely kept by the three independent and trusted companies.

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.