What Is Ledger Recover And How It Works?

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.

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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 is Ledger Recover and how it works?

If you lose or don’t have access to your Secret Recovery Phrase, you can use Ledger Recover to restore your crypto wallet on a new or existing Ledger device. You will need an internet connection and a smartphone with a camera. When you need to recover your crypto account, you will need to verify your identity again with your ID card and connect your Ledger device. While this setup makes you enjoy all the benefits of self-custody and complete control over your assets, it also makes you solely responsible for their protection. Ledger Recover is designed for users who want to add an enhanced layer of security in case their Secret Recovery Phrase is lost or when they can’t access it. Ledger Recover allows you to restore access to your own wallet whenever you need it.

Is Ledger Recover safe?

• Ledger Recover can restore your private keys to your device, but it can’t provide you with your Secret Recovery Phrase.
• 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.
• We have created this product for these users to feel confident using our products.
• Subscription requires a valid passport or national identity card.
• Ledger is a great service if you have issues with forgetting to lose your backups.

Now, she helps the Ledger Academy with Editorial Content and SEO. You have 1 year to activate your redeem code from the moment you receive it. You can try to recover access to your wallet up to 3 times per month and up to 10 times per year. With Ledger Stax, Ledger Flex and Ledger Nano X, the service is available on the Ledger Live desktop and mobile app.

How can I recover access to my wallet?

• Restore access to your crypto wallet in case of a lost or out of reach Secret Recovery Phrase.
• All of these aspects are designed to keep users safe from Recover’s trusted parties becoming compromised.
• As a crypto user, you know how crucial it is to keep your Secret Recovery Phrase in a safe and secure place.
• You’ll need to identify yourself twice to both Coincover and Ledger’s identity verification providers before you’ll be able to use the service.
• Ledger Recover is a convenient and secure backup service for your Secret Recovery Phrase, but it also has some limitations and trade-offs.
• 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.
• At this point, two of the three parties will send back their fragments to your Ledger device using the same Secure Channel mechanism.

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, 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.

• I am Amit Chahar, a Crypto and blockchain content creator at Wallet Reviewer.
• Ledger Recover is a subscription service that will cost $9.99 per month.
• Ledger Recover requires customers to pass an identity verification check.
• You’ll need to identify yourself twice to both Coincover and Ledger’s identity verification providers before you’ll be able to use the service.
• Ledger Recover allows you to restore access to your own wallet whenever you need it.
• While cryptocurrencies promise to have a major impact on the way we use and think about money, they also bring unique challenges.
• 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.

How much does Ledger Recover cost?

• 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 also help those without a safe place to store their seed phrase.
• 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.
• Valid driver’s licenses also accepted for Canadian and US users.
• In the event of a rejected payment, please contact your bank directly.
• This service is meant for customers who want to have an encrypted backup for their Secret Recovery Phrase.
• 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 Recover uses your ID and a selfie to verify who you are, via its Identity Verification provider, Onfido. Then, it links your identity to encrypted fragments of your seed phrase. The identity providers store this ID data in an encrypted form.

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

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.

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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.

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

Ledger Recover is a convenient and secure backup service for your Secret Recovery Phrase, but it also has some limitations and trade-offs. However, should someone steal your funds using Ledger Recover, Coincover offers users $50,000 in compensation. Self-custody is the golden standard of crypto security and Ledger’s goal is to make it easy to use. In short, this service is all about making self-custody more convenient and less frightening. Your Ledger Recover subscription is officially activated once you have successfully validated your identity and secured your Secret Recovery Phrase backup.

How much does Ledger Recover cost?

Finally, Ledger Recover has undergone independent security audits to check and test its processes. That means you can rest assured that your wallet backup is in safe hands. Put simply, Ledger Recover is a way to create a backup of your wallet access. 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. To begin creating the digital backup to access your wallet, you must first set up your Ledger wallet and sync it to the Ledger Live app.

• In our opinion, the majority of this backlash was misguided and based on misunderstandings and incorrect assumptions.
• Ledger Recover was developed for those who want to back up their wallet access regardless of wherever they are in the world or whatever they’re doing.
• Ledger Recover uses your ID and a selfie to verify who you are, via its Identity Verification provider, Onfido.
• You can read the FAQs of how to sign up for Ledger Recover here.

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.

• 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.
• 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.
• The purpose of the Ledger Recover service is to provide an additional backup in case you lose access to your existing seed phrase backup.
• 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.
• Keeping your device nearby, grab a valid ID and follow the instructions to complete your login setup.

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.

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.

The encrypted fragments are securely sent to three independent providers – Ledger, Coincover, and EscrowTech – that store them in Hardware Security Modules (HSMs). These are highly secure devices that protect and manage digital keys. As a crypto user, you know how crucial it is to keep your Secret Recovery Phrase in a safe and secure place. This is a 12 to 24-word phrase that lets you restore your private keys and access your crypto wallet if you lose or damage your Ledger device. 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.

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 merge 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.

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.

LedgerHQ/recover-whitepaper

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.

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.

• Written by Phil Culbertson
• Filled in Ledger