What Is 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.

Step 2: Identity Verification

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 wrapped. 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.

Recovering access to your wallet

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.

• To make self custody accessible to everyone, we must develop innovative products that maintain security while solving concrete hurdles for users.
• 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.
• In our opinion, the majority of this backlash was misguided and based on misunderstandings and incorrect assumptions.
• In short, this service is all about making self-custody more convenient and less frightening.
• Do you have housemates who you can’t trust around your valuables?

What is Ledger Recover? New Feature Review 2024

When a user signs up for Ledger Recover, their seed phrase is encrypted and split into three fragments. This happens within the Secure Element chip inside of a Ledger hardware wallet. Each provider holds a fragment of your encrypted backup, which is useless on its own.

What is Ledger Recover?

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.

Are These “Trusted Parties” Trustworthy?

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.

Important things to know about Ledger Recover

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.

What happens if I stop paying my subscription?

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.

How can I update Ledger Recover password?

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.

Which documents are accepted for identity verification?

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.

Verify your email

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.

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.

• Currently, you can set up a backup for one Secret Recovery Phrase per subscription.
• Following that, you can rest assured that your backup is safe to retrieve whenever you request it.
• If you don’t regularize your payment within 3 months, your subscription will be suspended.
• It only creates an encrypted backup of your Secret Recovery Phrase that only you can decrypt with your ID and your Ledger device.
• For example, if you’re based in the United States, you will pay in the US dollar.
• If you trusted them before not to exfiltrate your keys, you can trust them now not to do it when that feature is off.
• In the end, we will only say “Not your keys, not your crypto“.

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.

• Ledger Recover does not store or access your private keys or your Secret Recovery Phrase.
• I am Amit Chahar, a Crypto and blockchain content creator at Wallet Reviewer.
• 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).
• Since then, she became enamoured with power blockchain technology has to revolutionize multiple industries–not just art!
• Ledger Recover is a subscription service that will cost $9.99 per month.
• With Ledger Nano S Plus, the service is available on desktop only.
• Ledger Recover allows you to restore access to your own wallet whenever you need it.
• 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.

What duties and taxes will I have to pay?

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.

• 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.
• 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.
• 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.
• To learn more about how we collect and use this information, please read our Privacy Policy.

There are several measures in place to assure the trustworthiness of Ledger Recover’s trusted parties. 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. Furthermore, Recovery requests will systematically go through multiple manual identity verifications by independent agents in addition to automatic AI-assisted recognition. All of these aspects are designed to keep users safe from Recover’s trusted parties becoming compromised.

• But for those who want to back up their wallet access, Ledger Recover is the perfect solution.
• 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.
• For example, if you’re based in the United States, you will pay in the US dollar.
• It only creates an encrypted backup of your Secret Recovery Phrase that only you can decrypt with your ID and your Ledger device.
• In these situations, looking after your seed phrase may be more of a burden than not.
• Self-custody is the golden standard of crypto security and Ledger’s goal is to make it easy to use.
• If you don’t regularize your payment within 3 months, your subscription will be suspended.
• If you do choose to update your OS, using any of the services offered on Ledger Live will still require your physical approval.

Which documents are accepted for identity verification?

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.

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 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.

Updating your OS will not automatically sign you up for Ledger Recover. While the white paper is primarily an informational document, we welcome any corrections or suggestions for improvement. If you spot a typo, a sentence that could be clearer, or even a significant error in our explanations, please raise an issue.

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.

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.