Wallet recovery made easy with Ledger Recover Ledger

ledger recover depth 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.

Wallet recovery made easy with Ledger Recover

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.

And How Do These Parties Store My Information: Is That Secure?

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 get a Ledger Recover subscription with a Ledger crypto wallet

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.

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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.

Which documents are accepted for identity verification?

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.

Who is Ledger Recover for?

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.

Pros (Advantages of Using Ledger Recover):

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.

LedgerHQ/recover-whitepaper

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.

• Subscription requires a valid passport or national identity card.
• 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.
• 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.
• To go through Ledger Recover identity verification you need a valid, government-issued document and be the rightful owner of that document.
• We have created this product for these users to feel confident using our products.
• Ensuring the security of your cryptocurrency is a question that every crypto investor must tackle at some point in their investing journey.
• Ledger Recover can restore your private keys to your device, but it can’t provide you with your Secret Recovery Phrase.
• Updating your OS will not automatically sign you up for Ledger Recover.

How to Restore Your Crypto Account with Ledger Recover?

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.

Pros (Advantages of Using Ledger Recover):

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.

Managing Ledger Recover password

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.

Important things to know about Ledger Recover

• You also need to trust Ledger and Coincover that they will be handling your personal information safely.
• While the white paper is primarily an informational document, we welcome any corrections or suggestions for improvement.
• Ledger Recover comprises extensive identity verification processes—performed by Coincover within a secure environment built by Ledger.
• On your device, after PIN verification, you’ll be asked to initiate a Ledger Recover backup process.
• There are several measures in place to assure the trustworthiness of Ledger Recover’s trusted parties.

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.

• Wrote down my recovery phrase on a piece of paper which I lost during a move.
• If you choose not to update your OS, you will potentially miss out on important security updates.
• The code will be displayed on the Ledger device that you’re using to recover access to your wallet.
• When a user signs up for Ledger Recover, their seed phrase is encrypted and split into three fragments.
• Two of the three encrypted fragments will be sent back to your Ledger device, reassembling them to build your private key.
• 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 one of the companies holding a fragment shuts down, you will still be able to restore your keys until another trusted company replaces it.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Each fragment is then sent to a separate company—Coincover, Ledger, and Escrowtech. By itself, each fragment does not hold enough information to access your wallet, and at least two fragments are required to recover your wallet. Since cryptocurrency transactions are irreversible, it’s very difficult to recover funds if your crypto wallet gets hacked. This is why ensuring that your crypto remains safe and sound is of the utmost importance. Ledger Recover is a backup service for your Secret Recovery Phrase, which is a series of words that lets you access your crypto 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.

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.

Payments are settled in the currency of your country of residence. For example, if you’re based in the United States, you will pay in the US dollar. In the event of a rejected payment, please contact your bank directly.

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.

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.

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.