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 Ledger Recover Works

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.

Pros (Advantages of Using Ledger Recover):

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.

Why do I need to provide my identity information to subscribe to Ledger Recover?

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.

Which documents are accepted for identity verification?

• Hopefully, our article helped you understand what Ledger Recover is and which users the service is aimed at.
• 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.
• While the white paper is primarily an informational document, we welcome any corrections or suggestions for improvement.
• There are several measures in place to assure the trustworthiness of Ledger Recover’s trusted parties.
• You also need to trust Ledger and Coincover that they will be handling your personal information safely.

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.

Is My Crypto Still in “Self Custody” After Using 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.

Complete your Ledger Recover activation

• 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.
• Restore access to your crypto wallet in case of a lost or out of reach Secret Recovery Phrase.
• Ledger Recover requires customers to pass an identity verification check.
• At this point, two of the three parties will send back their fragments to your Ledger device using the same Secure Channel mechanism.
• 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.
• 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.
• These encrypted pieces are worthless by themselves and can only be unlocked by your Ledger device with your ID verification.
• 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.

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.

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

I am Amit Chahar, a Crypto and blockchain content creator at Wallet Reviewer. 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 is a great service if you have issues with forgetting to lose your backups. Remember, History says “Centralized security systems can be breached and hacked“. Your private keys never leave your Ledger device or the Secure Element chip.

Complete your Ledger Recover activation

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.

Is Ledger Recover safe?

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.

• Now, she helps the Ledger Academy with Editorial Content and SEO.
• This means that even if one of the three companies participating in Ledger Recover were to be compromised, your funds would remain safe.
• That’s what Ledger Recover, provided by Coincover, is all about.
• 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.
• Let’s explore what Ledger Recover actually is and whether the service is right for you.
• 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.

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.

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.

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.

What happens if I stop paying my subscription?

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.

• Please note that while the redeem code purchase is charged in your local currency, any monthly renewal payment will be processed in EUR (Euros).
• If you have any other physical/digital copies of your recovery sheet or Secret Recovery Phrase, it’s your responsibility to secure them.
• This is why it’s so important to back it up safely and never share your seed phrase with anyone.
• Another option is to reset an already-used device to its factory settings.

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.

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 north. 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.

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.

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.