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.
Important things to know about Ledger Recover
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.
Is My Crypto Still in “Self Custody” After Using Ledger Recover?
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 core is a backup service for your Secret Recovery Phrase, which is a series of words that lets you access your crypto wallet.
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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.
What Is 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.
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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.
- Welcome to the GitHub repository for the Ledger Recover Cryptographic Protocol White Paper!
- 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.
- You need to create your Ledger Recover login manually by entering your email and password.
- If you don’t want to update your Ledger OS, your Ledger device will remain functional.
- You will need to pay an administration fee of 50 EUR along with any outstanding balance.
- To set up Ledger Recover, you will need a Ledger Nano X device and a subscription to the service.
- Upon her friend’s recommendation to invest in Bitcoin in 2015, she became interested in all things crypto.
- 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.
Complete your Ledger Recover activation
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.
How to Restore Your Crypto Account with Ledger Recover?
- If you trusted them before not to exfiltrate your keys, you can trust them now not to do it when that feature is off.
- Following that, you can rest assured that your backup is safe to retrieve whenever you request it.
- Currently, you can set up a backup for one Secret Recovery Phrase per subscription.
- 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 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.
Managing Ledger Recover password
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.
Who has access to my wallet with 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. 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.
Is Ledger Recover available to B2B businesses such as companies, enterprises, or institutions?
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.
Recovering access to your wallet
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.
Verify your identity to start backing up access to your wallet
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.
- If you have any other physical/digital copies of your recovery sheet or Secret Recovery Phrase, it’s your responsibility to secure them.
- Your private keys never leave your Ledger device or the Secure Element chip.
- Firstly, blockchain addresses are hexadecimal addresses, i.e long and complicated.
- However, some crypto users may still choose to keep their secret recovery phrase offline and avoid depending on third-party services.
- To use the service, you must also go through a KYC process with an ID document and a selfie recording.
- 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.
Is Ledger Recover available both on desktop and mobile?
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.
Who is Ledger Recover for?
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.
Verify your identity to start backing up access to your wallet
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.
- 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.
- This means you stay protected, even if your device and the seed phrase go up in flames.
- Plus, your Ledger will only allow your seed phrase to leave the wallet as encrypted fragments when you permit it.
- As a crypto user, you know how crucial it is to keep your Secret Recovery Phrase in a safe and secure place.
- 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.
- Your identity is under your control, as opposed to social Recovery which relies on another party.
- This happens within the Secure Element chip inside of a Ledger hardware wallet.
- All of these aspects are designed to keep users safe from Recover’s trusted parties becoming compromised.
- It’s a completely paid optional service, designed to help users take custody of their assets, no matter their situation.