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.
Why do I need 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.
Is Ledger Recover safe?
- KYC involves ID verification but it can also include revenue information, record of criminal activity, citizenship check, etc.
- If you spot a typo, a sentence that could be clearer, or even a significant error in our explanations, please raise an issue.
- The Ledger Recover service is not free, as it costs $9.99 per month (€9.99 per month if you’re in Europe).
- However, it will become available to all Ledger customers in an increasing number of regions soon.
- If you fail to pay the subscription within 7 days, you won’t be able to recover your private keys using Ledger Recover.
- For a complete but less technical dive, you can read our blog series The Genesis of Ledger Recover.
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.
- 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.
- If you trusted them before not to exfiltrate your keys, you can trust them now not to do it when that feature is off.
- You’ll be able to recover your wallet only if your subscription is active.
- However, should someone steal your funds using Ledger Recover, Coincover offers users $50,000 in compensation.
Which documents are accepted for identity verification?
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.
Enter the 6-digit code from your authenticator app
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.
How can I update Ledger Recover password?
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. It’s a completely paid optional service, designed to help users take custody of their assets, no matter their situation. The crypto space can be daunting, especially when it comes to securing your assets. One of the biggest hurdles blockchain technology faces is its accessibility.
Is Ledger Recover available to B2B businesses such as companies, enterprises, or institutions?
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.
Verify your identity to start backing up access to your wallet
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.
LedgerHQ/recover-whitepaper
- Ledger Recover can also help those without a safe place to store their seed phrase.
- 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.
- The purpose of the Ledger Recover service is to provide an additional backup in case you lose access to your existing seed phrase backup.
- This means that you are the only one who can access and control your crypto assets, without relying on intermediaries or custodians.
- With Ledger Stax, Ledger Flex and Ledger Nano X, the service is available on the Ledger Live desktop and mobile app.
- These concerns may be the reason why some users keep their crypto on an exchange, a less secure but more “comfortable” option for them.
- This blog post dives into the technical explanation of how this works.
- 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.
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.
Is Ledger Recover safe?
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.
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.
- You’ll be able to recover your wallet only if your subscription is active.
- In the end, we will only say “Not your keys, not your crypto“.
- If you trusted them before not to exfiltrate your keys, you can trust them now not to do it when that feature is off.
- 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.
- Valid driver’s licenses also accepted for Canadian and US users.
- However, should someone steal your funds using Ledger Recover, Coincover offers users $50,000 in compensation.
- Currently, you can set up a backup for one Secret Recovery Phrase per subscription.
- Jem started her web3 journey in journalism, running the NFT news site NFTevening.
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.
Are These “Trusted Parties” Trustworthy?
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.
How can I recover access to my wallet?
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.
How many times per month/year can I try to recover access to my wallet?
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.
Can you recover a Ledger device without Ledger Recover?
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 ethereum 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.
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.
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.
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!
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.
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.
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.