Hardware wallet Ledger launches ID-based key recovery feature "Ledger Recover," facing opposition from some users

2023-05-16 20:37:26

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ChainCatcher message, Ledger has released the Nano X cold wallet firmware update 2.2.1, which introduces the Ledger Recover recovery feature. This feature is an ID-based key recovery service that provides backup for users' private key recovery phrases. The feature requires a subscription to enable (at $9.99 per month), and it has raised concerns among some users regarding privacy and security.

The service splits the private key recovery phrase into three encrypted shards and distributes them to three custodians: Ledger, the crypto custodian Coincover, and the code custodian EscrowTech. If someone loses their recovery phrase, they can combine two of the three shards (pending ID verification) to regain access to their locked funds. (source link)

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Ledger private key management

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