One of the largest crypto hardware wallet providers is introducing a new service for users who want to have a backup of their secret recovery phrase.
The secret recovery phrase is used to restore access to crypto wallets in case the hardware device is lost or destroyed. Without the recovery phrase, users lose access to their funds.
Crypto hardware wallet firm Ledger say the new service, Ledger Recover, will enable the recovery of lost seed sentences.
“Ledger Recover is an ID-based key recovery service that provides a backup for your secret recovery phrase. If you lose or cannot access your Secret Recovery Phrase, the service allows you to safely recover your private keys using a Ledger device.
Critics say using Ledger Recover comes with risks. Say privacy lawyer Seth For Privacy on social media platform
“By using this service, you sign up for easy seizure of funds if Ledger voluntarily (or unwittingly under government pressure) decides to partner with one of the other storage providers. Please do not use this service.”
General ledger say the $9 per month subscription is optional.
“The subscription to Ledger Recover is not automatic. To subscribe, you must pay for a subscription and approve the backup to your Ledger Nano
Charles Guillemet, Chief Technology Officer of Ledger say the service is also targeted at certain users.
“Ledger Recover is designed for users who want to add improved resilience in case their Secret Recovery Phrase (SRP) is ever lost or destroyed. Concerns about securing their suggested retail price may cause users to shy away from using a hardware wallet and use less secure options.”
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Generated image: Midjourney