Tags: recovery

Safe, Sygnum Bank, CoinCover Partner to Launch Optional Crypto Recovery Hub

Stefan Thomas, the former chief technology officer at Ripple, has an IronKey hard drive containing 7,002 BTC with only two attempts at guessing a password remaining.

Speaking to Cointelegraph, Entero Positivo argued typical seed phrase storage methods are too obvious, so he devised a way to hide a crypto wallet in plain sight.

Ledger’s “Recover” service may be concerning, but some crypto industry participants think the feature may onboard new users while helping crypto natives.

Ledger Recover is an OTA firmware update, which would allow users to back up their seed phrases by third-party entities only if a user chooses to opt-in to the new service.

Ledger’s latest update — aimed at making private seed phrases on its wallets recoverable — was simply an attempt to innovate and improve user security.

Developers say third-party apps can’t access Ledger users’ keys without the device owner’s consent.

If the words of a 12-word seed phrase are known, it’s deceptively easy to enter the wallet and sweep the funds.

Lead on-chain analyst at Glassnode, James Check, explains why taking self-custody of your private keys has become more important than ever and how to do it in a few simple steps.