According to Cointelegraph, Ledger, a prominent provider of hardware cryptocurrency wallets, has launched a new offline tool designed to facilitate private key recovery for users. This tool aims to help individuals regain access to their crypto wallets without the need for cloud-based services or personal data. The Ledger Recovery Key is a physical recovery tool that allows users of Ledger Flex or Ledger Stax wallets to store their private keys on a smart card equipped with NFC connectivity.
Unlike Ledger's previous key recovery product, Ledger Recover, which relies on cloud-based hardware security modules to store encrypted fragments of recovery phrases, the Ledger Recovery Key remains offline and is safeguarded by its own PIN. This tool is optional for Ledger wallet users and does not require identity verification or the collection of personal details, differentiating it from Ledger Recover. The Ledger Recovery Key enables users to recover access to their assets by simply tapping the smart card and entering a PIN. It exclusively supports NFC-connecting Ledger Flex and Ledger Stax wallets, connecting directly to Ledger devices through secure NFC wireless channels without intermediaries.
The Ledger Recovery Key is constructed as a physical NFC smart card that facilitates offline private key storage. It incorporates Secure Element technology, which serves as the primary security layer and is the same technology used in Ledger wallet devices. As part of Ledger's commitment to transparency, the application code for the Ledger Recovery Key is open-sourced on GitHub and accompanied by its own white paper. The tool has undergone rigorous internal security testing with Donjon, Ledger's white hat hacker team, and has been externally audited by cybersecurity firm Synacktiv, among others.
Charles Guillemet, Ledger's chief technology officer, expressed enthusiasm about the positive feedback received from security researchers and industry leaders. He stated that the company is eager to unveil the tool to the world for further feedback ahead of its upcoming launch. This development underscores Ledger's dedication to enhancing security and privacy for cryptocurrency users, providing them with innovative solutions for safeguarding their digital assets.