Leo Wandersleb on Nostr: Funny. So Ledger believes so much in the security of their "Ledger Recover" that they ...
Funny. So Ledger believes so much in the security of their "Ledger Recover" that they don't even run it themselves but leave that to Coincover.
What is Coincover? Well, I'm not sure. This FAQ doesn't resolve the mystery.
But it sounds nice, right? Very trustworthy. And totally not like a subsidiary to avert harm from the mother company.
But fret not! We are all secure! $50k of the subsidiary's funds are already earmarked for you if somebody steals your coins out of their vault and you manage to prove this wasn't done with your copy of the keys. If they find that recovery was invoked with faulty ID verification that is. If they can't find traces of recovery being invoked, they will probably just default to you having moved the funds. The wonders of shared access to private keys!
What is Coincover? Well, I'm not sure. This FAQ doesn't resolve the mystery.
But it sounds nice, right? Very trustworthy. And totally not like a subsidiary to avert harm from the mother company.
But fret not! We are all secure! $50k of the subsidiary's funds are already earmarked for you if somebody steals your coins out of their vault and you manage to prove this wasn't done with your copy of the keys. If they find that recovery was invoked with faulty ID verification that is. If they can't find traces of recovery being invoked, they will probably just default to you having moved the funds. The wonders of shared access to private keys!