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CTO claims it's 100% secure[1] (whatever that means):

The main takeaway from the White Paper? Our upcoming service to be launched in Q4 2023, Ledger Recover, provided by Coincover, is 100% secure, and you can learn precisely how it works technically and examine the service yourself.
  1. https://twitter.com/P3b7_/status/1671489334858375168