GreenAddress has recently announced a new procedure for enabling access to users’ wallets if they had lost the ability to authenticate with their second factor authentication method. Eligible users include those that have their private mnemonic passphrase available, but do not have access to their second factor authentication method.
New wallet versions will be released with support for the recovery procedure in the coming months, which will allow users to request a two-factor reset that will enable access after a grace period.
GreenAddress has also announced plans to incorporate the CheckSequenceVerify (CSV) feature built into Bitcoin in order to make recovery processing completely trustless and atomic, remove the need for nlocktime files, remove the need for an email address for nlocktime notifications, and to enable newly created addresses in wallets to automatically have the ability to be recovered. Once CSV support is complete and thoroughly tested by the GreenAddress team, they will be enabling it by default for everyone.
As a reminder, users with only a single two-factor authentication method currently enabled are urged to enable a second method as a backup.
More details about the recovery procedure can be found on the GreenAddress blog.