The recovery account can be any other user on the system who knows you by some means other than your public key.
Is this feature available yet?
Is it possible to assign the recovery account in the GUI?
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I can't find the feature either. Could this be because we have already been hacked and a hacker has set themselves up as the recovery account?
I've written a post about it incase anyone has the answer https://steemit.com/steem/@cryptofunk/steemit-com-hack-and-recovery-account-settings