Crypto Asset Recovery
Wallet Recovery Guide
Hardware wallet recovery
Hardware wallet recovery primarily relies on your recovery seed phrase, a unique sequence of 12, 18, or 24 words provided during initial setup. This phrase is the master key to your crypto assets on the blockchain, not the physical device itself.
Recovery Process
If your hardware wallet is lost, stolen, or damaged, you can regain access to your funds by following these general steps:
Retrieve your seed phrase backup: Locate the securely stored, offline backup of your 12, 18, or 24-word recovery phrase.
Obtain a new device: Purchase a new hardware wallet (it can be a different brand, as most use the industry-standard BIP39 protocol). Alternatively, you can use a reputable software wallet temporarily if you need quick access to funds.
Restore the wallet: Follow the manufacturer's instructions to initiate a wallet restoration on the new device, selecting the "Restore Wallet" or "Import existing wallet" option.
Enter the seed phrase: Carefully type the words of your seed phrase into the new device in the correct order, double-checking for accuracy.
Verify access and transfer funds (if compromised): Once the wallet is restored and balances are verified, if your original device was stolen, you should immediately send your funds to a new address generated by a new, uncompromised seed phrase.
Important Considerations
Physical device is a tool: The hardware wallet device itself is just a secure interface for your private keys; the funds live on the blockchain.
Seed phrase is paramount: The seed phrase is your ultimate backup. Anyone with access to it can access your funds.
Never store digitally: Do not store your seed phrase as a text file, email, or cloud document, as this exposes it to online threats and malware.
Use durable storage: Consider stamping your seed phrase into a fire and water-resistant metal plate for long-term durability, rather than relying solely on paper.
Consider a backup device: Having a second, pre-configured hardware wallet with the same seed phrase (stored separately from the primary device and PIN) allows for immediate access in case of an issue, without waiting for a replacement
- Forgot PIN: Most hardware wallets will wipe themselves after a few incorrect PIN attempts, requiring the seed phrase for recovery.
To ensure you have a resilient recovery plan, I can outline some specific products for secure, durable offline seed phrase storage (e.g., metal plates) and their features.