This article provides step by step instructions on how to recover your cryptoassets if yourTrezor Model T,Trezor One, Ledger Nano X, orLedger Nano Shardware wallet is lost, stolen or damaged.
If yourhardware walletis lost, stolen or damaged,you can easily and securely recover all of your cryptoassets, as long as you have access to the 12, 18 or 24 word recovery seed.
All of your cryptocurrency is actually stored on the collective Blockchain network. The hardware wallet stores the recovery seed that you backup offline, on paper or much better yet on a stainless steel recovery seed backup device.
If you no longer have access to your hardware wallet, you can import the recovery seed into another wallet and you will regain access to all of your accounts, balances and transaction data.
If your device is damaged and you still have access to it, then there is no risk of the recovery seed being compromised. Ledger and Trezor products come with warranties and you should be able to get a free replacement, especially if you purchase from an Authorized Retailer.
In this case, you can just recover your cryptoassets by importing the recovery seed into the replacement hardware wallet.
When your hardware wallet is lost or stolen, you have two main options.
- Wait until you get a new hardware wallet to recover your cryptoassets.
- Immediately import your 12 word seed into a software wallet(s) and recover your assets using the software wallet(s).
There is a low risk that if your device is lost or stolen, an experienced hacker with engineering skills who has access to the physical device could extract the recovery seed.
If your Trezor Model T was lost, or stolen by a random person not specifically targeting your cryptoassets, then the chances are low that an expert hacker will be able to get their hands on the device and extract the 12 word seed from the microchip before you can send your assets to a new recovery seed.
Note: Even though this risk is low, you can eliminate it by purchasing an extra hardware wallet. Read more about this here in our guide to Hardware Wallet Redundancy Strategies.
This way, if one of your devices is lost, stolen or damaged, you can immediately recover your cryptoassets on another hardware wallet. You can recover many of the same cryptoassets with both Trezor and Ledger hardware wallets.
However, if you are concerned about the risk of a hacker getting their hands on your device, and you only have one hardware wallet, you can import your recovery word seed into a compatible software wallet and send your assets to a wallet with a different recovery seed.
Make sure the software wallet is compatible with the coins that you are sending.ExodusandJaxxare good software wallets that support a variety of cryptocurrencies.
Usually it is safe to wait for a new hardware wallet to recover your crypto assets. At The Crypto Merchant we offer overnight as well as 2 day express shipping onverified secure hardware wallets.
Once you get a new hardware wallet, it is recommended that you eliminate the risk of your recovery seed being compromised by first recovering your assets with your original recovery seed, and then sending your assets to a new recovery seed.
You can do this even if you only have access toone hardware wallet. Below are step by step instructions on how to complete this process with theTrezor Model T, Trezor One or Ledger Nano S.
Trezor Model T or Trezor One:
- Setup the wallet with a new word seed. Go tohttps://trezor.io/start/. Plug in your device and select "Create a new wallet."
- Securely backup the new word seed offline
- Copy down all of the public addresses for the coins that you are using. You can just copy and paste them into a text document. Each coin has their own unique public addresses. However, the ERC20 tokens all share Ethereum addresses. To copy the public addresses for each coin, click on receive and then confirm the action on your device. The address will then be available to copy.
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- Wipe the device. Click on the name of your device -> advanced -> scroll down and wipe device.
- Recover the Trezor with the word seed that is on the lost device. Disconnect and Reconnect the Trezor. Go tohttps://trezor.io/start/. Click "Recover wallet."
- Follow the steps and import the recovery seed that was on your lost device.
- You will now have access to all of your cryptoassets, balances and transaction data.
- Send all of your crypto assets to the public addresses that you copied into the text document (This will send all of your cryptoassets to the new word seed that you created).
- Wipe the device.
- Recover the Trezor with the new word seed. Click "Recover wallet,” but this time, import the new word seed.
You will now have all of your cryptoassets on a new Trezor Model T with a new and secure word seed.
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Ledger Nano S:
- Reset Ledger Live. Open Ledger Live and click on settings (the gear icon in the top right). Then “help” and scroll down and click “Reset.”
- Setup your new Ledger Nano S with a new word seed. Plug in your Ledger Nano S, open Ledger Live and click on “Initialize as new device.”
- Securely backup the new word seed offline.
- Copy down all of the public addresses for the coins that you are using. You can just copy and paste them into a text document. Each coin has their own unique public addresses. However, the ERC20 tokens all share Ethereum addresses. To copy the public addresses for each coin, click on receive and then confirm the action on your device. The address will then be available to copy.
- Reset your Ledger Nano S. On the Ledger Nano S, go to Settings -> Device -> Reset All. (If you lost your PIN code, you can reset your device by entering in three failed PIN attempts).
- Reset Ledger Live.
- Recover the Ledger Nano S with the word seed that is on the lost device. In Ledger Live, click on “Restore device from recovery phrase.”
- Follow the steps and import the recovery seed that was on your lost device.
- You will now have access to all of your cryptoassets, balances and transaction data.
- Send all of your crypto assets to the public addresses that you copied into the text document (This will send all of your crypto assets to the new word seed that you created).
- Reset the Ledger Nano.
- Reset Ledger Live.
- Recover the Ledger Nano S with the new word seed. Select “Restore device from recovery phrase” but this time, import the new word seed. You will now have all of your cryptoassets on a new Ledger Nano S with a new and secure word seed.
You now have all the necessary steps to recover your cryptoassets safely in the unfortunate event that yourhardware walletis lost, stolen or damaged. In order to complete this process, youmust have access to your recovery seed.This is why securing the backup copy of your recovery seed is the highest priority of hardware wallet security. The best way to do this is to use a stainless steel recovery seed backup tool.
Always remember to keep your recovery seed offline, secure and accessible. As long as you do this, you can rest assured that your crypto assets are protected and retrievable at any time.
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As an enthusiast with extensive knowledge in the field of cryptocurrency and hardware wallets, I can confidently provide insights into the concepts discussed in the article. My expertise is demonstrated through a deep understanding of the recovery processes for popular hardware wallets such as Trezor Model T, Trezor One, Ledger Nano X, and Ledger Nano S.
The article primarily focuses on the recovery of cryptoassets in the event of a lost, stolen, or damaged hardware wallet. The key concepts covered include:
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Cryptocurrency Storage on the Blockchain:
- The article emphasizes that cryptoassets are stored on the collective Blockchain network, not within the hardware wallet itself. The hardware wallet serves as a secure storage for the recovery seed.
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Recovery Seed Importance:
- The recovery seed, consisting of 12, 18, or 24 words, is crucial for recovering cryptoassets. It is recommended to store this seed offline, either on paper or, preferably, on a stainless steel recovery seed backup device.
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Recovery Options:
- In case of a lost or damaged hardware wallet, users have two main options: waiting for a new hardware wallet or immediately importing the recovery seed into a software wallet to regain access to cryptoassets.
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Risk of Recovery Seed Compromise:
- The article acknowledges the low risk of an experienced hacker extracting the recovery seed if the hardware wallet is lost or stolen. This risk can be further minimized by purchasing an extra hardware wallet for redundancy.
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Importing Recovery Seed:
- Step-by-step instructions are provided for importing the recovery seed into a new hardware wallet or a compatible software wallet, such as Exodus or Jaxx.
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Specific Instructions for Trezor and Ledger Devices:
- Detailed instructions are given for recovering cryptoassets using a replacement hardware wallet for both Trezor (Model T and Trezor One) and Ledger (Nano S) devices.
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Security Measures:
- Security measures include wiping the lost or damaged device before recovery and ensuring that the recovery seed is not compromised during the process.
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Hardware Wallet Redundancy:
- The article suggests hardware wallet redundancy strategies, such as having an extra device, to mitigate the risk of losing access to cryptoassets.
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Stainless Steel Recovery Seed Backup Tool:
- Emphasis is placed on using a stainless steel recovery seed backup tool for enhanced security and durability.
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Ongoing Security Practices:
- The importance of ongoing security practices, such as keeping the recovery seed offline, secure, and accessible, is highlighted to ensure the protection and retrievability of crypto assets.
In conclusion, the article provides comprehensive guidance for users to recover their cryptoassets securely, demonstrating a nuanced understanding of hardware wallet functionality and security considerations.
