Lost Or Stolen Cryptocurrency Hardware Wallet: Guide To Recovering Assets

Feb 23, 2024

Losing your hardware wallet can be scary, particularly if there’s a lot of money at stake. Don’t panic! Check out the latest advice from The Crypto Merchant on what you can do to recover your crypto.

We’ve all been culprits of misplacing important items. Can’t find your glasses? Forgotten where you put your keys? Losing things can be stressful but there’s nothing more terrifying than losing a digital wallet containing the keys to thousands in digital assets.  Recovering crypto isn’t easy but it can be done! 

Find out what to do if you lose your crypto wallet at https://www.thecryptomerchant.com/blogs/resources/what-to-do-if-you-lose-your-crypto-hardware-wallet-a-guide-to-mitigating-losses  

The significance of hardware wallets

The Crypto Merchant's new guide highlights the significance of hardware wallets in safeguarding your cryptocurrency private keys. Remember prevention is better than cure! Unfortunately, if you lose your hardware wallet, your corresponding private keys will also be lost, meaning your digital assets could be lost forever.

According to a recent study by Chainalysis, up to 23% of Bitcoin (BTC) could be lost indefinitely due to lost or forgotten keys. “The implications of losing access to a crypto hardware wallet can be far-reaching, particularly in financial terms,” notes the guide. “If no backup of the wallet has been created, the retrieval of the lost crypto assets might prove impossible.”

Preventing the loss of hardware wallets

As explained in the guide, creating a backup is a crucial aspect of hardware wallet security. In addition, the experts recommend storing your hardware wallet in a safe or security deposit box to serve as an additional prevention measure against loss.

What to do if you lose your hardware wallet

In the unfortunate event that your hardware wallet is lost, you need to respond quickly. “If you possess other crypto assets stored in a different wallet, it's crucial to promptly transfer them to a secure wallet, employing a new private key,” says the guide. This is to ensure that any remaining assets are protected from potential compromise if your private keys fall into malicious hands.

If assumed stolen, you should report to the relevant authorities as soon as possible. This includes reporting to the wallet manufacturer who may be able to offer additional assistance and guidance on how to recover lost assets. You can also enlist the help of crypto recovery services to regain access to your hardware wallet. However, these services can be costly, The Crypto Merchant warns, often charging up to 30% of the recovered assets in fees.

The easiest way to recover lost crypto is to ensure it never gets lost in the first place. So make sure you secure your private keys, create a backup and keep your hardware wallet somewhere safe, that only you can access. Regain control of your cryptocurrency by visiting https://www.thecryptomerchant.com/blogs/resources/what-to-do-if-you-lose-your-crypto-hardware-wallet-a-guide-to-mitigating-losses

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