You probably know by now that getting a hardware wallet is essential if you want to protect your coins and tokens long-term. But what if your Ledger Nano S or Nano X wallet breaks? Let’s say by accidentally submerging it in water or dropping it from significant heights?
What if you lose the device by misplacing it or accidentally leaving it at some other place?
What if your Ledger device gets stolen?
Let’s not also forget that Ledger hardware wallets are electronic devices — whereas any other electronic device regardless of hardware quality could just randomly break out of nowhere.
No. You don’t lose your funds forever. Always remember that your funds are technically not stored on the Ledger device. Your funds are stored in the blockchain, which is accessed using your Ledger device.
As long as you’ve backed up your 24-word recovery seed correctly, you can simply purchase a new Ledger hardware wallet, then enter in your recovery seed to the new device — giving you back access to your funds.
What if my device gets lost/stolen?
Don’t worry. If you chose a decent PIN that isn’t something like 000000 or 123456, chances are that the founder/thief of your lost Ledger device wouldn’t be able to access your funds.
Remember: if anyone makes 3 wrong pin guesses on the Ledger device, the device wipes itself — removing all potential chances of the founder/thief getting access to your funds. Because of this, we greatly suggest that you use at least a 6-digit PIN to make guessing your PIN significantly harder.
Even though Ledger has this neat device wipe feature though — if you lose your device, we heavily recommend immediately generating a new wallet(and backup) on a new Ledger device, then send over the funds from the old wallet to the new one. Just to be extra sure!
Tip: If you frequently use your hardware wallet, grab an extra Ledger hardware wallet from the Ledger official website. Just so you always have a backup hardware wallet ready, that you can use immediately if it’s the case that your current hardware wallet becomes inaccessible.
Ledger has hardware wallet bundles on their website that they sell at a discount, perfect for having backup devices.
How do I recover my funds after losing my hardware wallet?
- Purchase a brand new Ledger hardware wallet from the official Ledger website if you don’t have an extra hardware wallet yet
- Grab your written 12-24 word recovery backup
- Grab your brand new Ledger hardware wallet, and instead of generating a new wallet, choose the restore wallet option
- Enter the 12-24 words onto the hardware wallet (not by typing it in on your computer), and proceed with the simple instructions
- Reinstall the Ledger apps through Ledger Live
- You now have regained access to your funds