Losing your Ledger Nano wallet as a crypto user can be quite disturbing and worrisome, most especially when it seems as if there is no other alternative to recover your assets on the hardware wallet, but knowing what to do or the steps to take at that moment will not only save you energy and time but also sleepless nights.
Therefore, this article will provide insights on what to do when your Ledger Nano wallets get missing. Keep Reading!
Key Takeaway
• A missing ledger Nano wallet doesn’t mean that your crypto assets are forever gone unless it has been successfully hacked.
• If your wallet gets missing, stolen, or lost, you can easily and securely recover all of your crypto assets, provided you still have access to your wallet’s recovery seed.
• All of your crypto assets are stored on a Blockchain network, not on Ledger wallets or any other wallets
• The Ledger Nano wallets usually store the recovery seed that you backup offline, on a paper or stainless steel recovery seed backup device in some instances.
• If you can’t access your Ledger Nano wallet, you can import the recovery seed into another Ledger wallet and immediately regain access to all crypto assets, balances, and transaction data.
• Taking responsibility for your recovery phase is one of the most important considerations you’ll have as a crypto owner.
• If you lose your recovery seed phrase, or you’ve noted it down wrong – your crypto is gone.
SEE ALSO: What to Do When Ledger Nano Wallet Falls into Water?
SEE ALSO: Ledger Nano S PLUS Vs. Ledger Nano X (Best Comparison)
SEE ALSO: How to Use Ledger Nano Products with WalletConnect
What to Do When Your Ledger Nano Wallet Gets Missing?
When your Ledger Nano wallet gets lost or stolen, there are three main options available
1. Wait until you get a new Nano wallet to recover your crypto assets by importing the seed phrase.
2. Immediately import the recovery seed phrase into a compatible software wallet(s) and recover your assets using the software wallet(s). You have to ensure that the soft wallet is compatible with the cryptos that you are sending. MetaMask, MyEtherWallet, and Jaxx are some of the good soft wallets that support a variety of cryptocurrencies.
3. Keep hoping you will suddenly find it (Which is not really an option!)
Using a Back-up Ledger Device
Using a backup Nano device is one of the most effective ways of protecting yourself against the loss and theft of your Ledger Nano device.
To use a backup Ledger device is not too complicated, all you have to do is simply recover your existing wallet on a second backup Nano, by selecting “restore device” as you set it up, and entering your existing 24 recovery seed phrase, which will automatically recover every existing crypto accounts on this second device, making it a replica of your main Ledger nano wallet, with every one of your accounts restored on it.
Once this is done, you can now store your backup wallet in a safe place where no one else can easily access it. And if you ever lose your main Ledger Nano wallet, all you just have to do is simply go and get your Backup, and boom! you will be able to access your assets again.
Using a backup device is not to dissuade you from storing your recovery seed phrase safely because you must do so to have unrestricted access to your cryptocurrencies or recover your accounts no what happens in the future.
But having both your recovery seed phrase and a fully functional backup wallet will ensure that no matter what happens you have unrestricted access to your crypto assets any day, anytime.
See some Ledger Nano wallet options below.
[table id=18 /]
Frequently Asked Questions (FAQs)
Q1. Can someone else access my crypto using my Nano?
As earlier stated, your crypto assets are not stored directly on your Ledger Nano wallet, rather it is used in storing the private keys to your blockchain addresses, while your crypto assets remain on the Blockchain.
The answer is No, absolutely nobody can access your private keys if they peradventure find your missing device.
Q2. Can you recover a lost Ledger Nano?
You might not be able to recover the device itself, but as long as you have your recovery phrase, you will always be able to access your crypto assets. You can restore any Ledger device using your recovery phrase to recover all the wallet configuration, balance, etc.
Q3. Can I restore the Ledger wallet without Ledger?
Yes, of course. You can restore your Ledger wallet without Ledger once you have your recovery phrase, which is the key to all your crypto assets.
If your Ledger nano device gets stolen or stops working, you can restore access to your cryptocurrencies by importing your recovery seed phrase on any compatible hard or soft wallet.
Q4. Can a nano Ledger be hacked?
Ledger devices are securely designed to store private transactions and other sensitive information that should be hidden from the view of everyone else except the owner.
Unlike mobile or soft wallets, a Ledger Nano wallet cannot be hacked without direct contact and access to the device.
Final Thoughts
In a situation whereby you purchase a new nano wallet due to the inability to recover the missing one, ensure you link and transfer your assets to the new wallet by importing the recovery seed phrase. Remember losing your Ledger device does not automatically translate to losing your crypto assets.
Your PIN code acts as a barrier preventing anyone else from getting access to your device without your permission and your stored recovery phrase keeps you linked with your precious blockchain addresses, so you can always access your accounts. Ensure you protect both of them from others.
Finally, as long as you have your recovery phrase somewhere safe that only you and you alone can access, you don’t need to worry about losing your wallet.
You can always easily get a new Ledger device, import your recovery phrase, and boom! you’re back into the game.
It is also recommended that you have a backup Ledger device set up with the same recovery phrase to easily access your crypto asset in the instances something gets lost or goes wrong.
Read More
