lost HW-wallet: is importing the 12word enough?

stomachgrowls

hero member

Activity: 2856

Merit: 769

Quote from: The Cryptovator on July 15, 2022, 11:56:42 AM

If I were you and lost the device, I would restore my wallet to Electrum or any other client and then move funds to a new hardware wallet. Although from the lost device funds wouldn't move without a password, and three-time entering the wrong password will reset the device. But who knows if anyone guesses the password and matches. So I feel this way is safer to secure my funds.

Better safe than sorry,right? Hardware wallets doesnt really cost much and wont be mind boggling specially if those funds stored are significant ones then it is really just sensible on making a new wallet

and trying out to restore and transfer all the stuffs and just like on what been said above that you could never have a good time sleep if you do know that someone is trying to crack or
access your HW but basing up on security it cant really be that easy but somewhat not impossible.

When it comes to security then it isnt really that bad to be that paranoid most of the times. Cool

BitcoinGirl.Club

legendary

Activity: 2702

Merit: 2645

Farewell LEO: o_e_l_e_o

Quote from: joe1234 on July 15, 2022, 10:26:09 AM

for the case I would loose my hardware-wallet, is it enough to restore the 12 word seed to an other hardware-wallet,

You security is not the hardware wallet, it's the seed which is your security. When you are restoring the wallet with another device you are still using the same wallet but with a different device. Your lost device still have the same wallet which means the person who has the possessions of the device he can access the wallet if he can figure out the pin.

If you have only BTC then restore the wallet with new hardware device. Move the coins to a temporary wallet, it can be Electrum. Then remove the restored wallet from the hardware device and create a new wallet with new set if seeds. Finally move the coins from temporary wallet to the newly created wallet in your hardware device.

m2017

legendary

Activity: 1792

Merit: 1296

keep walking, Johnnie

Quote from: joe1234 on July 15, 2022, 10:26:09 AM

Hello forum

for the case I would loose my hardware-wallet, is it enough to restore the 12 word seed to an other hardware-wallet,
or do i need to transfer my Satoshis to an other address asap as well?

Thank's a lot!

Joe

Question out of curiosity. What brand of hardware wallet did you lose?

Theoretically, someone else can access the contents of your device if they guess the pin or hack this.

In practice, the probability of this is not so high, but for safety and your peace of mind, I would recommend sending all the funds from the lost hardware wallet to new addresses/wallet that only you have access to.

kryptqnick

legendary

Activity: 3094

Merit: 1385

Join the world-leading crypto sportsbook NOW!

I agree with the advice of others that it's best to transfer the funds. I'd not likely that anyone would access them somehow, unless you had your passphrase written somewhere where you stored the hardware wallet, and it's possible that whoever finds the wallet will find the phrase (and/or password). However, and especially if the sum is significant for you, it's not so hard to just create a new Electrum wallet, and transfer funds from your recovered wallet (restored via passphrase) to the new one with a new passphrase. Better safe than sorry.

The Cryptovator

legendary

Activity: 2240

Merit: 2174

Need PR/CMC & CG? TG @The_Cryptovator

If I were you and lost the device, I would restore my wallet to Electrum or any other client and then move funds to a new hardware wallet. Although from the lost device funds wouldn't move without a password, and three-time entering the wrong password will reset the device. But who knows if anyone guesses the password and matches. So I feel this way is safer to secure my funds.

Welsh

staff

Activity: 3248

Merit: 4110

Quote from: mk4 on July 15, 2022, 10:49:40 AM

This. Unlikely that someone could access your funds (unless you set up a really dumb pin like 0000/1111/1234), but juuust to be extra sure. You create a fresh wallet on a fresh hardware wallet just so you can sleep better knowing that your wallet won't be cracked.

It's the basic principle; if you're at all in doubt of anything when it comes to security, make sure that it's right, so you don't pay the price. You can never really go over kill in terms of security at least for piece of mind. I've done this many of times, when realistically it wasn't ever going to get compromised.

This is ideally the mindset you should've if you're looking after your own coins. There aren't any safety nets like with traditional money, i.e banks.

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

You did miss off whether you have a pin and passphrase enabled. If both are enabled (and are strong) it might be less dangerous to leave things on the old nmemonic for a while.

If you just have a pin or don't have that then I think physical attacks have a much higher chance of succeeding (since the hash of the pin is likely stored on the device).

mk4

legendary

Activity: 2716

Merit: 3817

Paldo.io 🤖

Quote from: OmegaStarScream on July 15, 2022, 10:28:42 AM

I would personally restore it, and then send the funds to a newly generated wallet. Just to be safe, in case someone ever finds it and tries to access it.

This. Unlikely that someone could access your funds (unless you set up a really dumb pin like 0000/1111/1234), but juuust to be extra sure. You create a fresh wallet on a fresh hardware wallet just so you can sleep better knowing that your wallet won't be cracked.

OmegaStarScream

staff

Activity: 3472

Merit: 6129

I would personally restore it, and then send the funds to a newly generated wallet. Just to be safe, in case someone ever finds it and tries to access it.

joe1234

member

Activity: 72

Merit: 33

Hello forum

for the case I would loose my hardware-wallet, is it enough to restore the 12 word seed to an other hardware-wallet,
or do i need to transfer my Satoshis to an other address asap as well?

Thank's a lot!

Joe

Topic: lost HW-wallet: is importing the 12word enough? (Read 172 times)