Risk of hardware wallets for alt coins & lost coins on recovery

passwordnow

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Quote from: jayman5 on November 06, 2024, 03:57:17 PM

Looking at hardware wallets for alt coins, read in a few places various hardware wallets have lost holdings upon recovery.

Maybe its FUD maybe its real, but assuming its real & not wallet theft how could this happen if the holdings are on the relevant blockchain?

I mean if i had a tangem or SafePal wallet for example with multiple coins, Kaspa, Render, beam, cardano etc.. and i had to reset the app or recover via seed option (avail now on tangem) would i get exactly the same amount of each coin back? if not where would they go?

It won't go away if you don't move or transfer them. If you have generated a seed and from that seed, there's the wallet where you have deposited those altcoins then it won't be going elsewhere.

Quote from: jayman5 on November 06, 2024, 03:57:17 PM

Its an issue with these app based cold wallets, sooner or later you`ll get on a plane, walk up a mountain or just out of an internet reception area or the app will just freeze & need re-setting after a while so can these things be trusted long term?

If th app is just freezing, as long as it's not moved you can check it on the blockchain for that address and see that nothing has changed. Not unless, you're hacked, you personally moved it then it stays where it is.

Odusko

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Quote from: TastyChillySauce00 on November 06, 2024, 06:56:10 PM

try to recheck seed phrase when you make a backup maybe you typed it wrong or the app might be faulty.

the coin itself isn't going anywhere as long as your wallet isn't compromised, hardware wallet so far is secure but you know some people sometime backup their seed phrase in their PC as txt file unencrypted which is kinda defeats the whole point of owning hardware wallet to prevent our wallet from getting compromised.

Very truth and some people tend to blame the wallet instead taking the blames themselves, this is because whenever they lost access to the coins may be due to seed phrase compromised or linkage their first put the blame of the wallet company or Make without investigation to know where the problem comes from.

Its important to know that open source wallet have more accessibility compatibility, compared to closed source, so for that when selecting which kind of hardware wallet to use one should also consider that also, so that recovering your wallet in the future on whatever device won't become a problem.

TastyChillySauce00

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try to recheck seed phrase when you make a backup maybe you typed it wrong or the app might be faulty.

the coin itself isn't going anywhere as long as your wallet isn't compromised, hardware wallet so far is secure but you know some people sometime backup their seed phrase in their PC as txt file unencrypted which is kinda defeats the whole point of owning hardware wallet to prevent our wallet from getting compromised.

BitMaxz

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It depends on the scenario; if you recover your wallet using your backup seed on an online device that contains malware or a keylogger, there is a high chance that your wallet has been compromised.

However, if you recover your wallet seed into a hardware wallet on the offline device, you are far from this. So it depends on how you recover your wallet, unless we are talking about 3rd party services that we do not know, which are known phishing sites.

If you fall for these phishing sites, then all of your crypto will instantly be gone forever. Phishing sites mostly offer recovery services, that is why you heard some people lose their holdings upon recovery because they use 3rd party services instead of recovering their wallet on their own.

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Quote from: jayman5 on November 06, 2024, 03:57:17 PM

Looking at hardware wallets for alt coins, read in a few places various hardware wallets have lost holdings upon recovery.

Maybe its FUD maybe its real, but assuming its real & not wallet theft how could this happen if the holdings are on the relevant blockchain?

This is impossible to answer without more specific information about the incidents. It is possible that it is FUD or fake.

Quote from: jayman5 on November 06, 2024, 03:57:17 PM

I mean if i had a tangem or SafePal wallet for example with multiple coins, Kaspa, Render, beam, cardano etc.. and i had to reset the app or recover via seed option (avail now on tangem) would i get exactly the same amount of each coin back? if not where would they go?

Assuming there is no hack or theft involved, the coins will not go anywhere. They will still be on the blockchain with their respective addresses. If you restore the wallet with the same seed, there is no reason not to get all the coins back. To ensure you can recover your wallet addresses, even on third-party apps, its a good idea to write down both your seed phrase and derivation paths for all coins you use.

Quote from: jayman5 on November 06, 2024, 03:57:17 PM

Its an issue with these app based cold wallets, sooner or later you`ll get on a plane, walk up a mountain or just out of an internet reception area or the app will just freeze & need re-setting after a while so can these things be trusted long term?

Many of the most popular HW wallets also support third-party apps, so you dont have to use their app if you dont want to.

Charles-Tim

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All you need to have access to your coins is your seed phrase. If you backup your seed phrase, you will be able to import it on another BIP39 wallet for your coins recovery

It would be good if you learn more about open and close source hardware wallet. Open source are recommended. Wallet like Safepal is a close source wallet.

jayman5

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Looking at hardware wallets for alt coins, read in a few places various hardware wallets have lost holdings upon recovery.

Maybe its FUD maybe its real, but assuming its real & not wallet theft how could this happen if the holdings are on the relevant blockchain?

I mean if i had a tangem or SafePal wallet for example with multiple coins, Kaspa, Render, beam, cardano etc.. and i had to reset the app or recover via seed option (avail now on tangem) would i get exactly the same amount of each coin back? if not where would they go?

Its an issue with these app based cold wallets, sooner or later you`ll get on a plane, walk up a mountain or just out of an internet reception area or the app will just freeze & need re-setting after a while so can these things be trusted long term?

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