Losing your Ledger | Ledger (2024)

FAQs

What happens if you lose your Ledger? ›

If your 24-word recovery phrase and Ledger device were both lost or stolen, and you lack a backup device configured with the same recovery phrase, it will be impossible for you to regain access to your funds. You can purchase a new device via our store.

Your 24-word recovery phrase serves as a backup to all your private keys. As long as you have your recovery phrase, you will always be able to regain access to your crypto assets. You can restore any Ledger device from your recovery phrase to recover the wallet configuration and access your funds.

Resetting the device to factory settings removes all private keys, applications, and settings from your Ledger device. You can reset to set it up as a new device, to restore another recovery phrase, or to safely transfer the device to someone else.

Ledger's devices or their app Ledger Live was never compromised, meaning there were no recorded successful hacking attacks on their software or hardware.

Your tracking number will be sent to you by email as soon as the parcel is ready to ship. Once the parcel has entered the destination country, you will be able to track the parcel on the carrier's website.

If your device is lost, stolen, or no longer working, you can restore your funds through your recovery phrase on any hardware or software wallet that supports 24-word recovery phrases. Make sure that your Recovery sheet is easily accessible. You can download a new Recovery sheet here. Restore from Recovery phrase.

Thanks to how the blockchain works, losing your hardware wallet or accidentally putting it through the washing machine won't affect your holdings. As long as you still have your seed phrase your wallet can be recovered.

Ledger devices can only protect you so far. If you sign a malicious transaction with your Ledger, your funds will still be at risk. To avoid someone stealing your crypto, the best thing you can do is segregate your assets correctly. Keeping separate accounts for minting, selling, and vaulting allows you extra security.

— Ledger enables you to recover any other wallet – or simply back up your existing Ledger device – by entering its seed phrase into your device. Doing this will recover all private keys associated with that seed phrase.

If you lose access to your wallet and lose your seed phrase: You will lose access to your crypto assets. Seed phrases can't be changed or recovered, making them an effective security tool.

How many years can Ledger last? ›

End of life. The battery is designed to last 5 years. Ledger does not provide a battery replacement program. If battery capacity has degraded beyond being practically usable, the device can be used by connecting it to a power source using the USB cable.

If you lost or forgot your Ledger Live password, you can reset your password by resetting Ledger Live. Resetting Ledger Live erases all settings and accounts on your computer. Once you have reset Ledger Live, you can then choose a new password and add your accounts back with your Ledger device.

Not your keys, not your coins

Both Ledger and Trezor wallets allow users to recover access to their wallets through a seed phrase by simply using another hardware wallet. “A user could recover their wallet and funds on any of the other new Ledger wallets.

Ledger Nano X

It is a great anonymous crypto wallet to manage crypto assets. Ledger Nano X also has a LedgerLive App, which allows users to manage over 5500 coins. It is also relatively cheaper than some of the other offerings.

An extra note on this though: if anyone were to take your hardware wallet and they also happen to know your PIN code, they can steal all the crypto assets you manage through your Ledger device. Please never share your PIN code with anyone. If they don't have your PIN, they'd still not be able to access your funds.

You and anyone else can view the entire history of the transactions on a blockchain as well as the amount of cryptocurrency that each wallet holds. So, unless you create a new wallet after each transaction, your anonymous cover is blown.

With your recovery phrase, an attacker has the ability to drain all of your accounts across all blockchains without any input needed from your Ledger device.

The key features of Ledger devices – Secure Element chip, the Trusted Display, your PIN code and our constantly upgrading software – make Ledger hardware wallets the most secure option on the market. That's why they have never been hacked.

I use the Ledger Nano to store all my tokens and keep the device home in a safe place — away from my curious kids. I use an app on my iPhone called Blockchain as my wallet to “take with me” if needed. This is the safest way to protect your tokens on the long term. Having your Ledger Nano always with you is a bad idea.

Connect your Ledger Nano S or Nano S Plus to your Android smartphone to manage your accounts and transactions on the go.

Can someone hack my hardware wallet? ›

Hackers physically interfering with your hardware wallet is another sort of attack. There have also been cases of customers receiving fraudulent hardware wallets. These bogus wallets include malware, allowing attackers to steal private keys and drain your accounts.

Safe With You

The keys are never exposed to the internet so they can't be stolen. That's why it's known as cold storage. If your hardware wallet is lost, the assets are backed up with a single seed phrase. A seed phrase, also known as a recovery phrase, is a list of words that re-generate your private key.

The drawback to this medium is that if the paper is lost, rendered illegible, or destroyed, the user will never be able to access the address where their funds are. If you choose this method, be sure to have a safe box or another secure storage method for the paper wallet itself.

No, Ledger doesn't provide tax reports. Instead, they can provide details about your transaction history which can be used by crypto tax software to calculate and report taxes.

The Ledger Live application can be used with multiple Ledger devices. You can either use multiple devices yourself or share a computer with multiple people each owning a device(s).

Yes, you should have more than 1 hardware wallet. To make two or more hardware wallet copies of each other, all that you need to do is import the backup seed from one hardware wallet to another. Using multiple hardware wallets enables you to better secure your funds in the event that your device is lost.

They can gain access to the seed through social engineering, account hacking, or house check. And you may not even be aware that the seed phrase has been in the hands of attackers for a long time and they are just waiting for the funds to appear in your wallet's address.

Once you lose it – you lose access to your funds. We don't store any of your private information on our servers. The 12-word backup phrase is only encrypted on your device. If someone asks you to provide your 12-word phrase for any reason – never do it!

A recovery phrase generally consists of 12 to 24 random words. No one can guess your seed phrase and gain access to your digital wallet.

Thus, you might also grow your assets just by securely holding your crypto. It's worthy to note that when you stake or lend your cryptos with a wallet provider such as Ledger, you still own your cryptocurrencies while they're out there growing.

Is Ledger safer than Coinbase? ›

Is Ledger safer than Coinbase Wallet? Coinbase Wallet has similar security features to Ledger, with Ledger being more secure because it doesn't connect to the internet.

You can only send crypto assets that are supported in Ledger Live. Check that the right app is installed on your device. Ex: install the Bitcoin app to send Bitcoin.

If you generated your seed phrase on a hardware device to begin with, you can seed this same phrase into another hardware device to be used as a back up of your wallet.

If you lost or forgot your Ledger Live password, you can reset your password by resetting Ledger Live. Resetting Ledger Live erases all settings and accounts on your computer. Once you have reset Ledger Live, you can then choose a new password and add your accounts back with your Ledger device.

Your Money is Gone Forever

The good news is that if you've backed up your cryptocurrency wallet, then you can recover your funds. If you were unaware of wallet backups, and lost your keys, then the sad fact is that your money is gone forever.

The biggest reason to consider getting a Ledger wallet is for the additional security. Holding crypto in a hardware wallet results in greater security for two main reasons: 1. Coins can be held offline in cold storage.

It is a secure hardware device that stores private transaction keys and other sensitive data. Unlike internet and mobile wallets, a hardware wallet cannot be hacked without physical access to the device, making the money less vulnerable to theft in this method.

The ledger only holds the private keys that give you access to the funds in the blockchain. If you lose your wallet, or if Ledger goes out of business, you can regenerate your keys from the 24 words you were given when you first generated the key and use any other software or hardware wallet.

Hardware wallets provide a secure way to store and manage your private keys, keeping them offline and out of reach of hackers and scammers. By generating and storing your private keys on a hardware device, you can be sure that your digital assets are safe and secure while you sleep at night.

You calculate your loss by subtracting your sales price from the original purchase price, known as “basis,” and report the loss on Schedule D and Form 8949 on your tax return. If your crypto losses exceed other investment gains and $3,000 of regular income, you can use the rest in subsequent years, Greene-Lewis said.

Can you recover money lost in crypto? ›

While individuals have come to trust several crypto wallets and exchanges in order to carry out transactions securely, if your crypto assets are lost, hacked or stolen, there is usually no way to recover your funds.

— And even without your Ledger Device you can still access, control and restore your accounts – as long as you've stored your recovery phrase securely! — Back-up security if built into the Ledger set-up process, so even if the worst happens, your crypto is still completely safe – and accessible to you.

What Is the Purpose of a General Ledger? In accounting, a general ledger is used to record all of a company's transactions. Within a general ledger, transactional data is organized into assets, liabilities, revenues, expenses, and owner's equity.