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September 01, 2021

As a human being, it is inherent for you to be forgetful sometimes. Because of this human nature, you may even lose your ledger nano device that is the only gateway to your crypto currencies. 

So, what actually happens if your ledger device X or S is lost by any way is our topic of discussion today. We will be introducing you to the probable outcomes of the loss and the path of instant recovery from the dicey situation. 

What happens if I lose my ledger nano?

To be straightforward, there is literally zero chance of your wallet being tampered by the founder or the thief. The person can’t even log in to your account let alone reach your assets on the blockchain using the 24 recovery phrase appropriately.

But, yes it is true if he or she knows your PIN code by any way, will get access to the device only, not to the crypto currencies. 

Most interestingly, if the entered PIN is wrong three times consecutively, the wallet erases the saved info by itself. This is how the hacker or the founder is prohibited from getting the minimal info of your account. 

Tips to consider

Keep in mind that the smaller the PIN code is or the more common it is, the easier it becomes for the thief to guess the code. Therefore, we always recommend you to set a PIN of 8 digits or make it as hard as possible.

What to do after you lose the Ledger Nano wallet?

The first thing that you need to do after your device is lost, is to buy a new Ledger S/X from the official Ledger website only. Once you have the wallet at hand, it’s time to recover the account with the new device.

Don’t you know how to recover a lost Ledger Nano wallet? Here we have put up the entire guideline for you step-by-step.  

Reset the Ledger Live App

  • Open the Ledger Live App from your laptop or desktop. 
  • On the right corner of the top, there is a symbol of cog. Click on it and a number of options will appear before you. 
  • From there click on ‘Help’. A new list of commands will pop up under the title of Help. 
  • Keep scrolling down slowly until you locate the Reset Ledger Live option. 
  • Click on the Reset button that is just on the right side.

Set up new Ledger Nano S

  • Power on the new Ledger S wallet.
  • Open Ledger Live from it to select ‘Initialise as new device’

Preserve the word seed

  • As you select the Initialise as a new device option, you will be shown a word seed.
  • Write the seed down on a paper and preserve the paper piece in a secure place. Make sure that none sees the word seed while copying it on the paper.

Copy the new addresses

Can you remember the coins you have been using? We know you can! So, the next step is very easy and requires you to do nothing but copy.

  • Under the name of each of your coins, there is a Receive option. Simply, click on the option. After every click, you will be given a public key. Copy the key.

Keep in mind that this is the address that you will be using to send your coins to this fresh wallet.

Reset the wallet

  • Visit the Settings of the device where you will find an option named ‘Reset All.’ Just click on it and you’re done.
  • For doing so, you will be asked to enter the passcode that you used to use with the previous device. 
  • In case, you can’t rethink that, nothing to be concerned about. After 3 consecutive failed attempts, you will get the chance to reset.
  • Again, reset the Ledger Live App. 

Restore device from recovery phrase

  • Visit the Ledger Live App and choose ‘Restore device from recovery phrase’ By clicking on this option, you will be asked to go through a number of steps.
  • Going through the steps consecutively, you can import the recovery seed from the lost wallet. 
  • You should have access to your data including assets, balance, transaction data and so on.
  • Reset both the Ledger S device and Live App for the last time.

Recover the device with the new seed

  • Click “Restore device from recovery phrase” one more time for importing a new word seed. 
  • At this stage, you should have all of your crypto assets on a new Ledger Nano S with a secure word seed.

Tip to consider

Apart from getting lost, your Ledger Nano device can even get damaged in many ways. 

To deal with such a hostile situation abruptly before things get worse, you better purchase 2 devices at a time.  

Use one and keep the other stored for dicey situations. 

FAQs

Can I track my Ledger Nano offline wallet?

Ans. No, the ledger nano website shows no option like that.

Is it possible for hackers to transfer my currencies?

Ans. As long as the hacker doesn’t have the 24 recovery phrase, he or she can’t do it. It’s impossible!

How long does the recovery of the account with a new ledger wallet take?

Ans. The entire process of recovery doesn’t take more than 5 minutes.

How can I preserve the recovery phrase safely?

Ans. With both Nano s and x, you get a blank sheet to write down the recovery phrase. After noting down, preserve the paper in a secret place about what none knows. 

Is there any history of Ledger wallet’s being hacked?

Ans. Yes, there is one. Hacker exposes the names, email ids and phone numbers of the users.  

Final words

In the end, it is apparent that there is literally no chance of your being in a great fix if your ledger nano wallet gets lost. The security provision of the device is so innovative that the founder/thief can hardly get access to the device let alone reach your currencies with a dishonest attitude. 

Link to buy Ledger Nano X :

https://shop.ledger.com/pages/ledger-nano-x

Link to buy Ledger Nano S :

https://shop.ledger.com/products/ledger-nano-s


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