Accident With Hardware Wallet. Keep Your Safety!

In recent years, cryptocurrency enthusiasts have frequently lost money. Hacking, theft and discarding of hard drives without backing up private keys are all very common. In Switzerland, a cryptocurrency enthusiast put his hardware Ledger wallet in a shopping bag and lost it. This was not a good idea because he is likely to never find the wallet again.

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Bitcoin users need to be careful when storing digital assets. Keeping money in a hardware wallet instead of an exchange or a web wallet is definitely the first step in achieving safe deposits. However, the safekeeping of hardware wallets is also a door technology task, which is much harder than most people think.

The user from Lucerne, Switzerland, has kept his Ledger wallet in the bank vault, but every two years he would take out the wallet to execute the transaction. But this time an accident occured. After he took out Ledger wallet, he put his wallet in his shopping bag and lost his shopping bag. It might have been stolen, or it may have fallen in the store he had visited before.

No matter how the shopping bag was lost, the result is the same. His wallet is temporarily not found. Hopefully the person holding the shopping bag does not know what the hardware wallet is for.

In his Ledger wallet he “has” cryptocurrency's worth 800,000 Swiss francs (about $ 810,000), so now restoration of the hardware equipment is necessary. The user even promised that anyone who helped him retrieve the hardware wallet would receive a reward of 40,000 francs. At the same time the police are also looking for this shopping bag.

Fortunately, only genuine wallet holders can obtain funds from the device. However, if the device is not in their hands, wallet holders cannot spend the cryptocurrency. There was another KeepKey hardware wallet and a notebook in his lost shopping bag.

Losing the cryptocurrency wallet can easily cause serious consequences, but the thief does not pose a significant threat if he does not know the wallet’s PIN code or the key used to recover the device.

I would like to remind everyone that the hardware wallet should be properly kept and the keys should be backed up. After the backup, even if the wallet is really lost, you can also use the new device to recover the funds. You do not have to worry like the hero of this story!

Author: Marko Vidrih

@cryptomarks

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Most writers waste tremendous words to say nothing. I’m not one of them.

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