Are my assets at risk if I Lose/damaged/send back for repairing My CoolWallet Or My Phone?

Your crypto assets are stored in the blockchain network. What CoolWallet only contains is your private keys.

In this article, we will mention three situations along with corresponding solutions. Please refer to the information


Problem 1: I’ve lost my CoolWallet

The person who gets your old CoolWallet device won’t be able to pair his (unauthorized) phone to access your funds because a pairing authorization code will be required. Also, the CoolWallet needs to be within 10m of your phone to work. Therefore, when the phone and CoolWallet are not together, there is no risk to the user.

Solution:  If you lose your wallet, then you can restore your assets by just pairing a new CoolWallet to your phone and then entering your Seed Recovery Card (12-24 numbers or words) during the wallet setup. 


Problem 2: I’ve lost my phone

The person that gets your phone will not be able to initiate any transactions without the CoolWallet, as it requires a physical verification button push to authorize any transaction. 

Solution: 

  1. Download our official app on your new phone.
  2. Simply pair your CoolWallet with your new phone.
  3. Now, reset your card from the Bluetooth radar page of the App - this ensures that your old phone cannot pair with the CoolWallet device again.
  4. Next, now connect your card from the Bluetooth radar page of the App, and restore your old wallet by entering the Recovery Seed

*To ensure maximum security, we suggest users regenerate a new pairing password, especially if you don’t know who has your old phone.


Problem 3: I need to send my non-functioning CoolWallet back to CoolBitX for repairs. Is it safe?

There are stories about devices suffering supply-chain attacks, getting tampered with and malicious software installed, while they are transported from company to customer. 

Solution: 

The CoolWallet is tamper-proof thanks to its wafer-thin slim design and compression technology. Any physical tampering will immediately be visible. The CoolWallet private key is hidden deep within our Secure Element, which has the highest CC EAL5+/EAL6+ certification rating and cannot be hacked.


These are the reasons why our wallet offers you the best possible security you can have for your crypto assets.

Still need help? Contact Us Contact Us