What Happens If I Lose My CoolWallet Or My Phone?
Please note that in cases of a Damaged / Stolen / Missing CoolWallet, your funds are still totally safe and will remain so. Here's why:
My CoolWallet is not working- Are my funds safe?
Solution: A damaged, malfunctioning or lost CoolWallet is nothing to worry about. Your funds are not contained within the CoolWallet. It merely stores the keys to your private information. You can purchase another CoolWallet and restore your funds by using the original Seed Recovery Backup numbers/words generated from the initial wallet setup.
In most cases, if your CWS is under warranty and there’s a genuine malfunction of for example the screen or a component, we will just reissue you with a new card, which you activate with your Recovery Seed to restore your funds onto the new CWS.
Problem 1: I’ve lost my CoolWallet
If you’ve lost your CoolWallet don’t stress. The person who gets your old CWS 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
Losing your phone might be costly, but won’t impact your CoolWallet funds. 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.
- Download our official iOS or Android app on your new phone.
- Simply pair your CoolWallet with your new phone.
- Now, reset your card from the Bluetooth radar page of the App - this ensures that your old phone cannot pair with the CWS again.
- Next, now connect your card from the Bluetooth radar page of the App, and restore your old wallet by entering the Recovery Seed Card’s 12-24 numbers/words into the app.
Also, keep in mind that you can use the original pairing code to pair with your new phone, as the CWS allows up to 3 devices to be connected. However, this is a security risk if you don’t know who has your old phone.
That is the reason why our wallet offers you the best possible security which you can have for your crypto assets.