What Happens if TREZOR or Ledger Go Out of Business? (2024)

FAQs

What Happens if TREZOR or Ledger Go Out of Business? ›

If TREZOR, Ledger, Coldcard or any other wallet or hardware wallet company go out of business, you can use any other wallet to recover your wallet. The 12 or 24 words you wrote down at the beginning when you got your wallet can re-create your wallet without the need for the hardware wallet company you bought from.

In emergencies (although not recommended), it is possible to use the seed to recover your funds using a hot wallet. If Trezor did go out of business, neither your crypto nor your private and public keys would disappear.

Ledger devices are industry-leading hardware wallets due to their security model. They offer a secure element chip, the same computer chip used for bank cards and passports coupled with its direct connection to the Trusted Display. These pieces guarantee that no hacker can access your crypto online or physically.

If your hardware wallet is not working you need to get another and simply enter the SAME SEED PHRASE you generated with the wallet that is not functioning. Remember, in a simplistic explaination: your digital assets are never in the wallet. The record of your assets resides somewhere on the blockchain.

If you can't access your Ledger device and you still have your 24-word recovery phrase (which hasn't been lost, stolen, or given out), you can rest assured that your crypto assets remain safe.

If TREZOR, Ledger, Coldcard or any other wallet or hardware wallet company go out of business, you can use any other wallet to recover your wallet.

Does Trezor provide tax documents? No. Trezor does not provide tax documents or reports. Instead, you'll need to get your Trezor transaction history, identify your taxable transactions, and calculate your capital gains and income.

You can recover your wallet with all its accounts, addresses and private keys using your recovery seed. This feature is used after your wallet is wiped from your Trezor or you lose/damage your Trezor and need to recover your wallet using another device.

1 Answer. It seems like the general consensus on how long the actual cryptographic chip in the Ledger and Trezor devices will last is ~20-30 years, comparable to a standard flash drive.

Key Takeaways. Ledger is the best hardware wallet overall for investors. Ledger is the best choice for investors looking for security, ease of use, and additional features like staking and NFT management. Trezor is the best choice for investors who value open source values and cheap prices.

Can someone steal my crypto from my Ledger? ›

While we are confident that Ledger devices are designed to withstand all known vectors of attack, scammers are continually finding ways to use social engineering, phishing, and fraud tactics to trick crypto users to separate them from their hard-earned money.

Understanding the recovery seed.

If your device is lost, damaged or stolen, you can use your recovery seed to restore access to your entire wallet, passwords and other data associated with it. The process is simple; you only have to enter the words of your seed into your new Trezor device.

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. Learn how to restore your Ledger device from your Recovery phrase in this article.

Ledger Live can crash, but rest assured your cryptocurrency held in your Ledger device itself remains secure. The Ledger device acts as cold storage, keeping your funds isolated from the computer you use Ledger Live with.

If your device was purchased from the official Trezor Shop, Amazon storefront or an authorized reseller, it is most likely safe to use. Never buy a Trezor from an unauthorized third party, as you can never tell who may have had access to it before you.

...it doesn't matter. When your Trezor eventually dies, or when you decide you want a new hardware wallet, just choose a new wallet and enter your seed words.