I understand that a passphrase is like an extra layer of protection, because without it you cannot access my hidden wallet.
However, what happens if a robber steals my seed phrase BUT NOT the passphrase. Although they wouldn’t be able to access my hidden wallet, they could, in theory, buy a Trezor one wallet and use the seed phrase to access my standard wallet, correct?
Assume my standard wallet had no funds in it, all is good. But with my seed phrase in someone else’s hands, I would want a new seed phrase. Could I create a new seed phrase and access my hidden wallet? What would you recommend I do in such a case?
In that case you should login to your Hidden wallet and move your funds out to another wallet outside that Trezor device, wipe your device, set it up from scratch again with a new seed and same Passphrase (or a new Passphrase), then move your funds back from that other wallet to your Trezor device.
You suggestion makes a lot of sense to me. Just a follow-up question around the timing and technicalities because I’m a little confused how we could both potentially use the same seed phrase on two different Trezor suites on two different computers.
For example, if the person that stole my seed phase uses that with their new Trezor device to access my standard wallet on their computer on day X, would I still be able to use my pin, log into my Trezor Suit and hidden wallet on day X+1?
In other words, technically, both the robber and I would be able to see the same empty standard wallet on two separate computers (although only I could access the hidden wallet)?
Yes. You can both use the same seed at the same time, the next day, or whenever.
Understand that the funds are not in your Trezor device, they’re in the blockchain(s) in cyberspace. Your Trezor device is only a key to your funds in the blockchain(s). So you can compare it to a house and two keys to the front door. Anyone with a key can access your house. Same with your funds in the blockchain(s).
Correct. So long as the other guy with your Recovery seed doesn’t figure out what your Passphrase is, your Hidden wallet funds are safe, but know that a Passphrase can be broken with brute force. It depends on the length and complexity of the phrase. So you should move your funds out of the Hidden wallet ASAP before it’s too late.