What happens if Trezor (the company) disapears?

HI, does anyone know what happens if Trezor vanishes or disapears, for example if they go bankrupt?
I understand that we would still be able to access the crypto that is in the wallet, but if we lose the wallet we would not be able to recover the crypto with the 24 words…is this correct?

Thank you in advance

Hi @Carlos333,

First, the crypto you own isn’t stored in the Trezor wallet, it’s stored in the blockchain.

If you lose or damage your Trezor device, you can restore your funds at any time with a new Trezor. If SatoshiLabs go out of business and you cannot restore your wallet with a Trezor, because you can’t buy it anymore, then any other type of hardware wallet which supports the same coin(s) will be able to restore your funds. All this is dependent on that you have your private seed and any passphrase, if you used that.

Basically, so long as you have your private seed (and Passphrase, if used) then your funds are safe in the blockchain(s) and recoverable at any time.

2 Likes

Hi @Petosiris ,

I am having issues with my Model T after a firmware update. Is it possible to revert to the previous version of the firmware or is it possible that getting a new Model T will solve the issue?

The recovery process that was recommended did not work.

Thanks for letting us know. Please, follow the instructions sent by email, and come back to us how did it go.

Will do as soon as I get home.

Thanks!
Alonzo

Thank you so much, I thought that in order to recover your funds if you lost your Trezor you had to get in touch with the company and give them the private seed.
My last question is then, if you do not give the seed to the company because it no longer exists, where do you go or who do you turn to, to use the private seed and recover your funds?
Thank you so much!

@Carlos333

If your Trezor hardware wallet is lost, stolen or damaged but you have the recovery seed backed up securely, your funds can easily be recovered to any other BIP39-compatible wallet. Most mobile, desktop and hardware wallets use BIP39 standard for recovery, meaning most products will work for this.

Before restoring your wallet, make sure to check that the new wallet is from a legitimate source and there are no major security risks. Generally, it is best to restore your funds to a device that is not capable of connecting to the internet, so it is best to use another hardware wallet. Do not panic as rushing this process could result in loss of funds due to using a malicious app or other security oversights.

Recovering a wallet seed using a new Trezor hardware wallet is a straightforward and secure process. Once you select how many words the seed uses, you will enter your recovery seed directly on the device if using a Trezor Model T. With a Trezor Model One the process requires you to enter words using your computer in a random order to protect from keyloggers.

1 Like

I’ll just want to add one thing to what MichalZ said above.

You never have to give out your seed to any company or person. They don’t need to have your seed to be able to help you. This is important. Always keep your seed private and safe! If your seed is given to a 3rd party, (s)he/they can steal your funds easily.

When you create a new seed, or recover a wallet with an old seed, you don’t give your seed to the company that made your hardware wallet, it’s only registered in the wallet itself and therefore only you and the wallet know what the seed is.

2 Likes

Thank you so, so much!

A post was merged into an existing topic: Simplestaking shows 0 balance