What should I do if I lose my CoolWallet or my phone?

Your crypto assets are stored in the blockchain network, not in your CoolWallet device. What CoolWallet contains is only your private key. As long as you are holding your recovery seeds, you can always recover your assets under whatever circumstances!

In this article, we will mention three commonly asked questions along with the corresponding solutions. 

Question 1: I’ve lost my CoolWallet

CoolWallet allows pairing with authorized devices only. Therefore, in the event of a stolen or lost wallet, an unauthorized device cannot be paired with your CoolWallet card either. The person who gets your card will be asked for the pairing password. After five failed matches, the system will lock up. Also, the CoolWallet needs to be within 10m of your device to work. When the device and CoolWallet are not together, there is no risk to the user.

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

Question 2: I’ve lost my phone

The person that gets your phone will not be able to initiate any transactions without the CoolWallet card, as it requires a physical verification button push to authorize any transaction. Besides, generating a pairing password requires biometric authentication and the CoolWallet card.

Solution: Once you have a new phone, follow the guide below:

1. Download our official app on your new phone from App Store / Google Play.
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 be paired with the CoolWallet device again.
4. Next, connect your card from the Bluetooth radar page of the App, and recover your wallet information by entering the recovery seeds.

*To ensure maximum security, we do not suggest users pair their new phones using the old pairing password, especially if you don’t know who has your old phone.

Question 3: I need to send my non-functioning CoolWallet back to CoolBitX for replacement. Is it still safe?

In a short answer: YES.

There are stories about devices suffering supply-chain attacks, getting tampered with, and malicious software installed while they are being 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！