Recover Lost/Damaged Ledger, Trezor or Keepkey Wallet using Coinomi (Importing Recovery Phrase)

so you come home from work and discover
the mangled remains of your hardware wallet has been chewed up by your dog
and you panic because there’s a bull run on at the moment you want to do some
trades but you realize there’s a 3-month backorder on getting a new hardware
wallet what can you do how can you access your funds don’t panic
fortunately it’s easier and quicker than you might think and that’s what we’re
gonna look at today so if you haven’t only done so hit subscribe be kept in
the loop about future content I make that helps you to find your way in the
crazy and often hostile space that is cryptocurrency a number of crypto
wallets out there use a common standard now which means if your hardware wallet
is lost or destroyed or even if the company that made it goes out of
business you can simply use one of these other wallets that uses the same
standard to regain access to your funds there are some important advantages as
well as risks that go along with doing this and I’ve included all of them in
the description because when you restore your seed phrase into a software wallet
like this you’re actually losing one of the key bits of protection that our
Hardware wallet gives you so it can be a great solution as a stopgap if you
want to access funds and move them in a hurry but really not a good idea to just
use this as a cheap way to have access to all of the funds on your hardware
wallet on your mobile phone as well generally speaking using something like
coinomi on your phone to access your funds like this can be a really good
balance of security and convenience in that a non rooted up-to-date phone is
generally a much more secure environment than the normal desktop that you use
day-to-day and any software a wallet you’re likely to run on there alright so
we’ve downloaded coin o me off the Google Play Store so we click restore
wallet now we just enter our seed phrase just like we would with a ledger or a
Trezor if you’d used a bip39 passphrase to
add security to your twenty four word seed you need to enter that too it might
have been referred to as a twenty-fifth word depending on your wallet provider
this isn’t the pin that you use to access your wallet this isn’t the
password used to access ledger live or anything else like that
even if you’re just using this for temporary recovery it is worth adding a
short password on here just so that your password is encrypted in the app itself
and that is only ever decrypted when you go to send funds so unlike ledger live
or Trez all you actually need to tell economy which cryptocurrencies you had
before it will list them in there for you so we’ll say Bitcoin we also have
Bitcoin cash we have some Ethereum we had Horizen and we had a litecoin
now before we go any further if you get to this screen here where you’ve added
in your 24 words see divided in your passphrase and you’ve added in your
coins and everything has a balance of zero you’re wondering where your coins
are don’t panic you’ve probably just made a typo in your bip39 passphrase
you’re 24 words seed will generally tell you if what you’re trying to enter is
invalid or if it has an error but your bip39 passphrase has no error checking
whatsoever even a single character error in your bip39 passphrase will come up
and show you a whole bunch of empty wallets rather than give you some kind
of error message so it’s finished adding all the accounts and we can see that
it’s found a grand total of about 4.59 USD
while it’s found most of the crypto currencies the totals for each one don’t
actually match what we expect from ledger live and the reason for that is
that some of these accounts that we had because they’re legacy because their
segwit, native segwit split and unsplit will be on derivation paths that coinomi isn’t expecting so we need to manually add those coin types and
manually tell it what derivation path to look for so for example we’ll just use
Bitcoin cash because we can see here that it’s found the split Bitcoin cash
but it hasn’t found this small amount of unsplit Bitcoin cash because it’s still
sitting on basically the old Bitcoin derivation path so I’ll show you how to
do that so we’re going to do is just select plus on the main account summary
screen and we’re going to say add coins we are going to select Bitcoin cash and
we’re going to click on is the little spanner just to the right and we’ll just
give it a name the same name as in ledger live just to not get confused go
in cash 1 and split and we are going to say advanced and so basically it’s going
to copy this information over here which is listening to fresh address path and
we are going to put that into the derivation path we want everything
basically that has an apostrophe next to it in terms of the numbers so we are
just going to say m / 4 4 ‘ / 0 ‘ / 0 ‘ and then we’re just going to say ok once
we’re done we can just say plus and then it
and ask for your account password and now once it’s finished adding the
account we can see that this Bitcoin in cash 1 is now there and the two
transactions that we’re expecting to see are there so it’s now showing correctly
the other really big difference that you need to know about with Coinomi is the
way that it represents different accounts for the same currency that use
a different address format if you’re using ledger live or Trezor and hold
Bitcoin you might have it in accounts that are created using the legacy
address format you might have some using the segwit address format and you might
have some using native segwit format and ledger live represents each of those
separately whereas what you can see here is that
coin Amy actually represents them all together so it will actually bundle the
first segwit the first legacy and the first native segwit account for
Bitcoin and represent them as a single account so what it’s doing here is it’s
actually lumping together these first three Bitcoin accounts and representing
them as one accounts but at the same time it hasn’t found the second legacy
account for Bitcoin that I have and like with Bitcoin cash I’ll need to add that
in manually though because this Bitcoin is just using the standard derivation
paths I don’t even do anything special other than select Bitcoin hit the blue
button and add my account password it will add the second Bitcoin account and
find the balance of this Bitcoin 2 account if you’ve seen my previous video
unlike having lost ethereum you’d be aware that the older versions of the
ledger ethereum app and current versions of the coinomi app actually store a
theory on a different derivation path from just about every other wallet out
there so while coinomi has automatically found
what ledger live calls the legacy wallet it hasn’t found what is the sort of
current derivation path format that ledger live uses so if we do the same
thing we did with Bitcoin cash go into the account that’s missing click on the
spanner and go into advance logs we can see the derivation path we want there
and we just need to do the same process we do a Bitcoin cash shall we click the
plus so we want to add a coin or you want to add ethereum and we’re going
to click on the spanner we’ll call this the same thing as in ledger lives now
what we’re gonna do for aetherium is a little bit different
what we did with Bitcoin cash just because of the way ethereum hands change
so we’re actually going to enter in the derivation path down to the fourth
number so we’re just gonna say m / 44 ‘ / 60 ‘ / 0 ‘ / 0 I’m gonna say okay then
we put in the password and there you go we can see that once it’s finished
adding it it has found the etherium that we wanted and again if you’re coming
from Trezor or any other platform like that the derivation path i use just then
is probably exactly the one that you want and you’ll need to manually
increment that to add additional accounts if that’s how you’d been using
your etherium you can also just add ERC 20 tokens into Coinomi in much the same
way as you add currencies and you basically just click the little blue
things they add token you have to select the blockchain that you want but you
also have to select the account that they were coming from so this is the
theory and address that those ERC 20 tokens were associated with and then
basically you can either just add well-known tokens or you may need to add
a token manually by its smart contract address so basically if you find your
token that you want on etherscan so for example we’ve got USD-t tether and
if you scroll down to profile summary it has the contract and the decimals and
you can just enter in the contract address there entering the decimals
there and just add whatever name or symbol you like and then just say add
ERC 20 token and you’re done so there you go so you can see now we’ve found
all the different accounts that we had in ledger life and they’re all now
represented in coinomi so you can easily now just use coinomi to send
those funds onto a new wallet and you’ll be good to go thanks for watching I hope
that was helpful hit like if you think that other people would find this video
useful and hit subscribe if you’d like to be kept in the loop about future
content I make that helps people stay safe in the crypto space and to recover
if they get into trouble if you have any questions about this video or a topic
that you’d like me to cover just leave a reply

One thought on “Recover Lost/Damaged Ledger, Trezor or Keepkey Wallet using Coinomi (Importing Recovery Phrase)”

  1. Keep all your crypto safe & upgrade to a Ledger Nano X Hardware Wallet

    Alternatively, if you prefer a 100% Open Source wallet, a Trezor One is also a great value wallet

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