Moving your assets to a cold wallet keeps your private keys offline, protecting your funds from online threats. Let’s go over the steps to ensure your assets are safe
Why Transferring to a Cold Wallet is Important？
Before migrating funds to a cold wallet, it’s crucial to understand the relationship between private keys and your funds.
While your assets are stored on the blockchain at a specific address, it’s the private key that acts as the key to access and manage those funds.
Private keys are generated from your seed phrase, and they are what enable you to manage your assets. If your private keys are compromised, someone else could potentially access and transfer your funds. Therefore, securing your private keys is the most critical step in safely managing cryptocurrency.
It is important to know that even if you import an account from a hot wallet to a cold wallet, this does not guarantee security if the private key has already been exposed online. To ensure true security, private keys should remain offline throughout the entire use of the cold wallet account.
For maximum protection, always store your private keys and seed phrases offline. By following these guidelines, you can ensure a safe and secure transfer of your funds to your ELLIPAL device.
Migrate Crypto From Exchange/Hot wallet to ELLIPAL Cold Wallet
If you've been storing cryptocurrency in a hot wallet or exchange account, it's best to create a new account and transfer your assets to ensure security.
- Create a new seed phrase account
See instructions here and learn how to do it.
How to Set Up My First Cold Wallet Account on The ELLIPAL Titan/Titan 2.0?
2）Migrate assets
Before sending the cryptos to your new address, please check if we support them.
Always double check the wallet address and network before complete transactions. To learned how to receive coins from other wallets, please refer to the instructions below:
How to move coins from exchange/other wallets into cold wallet
Migrate Crypto From Othere Hardware Wallet to ELLIPAL Cold Wallet
If your previous account’s private keys were ever online, we recommend following the instructions above to create a new account and securely migrate your funds.
However, if you're confident that your private keys have always remained offline, please follow the instructions below to directly recover your accounts on your ELLIPAL device:
How to reset password/recover accounts on ELLIPAL device?
Factors That May Impact Account Recovery:
Passphrase
Passphrase acts as an additional layer of encryption for your Ellipal account. When you create an account with a passphrase, it essentially generates a completely different set of private keys and addresses from those generated without a passphrase, even if the seed phrase is the same. Therefore, using the original seed phrase without the correct passphrase on another wallet will not recover the funds stored in an account that was set up with a passphrase.
Derivation Path followed by ELLIPAL
ELLIPAL follows the standard derivation path: m / 44' / coin_type' / 0' / 0 / 0.
If the derivation path of your orginal wallet is different from ELLIPAL device, address will be different after recovering account on ELLIPAL device. If some addresses generated after recovery are different, you will need to send crypto from the orginal address to the new address to complete the migration.
By following these guidelines, you can ensure a safe and secure transfer of your assets to ELLIPAL cold wallet.