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Tips for Setting Up Your Ledger Hardware Wallet in a Safe and Secure Way

A man recently reported buying a hardware wallet off of eBay and had all of his coins stolen when someone intercepted the device and copied down the 24 word security phrase prior to final delivery. Once the buyer loaded his coins, the hacker used the 24 word security phrase to recreate the device and send the coins to himself (i.e. steal them).

The safest thing you can do is order a hardware wallet, such as the Ledger Nano directly from the manufacturer.

1. Order from Ledger website

2. To be completely safe, reset your 24 word security phrase when you receive it. This is a no brainer — it’s like getting a combination lock and not changing the default combination! To do this:

Important Note: if you have already purchased this device and loaded it with coins, send your coins back to an exchange or software wallet prior to resetting your device and changing your security phrase.

Connect your device to your computer and navigate to the Settings app (see picture above — the device has two buttons on the top and pressing one will cycle you through the apps).

With Settings in the middle of your screen, press both of the buttons at the same time to enter the Settings menu. Using the top button, navigate to the “Device” option and press both buttons:

Once inside the device menu, navigate to the the “Reset All” option and press both buttons:

This will reset your device and allow you to configure a new set of 24 words.I’m very excited to take control of my coins, especially those that I want to hold for a long period of time. If you’re as serious as I am about security, it’s worth taking this extra step. Be safe!

For the full details on how to use your Ledger hardware wallet, you can read our Ledger Nano Hardware Wallet Tutorial.


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