Educational Byte: What Happens If Your Hardware Wallet Company Disappears?
Once you’re inside the crypto community, you’ll hear this everywhere: keep your private keys offline, take care of your own crypto, you'd better buy a hardware wallet. These small devices are designed to store your coins offline, far from hackers and exploits. But what happens if the hardware wallet company suddenly shuts down operations? There’s no more support? Are your coins fine? Should you run to withdraw?
Well, calm down. The outcome is often boring; if you took a few basic precautions beforehand, that’s it. Let’s learn a bit more about it.
Your Crypto Isn’t in the Company
If we were talking about a centralized exchange in trouble and your funds were deposited there, the situation would be a little more... complicated. Fortunately, it doesn’t happen the same with hardware wallets, because they’re self-custodial.
That means your coins were never in the hands of the manufacturer, nor in their platforms,...
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