Do This Before Setting Up Your Ledger Nano S Hardware Wallet

Blockchain Beach

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 direct from the the manufacturer, for example on the Ledger Nano S website. However, with that product currently on backorder until late March, many are looking to sites, like Amazon. To stay safe:

1.Order from Ledger website now and wait until March 2018 to secure your coins, or

2.If you can’t wait, order from a fulfillment provider on Amazon, but 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 a full tutorial of how to use your Ledger Nano S, read our tutorial you can read our tutorial: Ledger Nano S Hardware Wallet Tutorial.