You're going through a deceased relative's belongings and you find a small device that looks like a USB drive — maybe with a tiny screen, a brand name like "Ledger" or "Trezor," and nothing else explaining what it is. This is a hardware wallet. It may contain significant cryptocurrency. Here's exactly what to do.
What is a hardware wallet?
A hardware wallet is a dedicated physical device designed to store cryptocurrency private keys completely offline. Unlike keeping crypto on an exchange (where the exchange holds the keys) or in software on a computer (where the keys live on the hard drive), a hardware wallet stores keys on a secure chip inside the device that never exposes them to the internet.
The two most common brands are Ledger (typically a small rectangular device with a USB connector) and Trezor (similar form factor, sometimes with a touchscreen on newer models). Other brands exist but these two dominate the market.
The presence of a hardware wallet in someone's belongings is one of the strongest signals possible that they held cryptocurrency. These devices serve no other purpose.
The three things you need to access it
A hardware wallet requires one of two things to access the crypto inside:
- The device PIN — most hardware wallets require a PIN to unlock the device itself. After a set number of wrong attempts (typically 3 for Trezor, more for Ledger), the device wipes itself.
- The seed phrase — a 12 or 24-word recovery phrase generated when the wallet was first set up. The seed phrase can restore the wallet on any compatible device, even if the original is lost or wiped.
Do not attempt to guess the PIN. Trezor devices wipe themselves after 16 wrong guesses — with the delay between attempts doubling each time. Ledger devices have similar protections. Random guessing is virtually guaranteed to result in a wiped device, permanently destroying access to the assets inside.
What to do immediately
Secure the device
Put it somewhere safe. Don't plug it into a computer unless you have specific instructions from someone who knows what they're doing. Don't try to charge it if it's a USB device — hardware wallets don't need charging. Just set it aside in a secure location.
Search for the seed phrase
The seed phrase is usually written on paper or stamped on metal, and was typically stored separately from the device for security reasons. Look for it in safes, filing cabinets, safety deposit boxes, among important documents, or in places the person kept valuables. It is 12 or 24 ordinary English words in a specific order.
Also search for any documentation that came with the device — hardware wallets ship with recovery sheets specifically for writing down the seed phrase at setup.
Search for the PIN
The PIN may be written down with the seed phrase, in a password manager, in a note on the person's computer, or in a document labeled something like "crypto" or "wallet." Check the deceased's password manager if you can access it.
If you find the seed phrase
The seed phrase is everything. With it, you can restore the wallet on any compatible new device and access the funds. Handle it with extreme care:
- Do not photograph it with a phone connected to the internet
- Do not type it into any website — no legitimate service will ever ask for your seed phrase for identification purposes
- Do not store it in cloud storage, email, or any internet-connected system
- Contact a professional who can restore the wallet on an air-gapped machine and check the balance securely
If you only have the device and don't know the PIN or seed phrase
This is the difficult scenario. Without the PIN or seed phrase, the assets are inaccessible through conventional means. Options at this point are limited:
- Continue searching for the seed phrase — it may be hidden somewhere not yet checked
- Try to identify whether the PIN was documented anywhere in the deceased's files or password records
- Contact the manufacturer — Ledger and Trezor cannot reset devices or recover seeds (by design), but they can confirm device authenticity and advise on options
- Consult a professional who specializes in hardware wallet recovery — some advanced techniques exist for certain older firmware versions, though these are not universally applicable
What about the value inside?
You can check what's on the device before you're able to access it, if you know the wallet's public addresses. Hardware wallets generate public addresses that can be checked on the blockchain without any credentials. If you can find a record of the wallet's receiving addresses — sometimes in the deceased's email, transaction history, or exchange records — you can look them up on a blockchain explorer to see the current balance.
This is worth doing early, because it tells you how much effort the search for the seed phrase and PIN is worth.
Hardware wallets can store multiple cryptocurrencies across multiple accounts. A device that appears to hold nothing in Bitcoin may hold significant balances in Ethereum, Litecoin, or other assets. A complete check requires knowing all the currencies the wallet was configured to manage.
Have a situation like this?
Book a free 15-minute consultation. We'll assess your situation honestly and explain exactly what investigation would involve — no obligation to proceed.
Book a Free Consultation