View source for Coinbase Wallet Seed Phrase Lost Fresh Supermarket

{{Case Study Under Construction}}{{DISPLAYTITLE:Coinbase Wallet Seed Phrase Lost Fresh_Supermarket}}[[File:Coinbase.jpg|thumb|Coinbase]]Reddit user Fresh_Supermarket reports that they lost the seed phrase of their CoinBase Wallet and even though they had the wallet still running on their phone. There is no suggestion they were able to regain access to their funds. They lost $5,000.

== About Fresh_Supermarket ==
Fresh_Supermarket started their sales career with a B2B sales internship<ref>[https://old.reddit.com/r/sales/comments/m4j81g/getting_a_sales_internship/gqx8zk1/ Fresh_Supermarket - "just pick up any b2b sales internship and move into software sales full time post grad" - Reddit] (Apr 5, 2023)</ref><ref name=":0">[https://old.reddit.com/r/sales/comments/mpitsl/advice_needed_pls_helpsoftware_sale/gubojs5/ Fresh_Supermarket - "get any b2b sales internship before your senior year" - Reddit] (Apr 5, 2023)</ref>. After graduating from college<ref>[https://old.reddit.com/r/jobs/comments/k77ik6/tired_of_the_hunt/gepxl2r/ Fresh_Supermarket - "I'm a college graduate as well." - Reddit] (Apr 5, 2023)</ref> in May 2021<ref>[https://old.reddit.com/r/jobs/comments/k4setp/rejections_and_depression/geftc18/ Fresh_Supermarket - "graduating next may" - Reddit] (Apr 5, 2023)</ref><ref>[https://old.reddit.com/r/sales/comments/jd0j23/2021_grad_sdr_hiring_preparation/g95p0bj/ Fresh_Supermarket - "Seems like we are on a similar boat." - Reddit] (Apr 5, 2023)</ref>, they spent a period of time working sales for Gartner<ref>[https://old.reddit.com/r/sales/comments/l1zwpe/what_can_i_expect_in_my_sdr_final_interviews/gk3qrlk/ Fresh_Supermarket - "the most I had was 4 and that was for Gartner" - Reddit] (Apr 5, 2023)</ref>, before moving into a full time sales development representative (SDR) role<ref name=":0" /><ref>[https://old.reddit.com/r/sales/comments/k60gyh/for_those_in_large_corporations_how_do_you_guys/gejq3rl/ Fresh_Supermarket - "Currently deciding between starting my sdr career at mid stage startups or larger firms" - Reddit] (Apr 5, 2023)</ref>. Their ultimate goal is to become an enterprise account executive<ref>[https://old.reddit.com/r/sales/comments/k5lgu4/start_sdr_career_at_big_or_small_firm/gegb1z3/ Fresh_Supermarket - "my goal is to be an enterprise AE" - Reddit] (Apr 5, 2023)</ref>. They still live at home with their single mom<ref>[https://old.reddit.com/r/ParentingThruTrauma/comments/13bpn0m/only_children_of_single_moms/kwvzo7g/ Fresh_Supermarket - "On the plus side, my mom pretty much always let me live at home rent free, since the family is small (just mom and I)." - Reddit] (Accessed Apr 9, 2024)</ref>.

== About Coinbase Wallet ==
CoinBase Wallet describes itself as "Your key to the world of crypto"<ref name="unnamed-10617" />.<blockquote>Store all of your crypto and NFTs in one place

Support for hundreds of thousands of tokens and dapps

Explore the decentralized web on your phone or browser

Protect your digital assets with industry-leading security</blockquote>

== The Reality ==
Storing cryptocurrency requires a high degree of responsibility on the part of the holder. One of the primary responsibilities is to ensure that reliable backups are kept of all wallets. Typical wallet software will provide seed phrases for user convenience, which allow the wallet to regenerate private keys. Seed phrases need to be written down or engraved and stored securely. If this process is not completed when the wallet is set up, and something happens to the original wallet, then future access to the user's funds will not be possible.

== What Happened ==
Reddit user Fresh_Supermarket reports that they had a CoinBase Wallet set up. It is unclear what backups were taken, if any<ref name=":1">[https://old.reddit.com/r/CoinBase/comments/rjhg11/lost_coinbase_wallet_seed_phrase_but_i_still_have/hp3u8lm/ Fresh_Supermarket - "I did back everything up but the 12 word seed phrase did not back up" - Reddit] (Apr 5, 2023)</ref><ref name=":2">[https://old.reddit.com/r/CoinBase/comments/rjhg11/lost_coinbase_wallet_seed_phrase_but_i_still_have/hp4egbf/ Fresh_Supermarket - "I don’t have anything that’s backed up" - Reddit] (Apr 5, 2023)</ref>. What is clear is that they never backed up their 12 word seed phrase<ref name=":1" />. Their wallet was reported to have contained $5,000 USD<ref name="unnamed-10616" />, which is believed to be permanently lost.
{| class="wikitable"
|+Key Event Timeline - Coinbase Wallet Seed Phrase Lost Fresh_Supermarket
!Date
!Event
!Description
|-
|December 18th, 2021 2:47:49 PM MST
|Reddit Post Created
|Reddit user Fresh_Supermarket creates a post to request help on Reddit<ref name="unnamed-10616" />.
|-
|December 18th, 2021 3:42:27 PM MST
|Confirmation Required
|After learning how to set up a new wallet, Fresh_Supermarket reports that they cannot transfer the funds from their old wallet to the new wallet because additional confirmation is needed<ref>[https://old.reddit.com/r/CoinBase/comments/rjhg11/lost_coinbase_wallet_seed_phrase_but_i_still_have/hp3mcpx/ Fresh_Supermarket - "when i tried to send out from chrome extension, its making me confirm on the old wallet app" - Reddit] (Apr 5, 2023)</ref><ref>[https://old.reddit.com/r/CoinBase/comments/rjhg11/lost_coinbase_wallet_seed_phrase_but_i_still_have/hp3mh9o/ Fresh_Supermarket - "It is possible, but its making me confirm transaction on old wallet account on the phone app" - Reddit] (Apr 5, 2023)</ref>.
|-
|December 18th, 2021 4:46:24 PM MST
|Made Some Form Of Backup
|Fresh_Supermarket reports that they made some form of backup prior to setting up the wallet, however it did not include the 12 word seed phrase<ref name=":1" />.
|-
|December 18th, 2021 4:56:04 PM MST
|Post On Other Reddit Threads
|Fresh_Supermarket posts on other threads on Reddit requesting to find out if anyone else has obtained updates on a way to recover a lost seed phrase<ref>[https://old.reddit.com/r/CoinBase/comments/ozasoa/lost_coinbase_wallet_12_word_recovery_phrase/hp3vfak/ Fresh_Supermarket - "Same thing happened to me, any advice on a resolution?" - Reddit] (Accessed Apr 9, 2024)</ref>.
|-
|December 18th, 2021 7:36:28 PM MST
|No Backup Confirmed
|Fresh_Supermarket states that they "don't have anything that's backed up"<ref name=":2" />.
|-
|December 19th, 2021 12:50:01 PM MST
|Back To Other Topics
|Fresh_Supermarket switches to posting about other topics, and doesn't appear to mention the Coinbase wallet again.
|}

== Total Amount Lost ==
The total amount lost has been estimated at $5,000 USD based on the initial report from Fresh_Supermarket<ref name="unnamed-10616" />.

== Immediate Reactions ==
Fresh_Supermarket posted on Reddit for assistance and received some response from the community.

=== Post About Incident On Reddit ===

Fresh_Supermarket posted on Reddit for assistance<ref name="unnamed-10616" />. They lost their Coinbase wallet seed phrase but still has access to the wallet through the Google Chrome extension. They seek advice on how to recover their funds, amounting to $5,000.<blockquote>"I know... im dumb. So I got a new phone and lost my coinbase wallet seed phrase, however I still have coinbase wallet logged in on my Google Chrome extension. How do I get my money back? I have $5000."</blockquote>Fresh_Supermarket tried to send their funds from the browser extension, however it soon became apparent that making transactions was not possible without the Coinbase Wallet phone application<ref>[https://old.reddit.com/r/CoinBase/comments/rjhg11/lost_coinbase_wallet_seed_phrase_but_i_still_have/hp3mcpx/ <nowiki>Fresh_Supermarket - "just tried, when i tried to send out from chrome extension, its making me confirm on the old wallet app... Now im [doom]ed. You have any other advice?" - Reddit</nowiki>] (Accessed Apr 9, 2024)</ref>.<blockquote>"just tried, when i tried to send out from chrome extension, its making me confirm on the old wallet app... Now im [doom]ed. You have any other advice?"</blockquote>

=== Reddit Community Reactions ===
Reddit community members suggested that Fresh_Supermarket could create a new wallet and transfer the funds, however a confirmation process required the original Coinbase wallet to be present. Various options were explored, including importing to MetaMask, but this would not be possible without the seed phrase. Some members emphasize the importance of backing up the seed phrase in the future to avoid such issues<ref name="unnamed-10616" /><ref>[https://old.reddit.com/r/CoinBase/comments/rjhg11/lost_coinbase_wallet_seed_phrase_but_i_still_have/hp3fytc/ <nowiki>Kiwip0rn - "Make a new wallet and tra[n]sfer." - Reddit</nowiki>] (Sep 5, 2023)</ref><ref>[https://old.reddit.com/r/CoinBase/comments/rjhg11/lost_coinbase_wallet_seed_phrase_but_i_still_have/hp3gx23/ genesis_crazy_one - "Can't access your seed from chrome extension ? Look somewhere in settings" - Reddit] (Sep 5, 2023)</ref><ref>[https://old.reddit.com/r/CoinBase/comments/rjhg11/lost_coinbase_wallet_seed_phrase_but_i_still_have/hp3j51l/ Rbwiseman - "Tattoo the phrase on your body! Never lose it again!" - Reddit] (Sep 5, 2023)</ref><ref>[https://old.reddit.com/r/CoinBase/comments/rjhg11/lost_coinbase_wallet_seed_phrase_but_i_still_have/hp3sw5z/ PsLJdogg - "Did you backup your old phone? That would be the only way to regain access. In the future write down your seed phrase and store it somewhere safe. Don't rely on being able to access it from your phone." - Reddit] (Sep 5, 2023)</ref>.<blockquote>Make a new wallet and tra[n]sfer.</blockquote><blockquote>Can't access your seed from chrome extension? Look somewhere in settings</blockquote><blockquote>Tattoo the phrase on your body! Never lose it again!</blockquote><blockquote>Did you backup your old phone? That would be the only way to regain access. In the future write down your seed phrase and store it somewhere safe. Don't rely on being able to access it from your phone.</blockquote>

== Ultimate Outcome ==
The exact outcome of this situation is uncertain. It appears likely that all funds were permanently lost.

== Total Amount Recovered ==
There do not appear to have been any funds recovered in this case.

== Ongoing Developments ==
It is unclear whether the wallet was recovered and any further actions that the Fresh_Supermarket may have taken following their Reddit post. Fresh_Supermarket is still active on Reddit<ref>[https://old.reddit.com/user/Fresh_Supermarket Fresh_Supermarket Profile - Reddit] (Accessed Apr 9, 2024)</ref>.
== Individual Prevention Policies ==
Storing cryptocurrency requires a high degree of responsibility on the part of the holder. One of the primary responsibilities is to ensure that reliable backups are kept of all wallets. Typical wallet software will provide seed phrases for user convenience, which allow the wallet to regenerate private keys. Seed phrases need to be written down or engraved and stored securely. If this process is not completed when the wallet is set up, and something happens to the original wallet, then future access to the user's funds will not be possible.

{{Prevention:Individuals:Keep Multiple Backups}}

{{Prevention:Individuals:End}}

== Platform Prevention Policies ==
Many users may come from other backgrounds where funds are recoverable by a centralized service, which may be a suitable alternative for some users. Special education is required for all users who choose to interact at the blockchain level.

{{Prevention:Platforms:Cryptocurrency Safety Quiz}}

Having an insurance fund provides flexibility to assist users in the event that private keys are permanently lost, which would typically not be covered by any other available insurance product. Even if such a product existed, it would be unlikely that all users would use it. While the industry insurance fund is discretionary and the amount of assistance would be up to the community, it can cover all events, including user error.

{{Prevention:Platforms:Establish Industry Insurance Fund}}

{{Prevention:Platforms:End}}

== Regulatory Prevention Policies ==
Many users may come from other backgrounds where funds are recoverable by a centralized service, which may be a suitable alternative for some users. Special education is required for all users who choose to interact at the blockchain level.

{{Prevention:Regulators:Cryptocurrency Education Mandate}}

Having an insurance fund provides flexibility to assist users in the event that private keys are permanently lost, which would typically not be covered by any other available insurance product. Even if such a product existed, it would be unlikely that all users would use it. While the industry insurance fund is discretionary and the amount of assistance would be up to the community, it can cover all events, including user error.

{{Prevention:Regulators:Establish Industry Insurance Fund}}

{{Prevention:Regulators:End}}

== References ==
<references>
<ref name="unnamed-10616">[https://old.reddit.com/r/CoinBase/comments/rjhg11/lost_coinbase_wallet_seed_phrase_but_i_still_have/ Fresh_Supermarket - "Lost Coinbase Wallet Seed Phrase, but I still have access to the Wallet Chrome Extension" - Reddit] (Mar 24, 2023)</ref>
<ref name="unnamed-10617">[https://www.coinbase.com/wallet Coinbase Wallet - Your key to the world of crypto] (Mar 24, 2023)</ref>
</references>