Coinbase Wallet Seed Phrase Lost Fresh_Supermarket

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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, they were unable to regain access to their funds. They lost $5,000.

This is a global/international case not involving a specific country.

About Fresh_Supermarket

Fresh_Supermarket started their sales career with a B2B sales internship[1][2]. After graduating from college[3] in May 2021[4][5], they spent a period of time working sales for Gartner[6], before moving into a full time sales development representative (SDR) role[2][7]. Their ultimate goal is to become an enterprise account executive[8].

About Coinbase Wallet

CoinBase Wallet describes itself as "Your key to the world of crypto"[9].

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


"its making me confirm transaction on old wallet account on the phone app.."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

  • Known history of when and how the service was started.
  • What problems does the company or service claim to solve?
  • What marketing materials were used by the firm or business?
  • Audits performed, and excerpts that may have been included.
  • Business registration documents shown (fake or legitimate).
  • How were people recruited to participate?
  • Public warnings and announcements prior to the event.

Don't Include:

  • Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
  • Anything that wasn't reasonably knowable at the time of the event.

There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

The Reality

This sections is included if a case involved deception or information that was unknown at the time. Examples include:

  • When the service was actually started (if different than the "official story").
  • Who actually ran a service and their own personal history.
  • How the service was structured behind the scenes. (For example, there was no "trading bot".)
  • Details of what audits reported and how vulnerabilities were missed during auditing.

What Happened

Reddit user Fresh_Supermarket reports that they had a CoinBase Wallet set up. It is unclear what backups were taken, if any[10][11]. What is clear is that they never backed up their 12 word seed phrase[10]. Their wallet was reported to have contained $5,000 USD[12], which is suspected to be permanently lost.

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[12].
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[13][14].
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[10].
December 18th, 2021 7:36:28 PM MST No Backup Confirmed Fresh_Supermarket states that they "don't have anything that's backed up"[11].

Total Amount Lost

The total amount lost has been estimated at $5,000 USD based on the initial report from Fresh_Supermarket[12].

Immediate Reactions

How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

Fresh_Supermarket posted on Reddit for assistance[12].

"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."

Ultimate Outcome

What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

Total Amount Recovered

There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

Ongoing Developments

What parts of this case are still remaining to be concluded?

Individual Prevention Policies

No specific policies for individual prevention have yet been identified in this case.

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

Policies for platforms to take to prevent this situation have not yet been selected in this case.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

Regulatory Prevention Policies

No specific regulatory policies have yet been identified in this case.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.

References

  1. ↑ Fresh_Supermarket - "just pick up any b2b sales internship and move into software sales full time post grad" - Reddit (Apr 5, 2023)
  2. ↑ 2.0 2.1 Fresh_Supermarket - "get any b2b sales internship before your senior year" - Reddit (Apr 5, 2023)
  3. ↑ Fresh_Supermarket - "I'm a college graduate as well." - Reddit (Apr 5, 2023)
  4. ↑ Fresh_Supermarket - "graduating next may" - Reddit (Apr 5, 2023)
  5. ↑ Fresh_Supermarket - "Seems like we are on a similar boat." - Reddit (Apr 5, 2023)
  6. ↑ Fresh_Supermarket - "the most I had was 4 and that was for Gartner" - Reddit (Apr 5, 2023)
  7. ↑ Fresh_Supermarket - "Currently deciding between starting my sdr career at mid stage startups or larger firms" - Reddit (Apr 5, 2023)
  8. ↑ Fresh_Supermarket - "my goal is to be an enterprise AE" - Reddit (Apr 5, 2023)
  9. ↑ Coinbase Wallet - Your key to the world of crypto (Mar 24, 2023)
  10. ↑ 10.0 10.1 10.2 Fresh_Supermarket - "I did back everything up but the 12 word seed phrase did not back up" - Reddit (Apr 5, 2023)
  11. ↑ 11.0 11.1 Fresh_Supermarket - "I don’t have anything that’s backed up" - Reddit (Apr 5, 2023)
  12. ↑ 12.0 12.1 12.2 12.3 Fresh_Supermarket - "Lost Coinbase Wallet Seed Phrase, but I still have access to the Wallet Chrome Extension" - Reddit (Mar 24, 2023)
  13. ↑ Fresh_Supermarket - "when i tried to send out from chrome extension, its making me confirm on the old wallet app" - Reddit (Apr 5, 2023)
  14. ↑ Fresh_Supermarket - "It is possible, but its making me confirm transaction on old wallet account on the phone app" - Reddit (Apr 5, 2023)
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