Ellipal Lost Wallet Passphrase nak22589

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Ellipal Hardware Wallet

Reddit user nak22589 was reportedly socking away money since December 2020, and accumulated up to $50k on their Ellipal hardware wallet. One day they experienced error messages when trying to move their money off the device. They believe that they may have forgotten the original passphrase which was used when first creating the wallet. These is some implication that the wallet interface is partially to blame for their confusion. It is unclear if they have been able to retrieve any of their funds from the wallet.

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

About Ellipal

"Self-custody, full control of what yours Recommended by Forbes Trusted by users in over 140 countries Store over 10,000 coins and tokens"

"Air-gapped cold wallet is always 100% isolated from the internet. It is fully protected from unauthorized access, cyber hacks, malware, and any online threats."

"ELLIPAL was founded by two encryption technology experts, David and Thomas, in 2018. The company focuses on one-stop solutions for cryptocurrency security and blockchain service ecosystem. Headquartered in Hong Kong, ELLIPAL has warehouses in various parts of the world, such as Australia, Germany, the United States, and the United Kingdom to quickly meet the demands of fast growing customers."

"During a blockchain meeting in 2019,David proposed the concept of a cold wallet 2.0 and he named this new concept "air-gapped cold wallet". David applied this solution to ELLIPAL’s product: the ELLIPAL Titan Cold Wallet. The ELLIPAL Titan is the market leader of large screen air gapped cold wallet."

"We create the most secure cryptocurrency cold wallet and share a portable and fast cryptocurrency service system with all of mankind."

"I started socking money away on this thing Dec. 2020 BUT when I wanted to move some $ out I couldn’t remember my password. I guessed and unknowingly I created another profile when I actually thought I’d logged in. I tried sending money out but received error messages. Now I understand why. In the middle of this process all of the balances disappeared on the assets tab. Literally went blank. So now the page I used to track my balances as they grew in the different coins I owned, now was literally blank. I know I was looking at the right profile too because I could view the balances on another link/tab that showed me a pie chart instead. I know my coins are still there thanks to the blockchain explorer but the mnemonics will only bring up the second “profile” I’d created!! Not the original one with all my money! Customer service is basically non existent. After time on Reddit and speaking with Ellipal’s COMPETITORS customer service I have been led to believe that I must have created a “passphrase” when I initially set it up. I don’t think I did, I don’t think I would do that. Regardless it’s my only hope that I can think of. I will be trying every possible combination of “passphrase” that I can think of. I wish someone could help me! “0” stars

I know others have had similar issues. Is the only way to access this for me to guess what phrase I used when setting up? Hard to do when one doesn’t think they’d do that in the first place"

"On a side note I have 50k locked in my account that I cannot retrieve. I have my mnemonics but I have been lead to believe that I must have created a passphrase when I initially set up my account. I have been going through a trial and error method testing any phrase I can think of but no luck so far."

"It kept telling me that it was fully updated when it clearly was not. The only way I was able to figure it out was to update the firmware on another titan that I owned. It immediately worked on the first attempt when I used the second titan. This makes me highly skeptical of the initial wallet and it’s bugginess"

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.

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• 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.

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The Reality

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What Happened

The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.

Key Event Timeline - Ellipal Lost Wallet Passphrase nak22589

Date	Event	Description
October 24th, 2021 3:00:54 AM MDT	Reddit Post	Situation posted on Reddit.

Technical Details

This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

Total Amount Lost

The total amount lost has been estimated at $50,000 USD.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

Immediate Reactions

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Ultimate Outcome

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Total Amount Recovered

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

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Ongoing Developments

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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.