Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01230
Passphrase unavailable — hardware wallet (2024)
SurvivesCase description
A 2024 Keepkey hardware wallet case involved a device that had been in storage for four years. The holder had set a device PIN that they could not recall. The Keepkey security model wipes the device after a configurable number of incorrect PIN attempts. The holder attempted three PINs, none of which were correct, and the device wiped itself. The seed phrase backup had been stored in a dedicated metal plate that was located and verified as intact. The holder restored the wallet from the seed phrase on a new device with no funds lost—but only because the seed phrase backup had been maintained. Without it, the wipe would have been permanent.
Custody context
| Stress condition | Passphrase unavailable |
| Custody system | Hardware wallet (single key) |
| Outcome | Survives |
| Documentation | Unknown |
| Year observed | 2024 |
| Country | International |
Structural dependencies observed
Outcome interpretation
Access remained possible under the reported conditions.
Source
Privately Reported
Evidence type
News article
Related cases involving passphrase unavailable
217 cases involve passphrase unavailable
274 cases involve hardware wallet (single key)
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This archive documents observed custody survivability failures. It does not attempt to document all Bitcoin losses or security incidents.
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Framework references
Where Bitcoin Custody Intersects Legal and Fiduciary Authority
Where custody creates gaps in estate planning, fiduciary duty, and professional responsibility.
Professional Scope Boundary Matrix
What each professional or product covers, what they do not, and where gaps form between them.
The Independent Assessment Layer in Bitcoin Custody
How independent diagnostic layers emerge when multiple parties depend on shared infrastructure.
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