How do you backup the Cobo Vault in Case it is lost or stolen?
When you first use the Cobo Vault, you will be asked to store a mnemonic phrase consisting of 24 words, but you can import 12, 18, or 24 words generated elsewhere. If your Cobo Vault is lost, broken or stolen, you can recover your private keys using the mnemonic phrase on another Cobo Vault or on any device meeting the BIP 32, 39, and 44 protocols.
If I forget my password, can I still access my crypto assets?
Cobo does not store your password on our servers. If you forget your password, you will need to use the mnemonic phrase to recover your private keys and crypto assets.
What happens if my Cobo Vault gets stolen?
Nothing. Your digital assets can only be accessed only when you have full control of your mobile device (hot end) and Cobo Vault (cold end). As such, it is almost impenetrable as hackers will need to steal your mobile device, Cobo Vault, and know all your credentials (from your phone password and Cobo app PIN to the Cobo Vault system password). If a hacker were to tamper with the Cobo Vault, a self-destruct mechanism will be triggered deleting the private keys and data in the encryption chip. The hacker may also try to enter the system password to access your crypto assets. To prevent the hacker from using a Brute Force Attack, if the wrong password is entered 12 times continuously, you need to reset the system password by verifying the mnemonic phrase or the device will be locked.
How can I be sure that my Cobo Vault wasn’t tampered with before I received it?
There are two key ways to ensure that your Cobo Vault has not been tampered with. When you receive your Cobo Vault, check that the anti-tamper sticker on the packaging has not been compromised. Secondly, when turning on the Cobo Vault for the first time, you will be asked to Web Authenticate your Cobo Vault on our official website. This process ensures that the device has not been tampered with.
If someone finds my mnemonic phrase, will they be able to steal my crypto assets?
Yes. Anyone with access to the mnemonic phrase is able to recover the private keys on a device supporting BIP 32, 39 and 44 such as another Cobo Vault. You can add an extra layer of security by using a Passphrase. The thief must also know your Passphrase to access the crypto assets in your Hidden Vault.
What happens if my Cobo Vault is lost or broken?
If your Cobo Vault is lost or broken you can use your mnemonic phrase to recover your private keys and your crypto assets on another Cobo Vault device or on a device which supports the BIP 32, 39, and 44 protocol.
How does the Cobo Vault prevent an evil maid attack?
Any attempt to tamper with the Cobo Vault will trigger a self-destruct mechanism, deleting the private keys and data on the encryption chip. Furthermore, data cannot be transferred to the Cobo Vault except through a TF Card. Root permission and installation of 3rd party apps are disabled to prevent malicious software from being installed. Lastly, automatic system self-checks ensure that the software has not been tampered with.
What happens if the mobile device connected to the Cobo Vault is lost, broken or stolen?
If the mobile device connected to the Cobo Vault is lost, broken or stolen, others may obtain your asset balance and address information. However, your assets are absolutely safe because your private key information is stored in the security chip of the Vault. You can install the Cobo Vault App on another mobile device and re-synchronize the Cobo Vault for asset management.
What happens if the mnemonic phrase is stolen or lost?
The minute you realize that your mnemonic phrase is stolen or lost, transfer all your digital assets to a new wallet address immediately. Mnemonic phrases serve as the backup keys to your digital asset. Anyone who knows your mnemonic phrase can access your account. Likewise, losing your mnemonic phrase is akin to losing your digital wallet backup. Thus, without mnemonic keys, if Cobo Vault is misplaced, your digital wallet will be irrecoverable.
Is the Cobo Vault more secure than using a USB drive?
When a USB drive is plugged into a computer, the computer may access all the information on the USB drive exposing the private key. With Cobo Vault, the private key never leaves the encryption chip. Since Cobo Vault is never connected to a hot device, the attacks are limited.
Is the Cobo Vault more secure than using an encrypted wallet on a PC?
The danger with encrypted wallets on a PC is the moment that the encrypted wallet is decrypted the private keys are exposed. Malware and viruses can transmit the exposed private keys to hackers.
Do I require additional software to use the Cobo Vault?
Yes. You will need to download the official Cobo Vault Mobile App in order to use the Cobo Vault.
If I have other questions, whom should I contact?
Send an email to firstname.lastname@example.org and we’ll get back to you with answers as soon as possible.