Lockbox devices are experiencing inconsistent connection with the Blockchain web wallet. Some functionality, such as setup, managing applications, and sending funds from the device is affected. Funds can still be received and are backed up by the 24-word recovery phrase. Updates will be communicated when the issue is resolved.
With a hardware wallet like Blockchain’s Lockbox, you are insulated from the most common ways cryptocurrency users lose their funds, like phishing and malware. Lockbox is a non-custodial device designed to provide maximum security to our users. This article explains our multi-layered security system.
- Blockchain never has access to your funds
Lockbox is one of the ways our users can store and transact with cryptocurrency. Your private keys are generated by Lockbox during the setup process. They remain stored locally on the device’s secure chip and are never exposed to your computer. Since Blockchain never has access to your private keys, we can never gain access to your funds.
- Only you can access your cryptocurrency
Like we touched on earlier, Lockbox is designed so that Blockchain never has access to your funds. In fact, only you have access your cryptocurrency. Even if your computer becomes compromised, your funds will remain secure in your Lockbox.
- Set a strong PIN code to keep your funds secure
Every time you connect Lockbox to a computer via USB, you will need to enter a PIN code to access your funds. If the PIN code is entered incorrectly three (3) times, your Lockbox will reset; all the content and information on it will be erased. Learn how to recover your funds if you forget your PIN code.
- Extra verification required when sending funds
When sending funds from your Lockbox, you will be asked to verify the amount and destination address twice. You’ll see these transaction details show up on the device’s physical screen. Once you review the transaction and approve it, the funds can be sent. This extra security measure is in place to prevent a compromised computer or malware from sending funds without your manual approval.
- Back up your Lockbox device
If it’s your first time setting up a Lockbox device, you will be prompted to write down a 24-word recovery phrase. This phrase allows you to recover your funds if your Lockbox gets stolen, lost or damaged, or if you forget your PIN code. Keep in mind that anyone with access to your backup phrase can restore your funds on their own device, so keep your 24-words secret and stored safely. Never give out your recovery phrase to anyone.