Losing access to your seed phrase can be a frustrating experience, as it may mean losing access to all your digital assets and especially your tokenized shares.
However, if you can prove that you are the owner of the address with the lost seed phrase, there is a way to recover your share tokens. Thanks to the sophisticated recovery mechanism embedded into the smart contracts of our clients’ tokenized shares you can send the lost shares to a new address given that you commit sufficient time and collateral.
Before you get started, make sure to prepare the following:
- The public wallet address from the wallet where you have lost access to. This is the wallet where the lost shares reside.
- A new wallet where you own, know and safely stored the seed phrase.
- Enough tokens of a recognized collateral (e.g., ETH).
- Some ETH on the new wallet to pay for the gas fees. Please make sure that the ETH resides on the right network (mainnet or optimism).
For the vast majority of our clients share tokens you can call the declareLost function following the steps in the first section. However, if you want to call either DAKS, DGCS, DQTS, TBOS or VEDA as lost, the process is slightly different (See step 3.b and Step 4).
How to Recover Lost Tokenized Shares
Please note that in case you hold different share tokens (e.g., DILYS & CAS) you should repeat this process for each of those tokens separately.
Step 1: Find the Token Contract Address
In order to find the token contract address of our company's shares, visit our list of companies and click on the respective ticker (e.g., BOSS, DAKS, DILYS, et cetera).
Step 2: Open the Token Contract
By clicking on the token ticker, you will land on the blockchain explorer where you can not only read everything that's on the blockchain but also interact with it directly.
The first thing you need to do is to copy the token contract address on the upper part of the screen (See Image 1).
Please keep this address handy as you will need it later in the process.
Step 3: Open the Recovery Hub
Now you can click on "read contract" to see all available functions. Click on the address under "recovery" to enter the recovery hub. Here you are able to declare your shares as lost, by using the "declareLost" function. However, in order to interact with the blockchain you must first connect your wallet.
Step 3.b: Directly Declare Lost
In case your lost shares are either DAKS, DGCS, DQTS, TBOS or VEDA, you can directly go to "write contract" in order to declare your shares as lost. Continue with Step 4 to learn more about collateral types.
Step 4: Declare Your Shares as Lost
Before you continue with the process, please make sure to prepare the following:
- Know the (public) wallet address where the lost shares reside.
- Know the address of the tokenized shares (Token Address) which are lost at your disposal (See Image 1).
- Have the (public) address of a new wallet where you know the seed phrase. This must be the same wallet that you have just connected to the blockchain.
- Have enough ETH and other assets (i.e., tokenized shares or any valid collateral) on the new wallet and on the correct network to pay for gas fees and the collateral. Here's more information on how to fund your wallet. For the collateral you will need as much collateral as your share's value that you want to recover.
Per default, you must use the same tokenized shares from the respective company as the collateral. However, companies may allow other types of collateral. Please contact the company whose shares you lost for more information.
To declare your shares as lost, you must first connect your new wallet. You can do so by clicking on "Connect to Web3". Then, you must provide the token (contract) address from step 1 (unless you want to recover DAKS, DGCS, DQTS, TBOS or VEDA, then this is not necessary [See Image 3]), the token address from the collateral (e.g., the address of ETH or XCHF) and finally the (public) address of the wallet where the lost shares still reside on.
Now click on "write" and confirm the transaction with your connected wallet.
If you have done everything correctly, you should receive an email.
Step 5: Wait for 6 Months
Now, you need to wait for 6 months. Once the wait is over, you can continue with the next step.
Step 6: Recover Your Shares
After 6 months, you can finally get get back your tokenized shares as well as your collateral.
In order to do so, you can simply go to the token contract again (See Step 1), open the "write contract" tab and connect your new wallet. Then you should be able to open the "recover" function where you must paste in the token address of the tokenized shares and the address where your shares have been stuck. In the case of DAKS, DGCS, DQTS, TBOS or VEDA, you don't have to type in the token (contract) address again.
Finally, click "write" and confirm the action in your new wallet (the one that you have connected by clicking on "Connect to Web3").
That's it. Your shares will now be transacted to your new wallet.