Migrating to a New Secret Recovery Phrase / Wallet

  • Updated

Migrating your funds to a new wallet with a new Secret Recovery Phrase (SRP) is an essential step for maintaining optimal security and privacy.. This process can help safeguard your assets against potential threats such as security breaches, compromised recovery phrases, or simply to refresh your security measures periodically. Additionally, creating a new wallet can provide peace of mind, ensuring that your digital assets are protected by the latest security protocols and giving you greater control over your financial future. By following the steps outlined below, you can seamlessly transition to a new wallet while maintaining the highest standards of security.

To securely migrate your funds from your old wallet to a new one, please follow these steps carefully (Browser Extension):

  1. Backup Your Secret Recovery Phrase and Private Keys:

    • Ensure that your current Secret Recovery Phrase (SRP) and any imported Private Key are safely backed up.
    • Double-check the order and words of your SRP to prevent any errors during the recovery process.
  2. Create a New Wallet:

    • Install a new Phantom wallet. If you are using our browser extension, you can either create a new browser profile or use another compatible browser.
    • Download the Phantom wallet from our official website: https://phantom.app/download.
    • Follow the onboarding steps to create a new wallet.
    • Once complete, ensure that the new SRP is also safely backed up.
  3. Transfer Your Funds:

    • Copy the address of your new wallet.
    • Send your funds from the old wallet to the new one.
  4. Securely Dispose of the Old SRP:

    • After successfully transferring your funds, feel free to securely dispose of the old SRP to ensure it cannot be misused.

Migrating Funds to a New Phantom Wallet on Mobile

When migrating your funds using the Phantom mobile app, the process differs slightly from the browser extension. Here’s how to do it securely:

  1. Backup Your Secret Recovery Phrase and Private Keys:

    • Ensure that your current Secret Recovery Phrase (SRP) and any imported Private Key are safely backed up.

    • Double-check each word and the order of your SRP to prevent any errors during the recovery process.

  2. Reinstall the App and Create a New Wallet:

    • Delete the current Phantom app from your device.
    • Reinstall the app using the official links to your respective app stores from our official website: https://phantom.app/download.
    • During the onboarding process, create a new wallet and securely back up the new SRP provided.
  3. Add Your Old SRP as a Secondary Account:

    • After creating your new wallet, add your old SRP as a secondary account. This makes it easier to transfer funds between the old and new wallet accounts.
    • You can do this by importing your previous SRP into the app.
  4. Transfer Funds:

    • Transfer funds from the accounts derived from the previous SRP to the new wallet.
  5. Remove the Old Account:

    • After successfully transferring your funds, remove the old account under the “Manage Accounts” tab in your settings.
  6. Securely Dispose of the Old SRP and Accounts:

    • Once all funds are transferred and the old account is removed, feel free to securely dispose of the old SRP and any accounts associated with it to ensure they cannot be misused.

By following these steps, you can confidently migrate your funds to a new Phantom wallet on both the browser extension and mobile while maintaining the highest security standards. If you need further assistance, please feel free to contact our support team.

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