Understanding your situation, I would like to start with straight answer of your question ‘Is Trezor seed recovery possible?’. The straight answer is ‘No’. Look, at the time of setting up Trezor wallet, you get a 12-24 words backup key which is called recovery seed. So recovery seed is a backup, just in case, you lose your hardware wallet, you can use your generated backup key to regain access to your cryptographic assets. But as of now, to recover a recovery seed, there is no way available.
It is impossible to recover a lost Trezor recovery seed. I am sure you will find many people online who would claim that they can help you recover your Trezor wallet seed. So here I would like to suggest you do not get trapped in someone’s false promises.
But, if you still have access to your Trezor wallet then my friend you don’t need to worry much.
Having Trezor wallet does not mean you are safe. There are two risks.
First risk is if someone else find it then he can easily spend or move your coins to somewhere else.
Second risk is if your existing Trezor wallet firmware is too old then it might be possible that Trezor app stop supporting it and ask you update firmware. During firmware update, Trezor private key may get erased and you would end losing everything.
Therefore, to safeguard your coins, all you need to do is just arrange a new hardware wallet and move your coins to your new wallet addresses. But be cautious while doing that. Do not dare to reset or wipe your Trezor wallet.
If you mistakenly wipe out Trezor wallet then you are gone. Then it is end. All your investments will be lost forever. No one will be able to help you then. So before you take any step, think twice or I would say thrice.
I am not scaring you. Instead, I am doing my best to make you realize that situation is critical.
Before I explain further, I would like to talk about another scenario which is you have lost your Trezor hardware wallet too.
Then unfortunately there is no way left and no one, as of this writing, on earth can help you regain access to your wallets. It is over and your investment is lost forever.
Steps for Trezor Recovery Seed Regeneration
As I discussed earlier, after losing Trezor recovery seed, if you still have access to your Trezor hardware then it is not a big issue. You just need to follow the steps I am going to explain to get a new Trezor wallet recovery seed.
Warning: Do not use you Trezor wallet whose recovery seed you have lost unless you arrange a new wallet. And do dare to update its firmware. Put your crypto wallet aside understand the process and then do anything. You have your Trezor wallet that does not mean there is no risk of losing your assets.
First of all, arrange a new hardware wallet. Here you would ask me that cannot I transfer my assets to a cryptocurrency exchange and then reset Trezor wallet and again, after setting up my hardware wallet as a new wallet, move back my coins to Trezor?
Yes, you can do that too. But still I will suggest you buy a new wallet.
A new Trezor Model T would cost your $179 or a cheaper option Safe 3 wallet would cost you $79. But if you would try your plan (sending coins to an exchange and then moving back to Trezor) then you would end up spending more money in the name of network fee and transaction charges than a crypto wallet would cost you.
Once you have bough a new wallet, set it up and write your new Trezor recovery seed.
Once everything a set, grab your old Trezor wallet whose recovery seed is lost and send your coins to new wallet addresses.
I have plenty of tutorials on my YouTube channel and on this blog on how to send and receive coins. Take help from them.
At pen off, I strongly suggest you move your assets from lost Trezor recovery seed device as soon as possible.