Losing access to a Bitcoin wallet is more common than people realise — and in many cases, recovery is possible. Whether you've forgotten a password, lost a seed phrase, or have an old wallet file on a damaged device, this guide walks you through every option available to New Zealanders in 2025.
Quick SummaryBefore attempting any recovery, make a backup of your current wallet files and don't overwrite anything. The most important thing is preserving your data.
Types of Wallet Recovery Scenarios
The recovery process depends entirely on what type of wallet you used and what information you still have access to. The four most common scenarios in NZ are:
- Lost or forgotten seed phrase — You remember part of it, or know roughly what the words were
- Old Bitcoin Core / software wallet — You have the wallet.dat file but lost the password
- Hardware wallet (Ledger/Trezor) — Device is damaged, PIN forgotten, or seed phrase lost
- Exchange account locked — Lost access to a NZ or international exchange account
Recovering with a Seed Phrase
Your seed phrase (also called a recovery phrase or mnemonic) is a 12 or 24-word sequence that gives complete access to your wallet. If you have it — even partially — recovery is usually straightforward.
Locate all physical copies
Check every place you might have written it — notebooks, envelopes, safes, photos, password managers. Don't assume one copy is the only one.
Identify the correct word list
Most wallets use the BIP-39 standard word list. If you have words that don't appear on the list, check if they're from a different wallet standard.
Use an offline recovery tool
Never enter your seed phrase into an online tool. Use an air-gapped device with trusted open-source software like Ian Coleman's BIP-39 tool downloaded locally.
Try partial phrase recovery
If you're missing 1–3 words, brute-force tools can recover them. Missing more words requires professional-grade tooling.
Never share your seed phraseNo legitimate recovery service, wallet provider, or exchange will ever ask for your full seed phrase. Anyone asking for it is attempting to steal your funds.
Recovering an Old Bitcoin Core Wallet (.wallet.dat)
Bitcoin Core, the original Bitcoin software, stores your wallet in a file called wallet.dat. If you used Bitcoin in the early days (2009–2015), you may have one of these files sitting on an old hard drive.
Where to find your wallet.dat file
- Windows:
C:\Users\[username]\AppData\Roaming\Bitcoin\ - macOS:
~/Library/Application Support/Bitcoin/ - Linux:
~/.bitcoin/
Back it up firstBefore doing anything, copy the wallet.dat file to at least two separate USB drives or external hard disks. Never work on the original file.
If the wallet is encrypted (which it should be), you'll need the original password to access it. Tools like Hashcat or btcrecover can attempt to crack common passwords, but this requires technical knowledge and can take significant time depending on password complexity.
$400,000 NZD Recovered from 2013 MacBook
A client contacted us with an old MacBook running a 2013 version of Bitcoin Core. The wallet contained Bitcoin and an associated Bitcoin Cash airdrop, totalling $400,000 NZD. The wallet was encrypted with a password the client only partially remembered. Through targeted password reconstruction and Bitcoin Core forensics, we successfully recovered the full balance within three weeks.
Hardware Wallet Recovery
Hardware wallets like Ledger and Trezor are designed to be recovered using your seed phrase. If you have your 24-word recovery phrase, the process is simple — buy a new device and restore.
When you don't have your seed phrase
This is where it gets complex. Without the seed phrase, recovery of a hardware wallet requires:
- The physical device (even damaged, data can sometimes be extracted)
- Specialist firmware extraction tools
- Memory chip-level data recovery in extreme cases
This type of recovery is not DIY territory. If you have significant funds at stake, professional recovery is the recommended path.
Need professional wallet recovery?
If self-recovery hasn't worked, I offer expert recovery services across Aotearoa NZ. No recovery, no fee.
Locked Exchange Accounts
If you've lost access to a New Zealand or international exchange account, the process depends on the exchange. Most NZ exchanges (Easy Crypto, Swyftx, Binance NZ, Coinbase) have identity-based account recovery:
- Submit a support ticket with your registered email address
- Complete identity verification with your NZ passport or driver's licence
- Provide proof of previous transactions or fiat deposits from your bank
- Request a manual account review if automated recovery fails
For accounts with significant balances, escalate to the exchange's compliance team directly. If the exchange is unresponsive or offshore, there may be legal avenues available — contact us for advice.
When to Call a Professional
Self-recovery is appropriate when the technical barriers are low and the risk of making things worse is minimal. In these situations, professional help is strongly recommended:
- More than 3 seed phrase words are missing or unknown
- The wallet.dat file is encrypted and the password is completely forgotten
- A hardware wallet is physically damaged
- The balance is above $10,000 NZD (the risk vs. reward makes professional help worthwhile)
- The funds are involved in a legal dispute or estate
Vetting a recovery serviceBe cautious of services that charge upfront fees, ask for your seed phrase, or promise 100% recovery rates. Legitimate professionals charge on success or a transparent hourly basis.