Collaborate with your connection partner while performing the key replacement.
As with all actions regarding shared keys, we recommend talking with your connection partner before taking action. The vault owner may need to use their key to sign a transaction, and it’s a good idea to refrain from depositing bitcoin until the key replacement is resolved.
Please review our written guide before beginning a key replacement: How do I conduct a key replacement? Key replacements are only needed if your seed phrase is lost, stolen, digitally exposed, or otherwise compromised. The steps are unnecessary if your hardware wallet is broken or you forgot the PIN.
If the vault has a bitcoin balance:
If there is a confirmed balance in the vault, a key replacement will automatically create a “sweep” transaction to move bitcoin into the new key quorum. Once started, this transaction cannot be canceled and requires key signatures from two out of the three keys.
Follow our key replacement guide from start to finish. Once the sweep transaction is fully signed, the vault owner must broadcast it from their Unchained account.
Warning: The key replacement steps impact the keys securing your bitcoin, and missteps can result in permanent loss of funds. If you'd like to speak one-on-one with a bitcoin expert to walk through this process, purchase a Premium Support session.
If the vault does not have a bitcoin balance:
If the vault has a zero balance, then there will be no on-chain sweep transaction and no key signatures needed. The vault will update and show a new deposit address. Follow our key replacement guide for the full steps.
Allowing a Connection to maintain a key in your collaborative custody setup bears significant risks. Unchained has not vetted any connection you make using this feature, and does not make any assurance as to the fitness for the given task or fitness of character of any potential keyholder you select. Unchained bears no liability for actions or inaction of any keyholder selected using this feature. Please do your own research, and review the Unchained Terms of Service.