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Modulis 2 · Security and practice
5/9

What to do if... — a troubleshooting guide

Video · 3 min.
What to do if...

Martha loses her phone with her whole crypto wallet on it. Six common situations, each with a short action plan: a lost phone, a wrong address, no gas, a fake support message, a bank blocking a transfer and a platform leaving the EU.

Narrated, with light music
The full lesson with numbers and rules is below.
Watch on YouTube
This lesson turns you into a cool-headed operator

For every commonly occurring situation there's a clear action plan. Once you've read this guide, in a crisis you'll have a checklist instead of panic — you just follow the steps. Read it calmly now, use it when you need it.

🔑 I lost or don't have my seed phrase

Is the wallet still working (on your phone/browser)?

YES — you can still recover:

  1. IMMEDIATELY move all your tokens to a NEW wallet with a NEW seed phrase
  2. Create a new Jupiter Wallet (Solana) or MetaMask (Ethereum) wallet → write down the 12 words
  3. Send all your crypto from the old wallet to the new one
  4. Once everything's moved — write down the new seed phrase on paper
  5. The old wallet can stay empty

NO — you've lost access:

Master these 4 habits and your seed phrase will never go missing
  • Write the seed phrase down ON PAPER (not on your phone, not in the cloud)
  • Keep it somewhere safe (a safe, or with someone you trust)
  • Make 2 copies in different places
  • NEVER photograph it or save it in digital form

❌ I sent crypto to the wrong address

SOL sent to an Ethereum address (or vice versa)

Sent on the wrong network (e.g., ETH via BSC)

Sent to the wrong person / address

⏳ My transaction has been "pending" for an hour

Solana (rarely happens)

Solana transactions confirm within 1-2 seconds. If it's "pending" longer than that:

Ethereum (happens more often)

🏦 My bank is blocking a transfer to a crypto exchange

Why does it block it?

Some Lithuanian banks automatically block transfers to crypto exchanges' IBANs as "risky":

What to do

  1. Call your bank — explain that you're transferring to a licensed crypto platform
  2. Name the platform's MiCA licence country and the fact that it is in the ESMA CASP register — e.g. "Kraken — MiCA licence in Ireland", "Coinbase — Luxembourg", "Bitvavo — the Netherlands", "Revolut — Cyprus". That is a far stronger argument to a bank than a vague "it's a regulated platform". Note that Nexo does not hold a MiCA licence of its own and operates in the EEA through partners (e.g. Tangany GmbH), while its Earn interest and crypto-backed loans fall outside those partners' permissions — worth knowing before you move funds there
  3. If they refuse:
    • Revolut almost never blocks crypto transfers
    • N26 is friendly too
    • Paysera supports crypto transfers
  4. Buying crypto is legal — but under AML procedures the bank may temporarily hold the transfer and ask for an explanation. Usually the transfer goes through once you've explained
How to handle your bank

There is no public data on which bank blocks more often — policies change, and they differ even between customers of the same bank, so ranking banks by name would be guesswork.

The rule that actually holds: under AML procedures a bank may temporarily hold the transfer and ask you to explain the source and purpose of the funds. That is not a ban — usually the transfer goes through once you've explained.

In practice the smoothest route is via Revolut, which holds its own MiCA CASP licence (CySEC, Cyprus), so the money never leaves a licensed environment. (This reflects the Lithuanian context — if you bank elsewhere, check your own bank's policy on crypto transfers.)

🚪 The platform announces it is withdrawing from the EU

This is no longer a hypothetical. With the MiCA transition period over (EU — 2026-07-01, Lithuania — 2026-01-01), platforms without a licence have to withdraw. Binance stopped serving the EU on 2026-07-01. Revolut customers' USDT balances were converted automatically after 2026-08-31. In its statement of 2026-06-23, ESMA made clear that unlicensed providers must stop onboarding, restrict services to position closing, and inform clients in advance of automatic position-closing dates.

If you get that email:

  1. Don't ignore it. It contains a specific date after which your positions are closed without your consent — at whatever the market price is that day
  2. Check whether the platform is in the ESMA CASP register. If it isn't, the email is genuine rather than phishing (still don't click links in it — go to the site directly)
  3. Close leveraged and dated positions first. They are closed earliest and most painfully — the forced close happens on the platform's schedule, not yours
  4. Then withdraw your assets — to your own wallet (where you hold the seed phrase) or to a licensed CASP. Don't wait until the final week: that's when queues build and support stops replying
  5. Save your full transaction history (CSV) for your tax return. From 2026 the tax authority also receives data automatically (DAC8, first reporting due by 2027-05-31); your own records are what make your cost basis line up
Why this matters in this course specifically

The strategies in this course rest on open positions — collateral, debt, LP, options. A forced close on somebody else's date is a direct financial loss, even if the position itself was right. So a platform's licence status isn't "paperwork" — it's a risk parameter worth checking BEFORE you open a position.

🔐 I forgot my Nexo/Kraken password

Nexo

  1. On the login page, click "Forgot password"
  2. Enter your registration email → you'll get a link to reset your password
  3. Create a new password → log in
  4. If you don't have access to that email — contact Nexo support (can take 1-7 days)

Kraken

  1. "Forgot password" → email + 2FA code
  2. If you lost your 2FA (phone gone) — contact support with ID documents
  3. Kraken Master Key (if you set it up at registration) can help you recover
Prevention
  • Use a password manager (Bitwarden, 1Password)
  • Save your 2FA backup codes at registration (not just on your phone)
  • Kraken Master Key — always set it up and store it like a seed phrase

💸 Not enough SOL/ETH for gas fees

The problem

You have $5,000 USDC in Kamino, but 0 SOL in your wallet. You can't withdraw because you need SOL for gas.

Solution (Solana)

  1. An exchange (e.g. Kraken, Revolut): buy about $10 worth of SOL (at the ~$100 price in September 2026 that's roughly 0.1 SOL) and send it to Jupiter Wallet
  2. Jupiter: if you hold any Solana token, swap a small part of it for SOL
  3. A friend: ask them to send 0.05 SOL (if you trust them)
  4. Prevention: always keep at least 0.05 SOL in your wallet as a gas buffer

Solution (Ethereum)

  1. Buy ETH via Kraken/Nexo and send it to MetaMask
  2. Minimum: 0.01 ETH (~$25-30) — a mainnet operation now costs cents (a transfer ~$0.01, a DeFi operation ~$0.03-0.30), so a reserve like that will last a long time. Fees rise temporarily during congestion — check etherscan.io/gastracker before a bigger operation
  3. Arbitrum: if your positions are on Arbitrum, fees are even lower (<$0.01-0.05) and stay steady even when mainnet is congested

📧 I got an email "from Nexo/Jupiter/Deribit"

You'll spot it instantly — 99% chance it's phishing (a fake link or site)

Rules for checking:

  1. Never click links in emails about "security issues" or "account blocked"
  2. Check the sender's address: the real Nexo sender is @nexo.com, not @nexo-security.com
  3. Go straight to the website: open your browser and type nexo.com manually
  4. If it urges you to act quickly — that's almost always a scam
  5. Jupiter Wallet/MetaMask never send emails — they don't have your email address

📱 Phone stolen / lost

If you had Jupiter Wallet / MetaMask on your phone

  1. Do you have the seed phrase? → Install the wallet on a new phone → restore with the seed phrase → for safety, move the funds to a NEW wallet with a new seed phrase (the old key was on the stolen phone)
  2. No seed phrase? → If the wallet only existed on the phone and you don't have the seed — the funds are lost

If you had Nexo / Kraken on your phone

  1. Don't worry — a CEX account is protected by a password and 2FA
  2. Log in on your new phone with your email/password
  3. Remotely wipe the old phone (Find My iPhone / Find My Device)
  4. Change your password from the new phone

Summary — prevention checklist

RiskPreventionIf it already happened
Seed phrase lost2 paper copiesMove tokens while the wallet still works
Wrong addressTEST with a small amountLost (usually)
Pending transactionUse the recommended gasSpeed up via MetaMask
Bank blockingRevolut as a backupCall the bank
Forgotten passwordPassword manager"Forgot password"
No gasKeep a 0.05 SOL / 0.01 ETH bufferBuy some via a CEX
PhishingNever click linksDon't change your password via a link
Phone lostSeed phrase on paperRestore on a new phone
Platform exits the EUUse only platforms in the ESMA CASP registerClose positions and withdraw BEFORE the stated date

Keeping this table in mind, you can face any of these situations calmly — you know both how to avoid them and what to do if they happen anyway.

Quick check
You have a wallet but lost your seed phrase — the wallet still works on your phone. What should you do FIRST?
Practice task
0 / 5
Write your own personal 'what if' plan

In a crisis, panic does the thinking — not you. A plan written calmly now can be worth thousands during a crisis. Takes about 15 minutes.

Never write the seed phrase itself, passwords, or 2FA codes in the plan — only actions and links.

This is learning, not investing — use only small amounts you treat as tuition.

You just put together your own personal crisis plan — something most crypto users never do, leaving them to rely on panic in a crisis.

Token approvals and revokingWhy futures are dangerous
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Solana address

CUj6wYQLSBxidzm7Lqtkxbw2d8Sv2H2tbJELyAjR756M

Solana network only

Send SOL or SPL tokens (e.g. USDC) only on the Solana network. Sending from an exchange over a different network loses the funds permanently — nobody can recover them.

What you get for it

Nothing extra, and that is deliberate. Every lesson, all three difficulty levels and every calculator stay free and sign-up-free, with or without a donation. There is no gated section, no share of profits, no future token and no claim on anything.

Where the money goes

A donation becomes my own money. I use it to keep the site running and to fund a public demonstration position on a lending protocol — real money, so the lessons have something to show instead of only theory. I publish the results, losses included, publicly and free for everyone. It is my position and my risk, not a pooled fund.

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