Bitcoin Emergency

Lost iPhone Emergency Guide

Losing your iPhone can be stressful β€” but if your Bitcoin is secured using collaborative security, Theya mobile keys, hardware devices, and YubiKey-secured iCloud, a lost phone is not a disaster.

This guide walks you through exactly what to do, in order, depending on your setup, so you can stay calm and make the right moves.

Collaborative security Mobile keys & iCloud YubiKey protection

1. First Principles: Why You Shouldn’t Panic

Before you act, remember how your setup is designed:

If You Use Multisig

Your Bitcoin is not dependent on your phone. Your mobile key is only one of multiple keys. Losing the phone does not mean losing funds.

If iCloud Is Secured with YubiKey

Your mobile key backup lives behind hardware authentication. A thief can’t get into your iCloud, even if they know your password or hijack your SIM.

If You Followed TBA Onboarding

Your other keys (hardware device, The Bitcoin Adviser, Theya/Unchained) provide redundancy and recovery paths designed for exactly this situation.

The Core Idea

You have no single point of failure. Your system is built so losing any one thing β€” including your phone β€” is survivable.

2. Immediate Actions in the First Hour

These are the steps to take right away, in order:

Step 1 β€” Use “Find My iPhone”

  • From another Apple device or iCloud.com, locate your iPhone
  • Mark it as Lost and lock it
  • If you suspect theft, erase the device remotely

Step 2 β€” Check and Secure Your Apple ID

  • Review recent Apple ID security alerts and sign-in notifications
  • If anything looks suspicious, change your Apple ID password immediately
  • If you use YubiKeys for Apple ID, an attacker cannot sign in without your physical key

Step 3 β€” Notify Your Adviser

  • Contact your Bitcoin Adviser as soon as possible
  • We help coordinate vault access, key replacement, and documentation updates
πŸ’‘

Order matters. Lock/erase the phone first, secure Apple ID second, then loop in your adviser to plan recovery.

3. If You Use Multisig (Most Clients)

With collaborative security, a lost phone is not a lost vault. Your mobile key is one piece in a multi-key structure.

Your Bitcoin Is Still Safe

In a 2-of-3 multisig setup, losing your mobile key does not prevent access to funds and does not expose your Bitcoin to an attacker.

What Happens Next

  1. Use your remaining keys
    You can still sign using your hardware device and other keys (e.g. recovery key, cosigner, The Bitcoin Adviser when authorised, Theya/Unchained).
  2. Replace the mobile key
    Once you have a new phone, we help you either restore the existing mobile key (via iCloud Keychain) or create a new one and update the vault configuration.
  3. Update your Estate Plan Protocol (EPP)
    We document the change so beneficiaries and executors have accurate, up-to-date instructions.

This is a normal, expected procedure in a collaborative security design.

4. If You Use a Single-Key Mobile Vault

This section only applies if you are using a single-key mobile vault on your phone (typically for smaller amounts).

A. If You Backed Up to iCloud Keychain

If you enabled iCloud Keychain backup when you created your mobile key, recovery is usually straightforward:

  1. Sign in to your Apple ID on a new iPhone
  2. Enable iCloud Keychain on the new device
  3. Install the Theya app and sign in as usual
  4. The mobile key should automatically restore from iCloud Keychain
  5. Verify access by viewing your vault and (optionally) signing a small test transaction
  6. Decide whether to keep using this setup or move those funds into a multisig vault

B. If You Did Not Use iCloud Keychain Backup

If you created a single-key mobile vault and did not enable any backup (iCloud Keychain or other), your mobile key may be unrecoverable.

A single-key vault without backup is a single point of failure β€” exactly what we aim to avoid.

Contact your adviser immediately so we can:

  • Review your setup and confirm whether any backup exists
  • Assess possible recovery paths
  • Adjust future wallet design to avoid this risk going forward
⚠️

For meaningful amounts, we always recommend multisig. Single-key mobile vaults should be limited to smaller balances, with proper backups in place.

5. If the Phone Was Stolen (Higher-Risk Scenario)

A stolen device is higher risk than a lost one, but your system is designed with this in mind.

Steps to Take

  1. Lock or erase the device immediately
    Use Find My iPhone to mark the phone as lost and erase it remotely.
  2. Secure your Apple ID
    Confirm that no new devices have been added. Change your Apple ID password if needed. If you use YubiKeys, an attacker cannot sign in without your hardware key.
  3. Assume the device is compromised
    Even if locked, treat it as if someone could attempt to access it.
  4. Rotate your mobile key (for multisig)
    Work with your adviser to add a new mobile key and remove the old one from your vault setup if appropriate.
  5. Review critical accounts
    Email, password manager, exchange logins, cloud storage and any financial services.
🚨

If your phone and a YubiKey are stolen at the same time, contact your adviser urgently. We will prioritise securing accounts, rotating keys, and documenting next steps.

6. The Four Layers of Protection You Already Have

Your setup is intentionally built with multiple layers so no single failure can take you down:

1. Device Secure Enclave

Your iPhone stores the mobile key inside a dedicated secure chip, protected by biometrics and your passcode, isolated from normal apps.

2. iCloud Keychain Encryption

When enabled, your key is encrypted and backed up to iCloud Keychain, allowing safe recovery to a new device.

3. YubiKey-Secured Apple ID

Hardware-based authentication means an attacker cannot access your iCloud account or backups without your physical YubiKey.

4. Collaborative Security Multisig

Your Bitcoin sits in a multisig vault. Even if one key is lost or compromised, your funds remain safe and recoverable using the other keys.

7. Checklist After You Replace Your iPhone

Once your new device arrives, work through this checklist (ideally with your adviser on a call):

New Device Setup

  • Sign in to your Apple ID on the new iPhone
  • Re-enable iCloud Keychain
  • Re-enable Find My iPhone and screen lock
  • Ensure your YubiKeys are still registered to your Apple ID

Mobile Key & Vault Setup

  • Install and open the Theya app
  • Allow the mobile key to restore from iCloud Keychain or create a new mobile key as planned
  • Confirm access to your vault(s) and perform a small test transaction if appropriate
  • Update your vault configuration if a new mobile key is being used

Estate Plan Updates

  • Update your Estate Plan Protocol with any changes to devices or key locations
  • Confirm that beneficiaries and executors will see the updated instructions

8. When to Contact The Bitcoin Adviser Immediately

Reach out to your adviser as a priority if:

  • Your phone was stolen, not just misplaced
  • You see unexpected Apple ID or email login alerts
  • A phone and a YubiKey are lost at the same time
  • You're unsure whether you used iCloud Keychain backup
  • You hold significant funds in a single-key mobile vault
  • You are travelling or temporarily have limited access to other keys
  • You are an executor or beneficiary dealing with a lost device
βœ…

You’re not alone in this. Part of our role is to be on call when something goes wrong β€” including lost or stolen devices.

9. The Philosophy Behind This Guide

Our job is simple:

Eliminate single points of failure from your Bitcoin life. All of them.

Your phone is not your Bitcoin. Your SIM is not your identity. Your email is not your vault. Your password is not your security.

By combining hardware signing devices, mobile keys, YubiKey-secured cloud accounts, multisig collaborative security, and clear estate planning, we build a system where losing any one thing is survivable.

This guide is simply the practical playbook for when that “one thing” happens to be your iPhone.

10. Quick Summary

If your iPhone is lost or stolen:

  1. Lock or erase it via Find My iPhone
  2. Secure your Apple ID (YubiKey-protected if enabled)
  3. Notify your Bitcoin Adviser
  4. If multisig: funds are safe; plan key replacement
  5. If single-key: recover via iCloud Keychain if possible, or work with us on next steps
  6. Set up your new phone: restore or recreate your mobile key and update vaults
  7. Update your Estate Plan Protocol so beneficiaries have the latest information

Need Help Right Now?

If you’ve just lost your phone or had it stolen, contact your adviser immediately. If you’re not yet a client and want this level of protection in place before something happens:

Book a 20-Minute Fit Call Find Your Adviser

Educational only β€” no financial, tax, or legal advice. Seek appropriate licensed professionals where required. Security recommendations are based on our experience with collaborative security setups and may not suit every situation.