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What is a private key and how to recover a wallet by importing a private key?

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Consenlabs
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What is a private key?

The security of your tokens hinges on the privacy of your private key. In blockchain transactions, this key generates signatures to authorize token transfers, confirming ownership. Safeguarding your private key is paramount, as any disclosure to a third party would result in relinquishing control over the tokens linked to that key.

The private key isn't stored on the network, instead, users generate and store it in a file or database within their wallet. This key is entirely independent and can be managed by the user's wallet software without requiring a blockchain or network connection.

The private key is 64-character hex string, for example:

56f759ece75f0ab1b783893cbe390288978d4d4ff24dd233245b4285fcc31cf6

Having the private key means having control over the tokens in the wallet. If you remove the wallet or change your mobile device, you can recover the wallet by importing the private key.

How to import a wallet?

Choose the instructions that match your situation.

If you've just installed the app

  1. Open imToken and click "Import existing Wallet"
  2. Choose "Private Key" in the import method.
  3. Enter the backup private key in the specified order.
  4. Set a wallet name, password, password hint, and other information.

Note: The wallet password is used as the transaction password. Please keep it safe.

     5. Add Account: Check the chain and network you want to add, and complete the import. For example:

  • To recover an Ethereum account, check Ethereum and add it.
  • To recover a TRON account, check TRON and add it.

Note: Each private key corresponds to a single account address. Importing a private key can only recover that account. To recover and manage multiple accounts under the same wallet, use your mnemonic phrase instead.

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After importing the account, you will be taken to the wallet page. To switch between accounts, click on the account name in the top left corner to access the "Select Account" page.

If you already have a wallet in the app and want to import another one

  1. Open imToken and click "My Profile" - "Manage wallets".
  2. Click "+ Add Wallet" at the bottom, then choose "Import existing wallets" - "Private Key".
  3. Enter your backed-up private key string.
  4. The remaining steps, including setting the wallet name and password and adding accounts, are the same as steps 4 and 5 above. Follow the instructions to complete the import.

Note:

  • The private key you imported is wrong if the recovered address is not the same as your original one. Please re-import the correct private key.
  • Leaking your  private key can lead to theft of your tokens. Please be sure to keep your  private key properly. Click here to learn how to backup a wallet