Your ELLIPAL wallet is paired with only the authorized mobile device and therefore, in case you end up losing the cold wallet, it will not be possible to pair another unauthorized mobile device with the wallet. For data access, none can connect the wallet with any wireless connection like Bluetooth, hotspot, Wi-Fi as well as USB connection and PC because ELLIPAL is designed to be compatible with only an authorized mobile phone and its app and is isolated from outside interference.
Coming to the passphrase or mnemonics, if you forget or lose it, your account is lost permanently and hence, it is highly recommended that you remember it and keep the passphrase noted down and stored somewhere safe. If the ELLIPAL wallet or ELLIPAL Firmware is lost, the assets of the user do not disappear. As Mnemonics are the most important things to access the account, you can get a new cold wallet and recover the account and assets by entering the mnemonics. In you lose mnemonics, sending funds elsewhere through the installed wallet also becomes out of luck because ELLIPAL cannot retrieve your funds. This technological limit is totally intentional because ELLIPAL would otherwise be able to confiscate the customer funds anytime.
If the cold wallet gets damaged or password lost, with the mnemonics, user can recover account even out of physical loss and damage. As the password and mnemonics are not stored in wallet, none can steal them from the lost wallet. So, it is assured that your funds are safe if your mnemonics are safe.