How to wipe your Trezor Safe 5

The wipe feature enables you to delete all data associated with pre-existing accounts and device settings, such as the PIN, name, homescreen, and passphrase settings. Note that this method does not delete the device firmware; firmware is only deleted if you perform a factory reset while running the device in bootloader mode (see below).

Connect your Trezor Safe 5 and enter your PIN using the device touchscreen.
Navigate to Device Settings by clicking on the Settings gear icon in the top-right corner of Suite and selecting the 'Device' tab.
In the Device settings tab, scroll to the bottom where you will find the Danger Area, and select the first option named Factory reset:

You will then need to confirm you understand that wiping your device deletes all data on the device and if you want to recover your funds, you must have a safe offline copy of your recovery seed:

After selecting Factory Reset you’ll then be prompted to confirm the action on the device. Swipe up on the TS5 touchscreen and then Hold to confirm the action.
Once the process is complete, you can perform the initialization procedure, either creating a new wallet or recovering an existing wallet using an existing wallet backup (recovery seed).

What if I've lost my PIN and can't access Trezor Suite? (Factory reset in bootloader mode)

In this instance, you need to enter bootloader mode. For the Trezor Safe 5, this is achieved through the following steps:

Open Trezor Suite
Connect your Trezor Safe 5 while swiping the touchscreen
Press the button in the top-right of the screen to access bootloader menu
Select Factory Reset
Press the button on the right to select RESET, which will erase your device and restore it to factory settings
Your Trezor will display a message confirming that the device has been reset and informing you to Please reconnect the device

Once the process is complete, you can perform the initialization procedure, either creating a new wallet or recover an existing wallet using an existing wallet backup (recovery seed).