How to Find your Lost Cryptocurrencies
The cryptocurrency industry has been a place where cases of theft and fraud, lost coins and lost private keys are a daily occurrence. A new breed of business is taking shape in the virtual cryptocurrency world because of these factors. Individuals, as well as companies, are trying to re-obtain such lost coins, private keys, and forgotten passwords.
Where do cryptocurrencies get lost?
Chainalysis, a blockchain analysis firm based in New York City, reports that around 20% of all Bitcoin is now missing. The most common issue that leads to lost crypto is the individuals losing access to their cryptocurrency wallets by merely forgetting the seed.
Since cryptocurrencies work in a decentralized ecosystem, there is no central authority that can re-issue the key to the original crypto owners. It is the sole responsibility of the individual to keep their private key safe and secure. Most individuals tend to forget or misplace this private key, rendering their wallets inaccessible.
There are, of course, other cases of lost cryptocurrencies that are attributed to scams, hacks, and thefts.
Who are the cryptocurrency hunters?
With so much Bitcoin being lost over the years, a new breed of digital entities and individuals, called crypto hunters, is emerging to help with recovering the lost and stolen wallet keys. These crypto hunters work with both cryptocurrency holders as well as the law enforcement agencies to search and rescue these assets.
Crypto hunters resort to anything and everything at their disposal to accomplish the task. That includes the use of modern supercomputers to attempt cracking private keys or even using mental practices such as hypnotherapy on the wallet holders to help them remember their lost cryptocurrency wallet private key.
Crypto hunters that offer their services online typically require only the basic details such as the last remembered private key as well as some basic private information. A few technology enthusiasts are even attempting to do the do-it-yourself (DIY) approach, making programs that test tens of millions of password combinations.
Crypto hunters also offer their services to track down the cryptocurrency thieves and scammers. They work with law agencies to identify where the stolen coins may have been transferred and to find out who did the transfers.
How much do crypto hunters charge?
The majority of such crypto hunting services charge their fees in cryptocurrencies. Prices vary greatly and depend on the success rate. Both computer-based recovery service providers and crypto-hypnotists charge an upfront fixed cost as well as a percentage of the recovered funds. This percentage usually varies from 5 to 10 percent.
While a lot of online services claim to offer help in recovering lost crypto funds for a fee, care should be taken to ensure that one deals with an authentic crypto hunter that is knowledgeable enough to perform the task. The process of re-obtaining the funds usually requires revealing a few key details to the service providers, which may cause misuse of the details. It is advisable to deal with only those crypto hunters that operate in the real-world with verified identity, rather than trusting the flashing ads in the online world full of scammers with no verified identity.