Bitcoin and Crypto Recovery

[panganib999]

Loss of asset through account lockouts have been a very pressing issue within this industry since time immemorial. An estimated 23% of the whole 21 million supply of bitcoins have been lost over time, which by today's price would be around $100 billion. And we can't forget about that software engineer who is down to the last 2 attempts to his IronKey before it totally shuts itself off, so no wonder there's a market for this type of issues.

Just about today I stumbled upon an article that talks about Crypto Recovery, pioneered by a father and son duo, who are both adept at tech (obviously). Apparently, they offer services to help recover passwords to your bitcoin wallets should you ever come to need one. In any case, no user testimonials have been given out, so the credibility of this service is still in question, at least for me.


So what do you guys think, will a feature like this be possible? At least before quantum computers become ubiquitous? What are your thoughts about this?

Article in reference:
https://www.livebitcoinnews.com/crypto-asset-recovery-can-reopen-your-access-to-your-digital-stash/

[1714680442]

1714680442

[jackg]

There are quite a few of these sorts of services (and even more people who know how to do them).

There's a lot of open source software available for doing this too that normally allow easy ways for users to produce wordlists that they can plug into the software to try to decrypt a wallet (I think most services can go one stop further fairly easily and compare how preciously decrypted information has been encrypted by other users to see what they can do to expand those wordlists - ie if some people are just short of a symbol at the end).

GPUs seem to have made passwords easier to crack too. It used to be (in the 2000s) that you'd only need 8 random characters to have a fairly secure password, now you need more than 13.

[Upgrade00]

Loss of asset through account lockouts have been a very pressing issue within this industry since time immemorial.

This problem would not exist if people simply stored their assets on non custodian platforms and kept backups in secure locations. Suffering from account lockouts means one is using a centralized exchange or platform, which does not give control over the assets stored on them.

So what do you guys think, will a feature like this be possible? At least before quantum computers become ubiquitous? What are your thoughts about this?

I believe there has been such a service offered by a forum user, where you can share as much information as you know about your account and they try to decipher the other information. Never paid much attention to it, but there's a market for it and it's possible in some situations.

[mendace]

Cryptocurrency recovery services, like the one described in the article, aim to assist individuals who have lost access to their bitcoin wallets due to forgotten passwords or other issues. These services may be able to recover lost funds by using specialized software or hardware to crack the password or otherwise gain access to the wallet. However, the effectiveness of these services is not guaranteed and their credibility may be questionable.
Additionally, as quantum computers become more powerful, they may be able to break current encryption methods, making it harder to recover lost cryptocurrency. Overall, it's always a good idea to have a backup plan and multiple ways to access the wallet, such as a seed phrase or private key, to minimize the risk of losing access to your funds.

[mk4]

Loss of asset through account lockouts have been a very pressing issue within this industry since time immemorial.

This problem would not exist if people simply stored their assets on non custodian platforms and kept backups in secure locations. Suffering from account lockouts means one is using a centralized exchange or platform, which does not give control over the assets stored on them.

Account lockouts doesn't necessarily mean it's concerning centralized exchanges, a wallet "password" being lost/forgotten could also mean that it's about a wallet passphrase.

[Despairo]

Suffering from account lockouts means one is using a centralized exchange or platform, which does not give control over the assets stored on them.

If you lost your password on a centralized exchange or platform, actually it's more easier to access your old account without your old password, the exchange will ask you to follow create new account, ask your KYC and few security questions to prove if you're a real of the owner.

Usually they will ask about how much the balance on your account, which currency you have, when is your last access, when is your last buy/sell, which device you use to access the exchange etc.

I believe there has been such a service offered by a forum user, where you can share as much information as you know about your account and they try to decipher the other information. Never paid much attention to it, but there's a market for it and it's possible in some situations.

This one right? Bitcoin Wallet Recovery Services - for forgotten wallet password considering the account doesn't get negative trust and many users are recommend this service, it looks reliable and trusted.

But if someone is really worried if the recovery service would steal his coin, it's better to ask to experienced user in Web Wallets to brute force the lost password yourself.

[8rch7]

One thing about bitcoin is that it will increase in value and bring wealth to those who are persistent, but it will also allow investors to suffer financial losses because of its vitality, regardless of the time period or year, if you have been a victim of a bitcoin scam, blockchain law and security can be used for your benefit recovery and your bitcoins.

[jossiel]

It's possible but at the end of it, whether they use a way to brute force those keys/seeds/passwords, it'll be no different from having a guess.

I've read of a legitimate service that has been suggested through the forum but later on, many started to have doubts on it.

If there's a legitimate bitcoin wallet services, those that have lost their passwords or seed phrases should have availed them and suggest it to the other with testimony of successful recovery.

[Sarah Azhari]

So what do you guys think, will a feature like this be possible? At least before quantum computers become ubiquitous? What are your thoughts about this?

Even quantum computers are already today, we can't do anything if the private key is the same characteristic. The target is a cracked address that has the balance with easy to find it here. I think to minimilisir the quantum computer crack it is by changes the characteristics and security maybe from RSA-256 to RSA-768?,

[joniboini]

I've read of a legitimate service that has been suggested through the forum but later on, many started to have doubts on it.

Are you referring to Dave's wallet recovery service or another one? AFAIK Dave is still quite popular for recovery services as mentioned above. But if you know how to do it and have the means to do so (remember some of your passwords, etc) then doing it on your own would be the better choice.

if you have been a victim of a bitcoin scam, blockchain law and security can be used for your benefit recovery and your bitcoins.

It is better if you don't rely on law enforcement, especially because most scammers will use a phishing attack or steal your keys through social engineering with fake accounts etc. They might be able to trace your BTC, but it doesn't guarantee they will be able to give your money back. Just prepare better security for your wallet, make sufficient backups, store it in a safe place, etc.

I think to minimilisir the quantum computer crack it is by changes the characteristics and security maybe from RSA-256 to RSA-768?,

You might want to read some discussion about it here[1]. What I understand is that we are aware of the risk and will implement quantum-proof cryptography if needed, but the discussion is ongoing. In fact, there have been many threads about it, including this one [2]. Do read them out since they are quite insightful imo.

[1] Can Quantum Computer's destroy Blockchain and Bitcoins
[2] I don't believe Quantum Computing will ever threaten Bitcoin

[yazher]

Back in the day, I heard people are doing this kind of service but most of the veterans here did not recommend it due to the fact of scamming you when they finally found out some way to get all of the money from that wallet. With some of the technologies nowadays getting advanced, they can actually recover your lost seeds with some hints from you and the question here is, if they really gonna give it back to you once they open that wallet because when it comes to money, it is so tempting to take it from the people whom you don't know and that's why this was never recommended way back then until now.

[Yatsan]

Loss of asset through account lockouts have been a very pressing issue within this industry since time immemorial. An estimated 23% of the whole 21 million supply of bitcoins have been lost over time, which by today's price would be around $100 billion. And we can't forget about that software engineer who is down to the last 2 attempts to his IronKey before it totally shuts itself off, so no wonder there's a market for this type of issues.

Just about today I stumbled upon an article that talks about Crypto Recovery, pioneered by a father and son duo, who are both adept at tech (obviously). Apparently, they offer services to help recover passwords to your bitcoin wallets should you ever come to need one. In any case, no user testimonials have been given out, so the credibility of this service is still in question, at least for me.


So what do you guys think, will a feature like this be possible? At least before quantum computers become ubiquitous? What are your thoughts about this?

Article in reference:
https://www.livebitcoinnews.com/crypto-asset-recovery-can-reopen-your-access-to-your-digital-stash/

If it would really work then that would be good. Problem is trust which is not easily being acquired. Proofs as well would be handy. If ever some people would engage to them for the same purpose, I'd suggest doing it not in online transaction to be fair ofcourse and to promote assurance. People may also gamble it out since they won't be having access anymore on their lost wallets. As far as I know it would be hard as long as private keys are concerned. Privacy with wallets is something in this industry unlike with fiat based wallets which can be easily breached or accessed if someone has the knowledge. Just to remind, many people are offering such service but only a few managed to do it and those are in case to case basis, in terms of possibility with recovering your funds.

[Fivestar4everMVP]

So what do you guys think, will a feature like this be possible? At least before quantum computers become ubiquitous? What are your thoughts about this?

Not new, i have come across a lot of this type of service, inside and outside of this forum, but the truth is that, services like this cant really be trusted, many of them are scam and nothing else, and i advice those reading to not go being careless with their login password and all, all because services like this exist, i can tell you that 90 percent(if not 100 percent actually), of this services are scam, and since its not a service that several people are interested in, its currently very hard to tell which among them is fake and which is real.

Just incase the father and son come across this thread and read this comment to them is, to prove to the bitcoin community that what they do credible and legit, we currently have a lot of persons who have lost access to their bitcoin, they should locate two or three of such victims and offer to recovery their bitcoin for them for free of charge, if they succeed in helping those victims recovery their bitcoin, and the victims can prove it to the bitcoin community beyond all reasonable doubt, then this will be the beginning of their success as they will begin to get a lot of patronizes..

But another question that rises is that, if its possible for some techy guys out there to recover lost bitcoins due to forgotten password and the likes, is there no possibility that this guys will one day go hacking peoples wallet?

[Aanuoluwatofunmi]

Loss of asset through account lockouts have been a very pressing issue within this industry since time immemorial. An estimated 23% of the whole 21 million supply of bitcoins have been lost over time, which by today's price would be around $100 billion.

What i cannot be assured of is the statistical proof to this percentage since not everyone will make the dreaded mistake by sending bitcoin to a wrong account leaving it hanging and unconfirmed, but the rate at which this occur is drastically reduced compared to the early adoption days.

So what do you guys think, will a feature like this be possible?

Not likely, though some people are doing it quite alright but there cannot be certainty on this services because people don't rely on their services since it can introduce more harm to the user than getting it solved if care is not taken abd this has to also depends on the persons involved in the recovery process.

[Accardo]

So what do you guys think, will a feature like this be possible? At least before quantum computers become ubiquitous? What are your thoughts about this?

But another question that rises is that, if its possible for some techy guys out there to recover lost bitcoins due to forgotten password and the likes, is there no possibility that this guys will one day go hacking peoples wallet?

These guys, if they are genuine, may not run out of market and they'll keep getting jobs, which will take their eyes off hacking people's account. However, the wait is too long, waiting for 1 year to restore the account is weird, because some clients can lose contact with the tech gurus within the 1 year period, so if the account gets recovered the whole money, including the 20% belongs to them. Hence, getting to such a level in programming means building an app that has all the features required to hack into a cryptocurrency account and that could have taken them a long time to build, why would it have to take upto 1 year to accomplish a task? The article looks like a short guest post with lesser information of what and how they can get this problem solved, still the possibility to get this done is thin.

[Ryu_Ar1]

This is still a little difficult if no one really feels like what you said about clear testimonials is something important. But indeed, seeing from the speech contained in their article it is also clear that it will not help if indeed there is no 20 percent for them and of course there is a missing nominal limit it seems because

the recovery process can take a year or longer.

So it's impossible for them to see a little something in this case because the process is also very long.
On the other hand, if you do something like this, it's clear that access to trust is also very important, and I might find it difficult to do that because for bitcoin, there's no one I can trust.

[Ebede]

One thing about bitcoin is that it will increase in value and bring wealth to those who are persistent, but it will also allow investors to suffer financial losses because of its vitality, regardless of the time period or year, if you have been a victim of a bitcoin scam, blockchain law and security can be used for your benefit recovery and your bitcoins.

Bitcoin does not have a erection or specific regulation or constant value so it is rotational that is why it took rise and fall it go up and it fall back so the essence of investing in Bitcoin for long time is to make a profit and their investor is targeting directly to bull run instead of the Irish so that is why whoever that will hold their coin for long time before the market increase or increases always celebrate because of the amount of profit is going to make during the bullrun.

[Lucius]

Loss of asset through account lockouts have been a very pressing issue within this industry since time immemorial. An estimated 23% of the whole 21 million supply of bitcoins have been lost over time, which by today's price would be around $100 billion.

Come on, didn't we smash that myth to pieces when we just established that the methodology behind that data is completely meaningless? You can't claim that 1/4 of all BTC is lost because they haven't moved from their addresses for 4 or 5 years - that's like saying someone's money in the bank is lost because someone hasn't withdrawn a single cent for 5 years.

And we can't forget about that software engineer who is down to the last 2 attempts to his IronKey before it totally shuts itself off, so no wonder there's a market for this type of issues.

He is not the only one who faced such a problem in his life, although it is strange to me that many of such cases are related to people who are some kind of engineers from the field of IT and who should know much better than what they have shown. However, the tens of thousands of BTC that were lost in this way are far from all those millions that are speculated to have been lost.

Just about today I stumbled upon an article that talks about Crypto Recovery, pioneered by a father and son duo, who are both adept at tech (obviously). Apparently, they offer services to help recover passwords to your bitcoin wallets should you ever come to need one. In any case, no user testimonials have been given out, so the credibility of this service is still in question, at least for me.

So what do you guys think, will a feature like this be possible? At least before quantum computers become ubiquitous? What are your thoughts about this?

Everything that father and son are doing is nothing but trying to brute force lost passwords from desktop/mobile wallets, they are not hacking Bitcoin in any way with quantum computers or something similar. If a person who has lost or forgotten the password of his crypto wallet knows roughly what that password should look like (length, characters used, coin addresses), then he can try to brute force the password himself using various programs that exist and are publicly available.

[jossiel]

I've read of a legitimate service that has been suggested through the forum but later on, many started to have doubts on it.

Are you referring to Dave's wallet recovery service or another one? AFAIK Dave is still quite popular for recovery services as mentioned above.

I think that's the other one that has started to have some troubles, I'm not quite sure if that's the one that I've known and read recently.

But if you know how to do it and have the means to do so (remember some of your passwords, etc) then doing it on your own would be the better choice.

That's the best option to do and just to try to remember all of the possible passwords that you've made. Otherwise, it's going to be harder and almost unlikely to recover it.

[dansus021]

I dont know about the service but I do know some password generation software. but imagine if there service like this and legit service they would be cracker dozen of user wallets instead recovering the old ones right??