Last Updated on 4 months by Editor
The unstable and crazy crypto world has changed the fortunes of people. It has created not just a slew of billionaires or wealthy celebrities but also plenty of new jobs in the virtual currency industry. People are madly in love with cryptocurrencies and are leaving their 9 to 5 jobs only to trade digital assets. Some of them have started playing P2E games, and others are planning to establish crypto-based consultancies and firms.
The value of the cryptocurrency has risen dramatically in recent years. It made people wealthier, so why are so many digital currency holders left behind? Losing access to or forgetting the password to an account is the main reason. Some of the lost Bitcoin is recoverable, but more than $100 billion is estimated to be lost. The joint efforts of a father and son have recovered seven-figure sums of digital coins.
A Niche Market Is Booming In The Crypto Sector
A niche of unlocking or recovering crypto wallets after users have lost their credentials is flourishing. The tech experts that access restricted accounts or wallets to recover crypto assets have the tremendous possibility for growth in this industry. In 2021 CryptoVantage reported that 39% of US cryptocurrency holders forgot their account credentials. On the other hand, 96% of respondents said they recovered their funds, and 11% doubted their password security by thinking that their credentials are vulnerable.
Several Bitcoins Recovered From Treasure Hunters
A team of father and son assisted different clients from the US, Dubai, Africa, and Europe in getting their non-custodial crypto wallets back. The duo worked together to recover the seven-figure dollar volume of digital money. They have refused to specify an accurate figure out of respect for privacy concerns. They charge a fee for recovering crypto funds that starts at 20%. Further, the service fee depends and is calculated on the number of crypto assets retrieved. Mr. Brooks and Charlie conducted a study six months back where they examined that 98,000 Bitcoins worth $42,856.92 had been lost. They believed that only 2% of 98,000 Bitcoins could be restored to the holder accounts by cracking the passwords. According to the duo, businesses that specialize in recovering stolen passwords or credentials as well as accessing wallets may be able to make a living.
Have You Lost Your Cryptocurrencies Permanently?
The renowned cryptographic encryption of bitcoin works in both directions. In addition to preventing hackers from stealing money from a crypto trader, it also prevents users from accessing their own funds. High-tech firms can help traders regain access to their virtual assets if they have blocked them. Encryption and security are among the most lauded features of digital currencies. Cryptocurrencies are virtually impossible to forge, and transactions are inherently irreversible. Either way, it’s a similar problem since you’ll lose them forever, whether a hacker gets hold of your digital currencies or you lose your account logins. Nevertheless, the owners of CryptoAssetRecovery.com, Chris and Charlie Brooks, have been helping people recover their lost crypto wallets since 2017.