A crypto wallet lets you store, send, receive, and even trade cryptocurrencies. It’s an indispensable tool in your crypto arsenal. Without one, it would be practically impossible to use digital currencies.
The downside? If something happens and you lose access, you may no longer be able to use your wallet. Tech support for these things is still fairly limited. It could be due to PIN or password loss, or because of damage to the device that contains it. A situation like this will leave users unable to access their cryptocurrencies and, in some cases, may result in the loss of their assets forever.
But that doesn’t have to be the case. If you’re having trouble with your crypto wallet, it may be possible to regain access to your funds.
How? Through a crypto wallet recovery service. This professional service, typically offered by cryptography and data recovery experts, helps you recover your crypto assets.
How does a wallet recovery service work
The goal of a crypto wallet recovery service is to restore access to your wallet and assets. There are many recovery services out there, and each has a process that’s a little bit different.
Here’s how we go about it at Professional Crypto Recovery (PCR):
- Step 1 – Initial review: We start by reviewing the problem via email, phone, or video chat. The goal is to understand why exactly the client can’t access the funds in their wallet.
- Step 2 – Feasibility assessment: Once we know the scope of the problem, we determine whether we can actually help recover the assets. In some situations (which will be discussed later), crypto recovery is impossible.
- Step 3 – Project scope: If recovery is possible, we’ll discuss the project’s scope. We’ll talk about the recovery fees, process, and potential timeline.
- Step 4 – Paperwork: Next, we complete the necessary paperwork, such as signing a legally binding contract. The client will also be required to provide identification and a new wallet address where the assets will be sent after they’re recovered.
- Step 5 – Recovery: There are two ways we approach the actual recovery process. The first is a hands-on approach in which we walk the client through the recovery process over Zoom. If this is not preferred, then we have the client securely send over the necessary information.
- Step 6 – Completion: Once we’ve recovered the assets, we’ll send a small amount to the client’s new wallet address. Once they confirm receipt, we send the remaining amount minus the recovery fee.
What can a wallet recovery service do?
A wallet recovery service can help you do the following:
- Recover passphrases & passwords
Passphrases and passwords serve to prevent unauthorized access to a wallet.
But if you lose or forget your passphrase/password, you’ll be unable to open your wallet application. Usually, this is a problem solved using the seed phrase.
In the absence of this phrase, crypto recovery is the only way to regain access to your wallet. The recovery expert will work with you to figure out the wallet’s password or passphrases.
- Solve an invalid seed phrase error
The seed phrase is a sequence of 12-24 randomly generated words. It’s also known as the recovery phrase because you use it to recover your wallet in case you forget the PIN/password. It’s also used to open multiple copies of the wallet across different devices.
However, a seed phrase will not work if it’s invalid. That error occurs if the sequence of words is incorrect, i.e., not in the order that they were given to you. It may also be that some words are spelled incorrectly. That happens often with words with alternate spellings, like glamor and glamour, adapter and adaptor, etc.
Fortunately, these are problems a crypto recovery professional can recognize and help fix.
- Recover deleted data
Crypto wallets are applications. They need certain data files to work effectively. If this data is accidentally or intentionally deleted, you may lose access to your cryptocurrencies.
However, just because a file has been deleted doesn’t mean it’s been permanently wiped off a device’s storage. An expert can recover crucial data by going through your hard drive/SSD.
- Recover your wallet after hardware failure
Hardware failure, like a broken/damaged laptop, phone, or hardware wallet, may prevent you from accessing your crypto assets. In this case, if the device’s memory drives are still in decent condition, a recovery expert may be able to extract the relevant wallet data, which can then be used to recover your assets.
- Fix wallet corruption
Wallet data can be corrupted by hardware failures, software failures, or viruses and malware. If this happens, the wallet will malfunction and stop you from accessing your holdings.
Unfortunately, this isn’t something you can fix at home. You want to look for professional recovery.
- Fix wallet syncing issues
Wallets must regularly sync with the blockchain to process transactions, show the correct balance, etc. Wallets often experience syncing issues due to a poor internet connection.
Syncing difficulties may also arise due to more serious issues, such as corrupted wallet data or blockchain forks. In such cases, you’ll need to work with a recovery expert.
- Recover assets after cross-chain transactions
A cross-chain transaction is one in which assets are sent to an address on an incompatible blockchain. For instance, sending bitcoin (BTC) to BCH. These transactions can sometimes result in the loss of the assets sent.
With the help of a crypto recovery expert, it is possible to recover lost coins and tokens.
What can’t wallet recovery services do?
While recovery services are useful in many situations, there are times when even the best recovery experts cannot fix the problem. These include:
- Transactions to the wrong wallet address: Because blockchain transactions are trustless, they are final. Once a transaction has been posted to the network, it cannot be reversed. If you send crypto to the wrong address, those funds are as good as gone. Unless the recipient decides to return the assets by posting a new transaction (they probably won’t), nothing can be done to recover them.
- Stolen cryptocurrency: When someone steals crypto, they do so by secretly sending the funds from the owner’s address to their own address. As stated above, once the transaction occurs, it is permanent. There’s no way to recover the stolen funds.
- A lost seed phrase: The seed phrase is only generated when you first create the wallet. Write it down in the order it’s given to you. Sometimes it is stored unencrypted in the keychain or other areas of the computer, but it’s not stored in the wallet’s data. If you lose your seed phrase, it might never be recovered.
How to avoid fraudulent recovery services
The last thing you want is to fall victim to a fraudulent recovery service. Here are some tips to help you avoid that:
- Check for red flags: Certain signs indicate a crypto recovery service is fraudulent. These include asking for an upfront payment and promising quick/or guaranteed results. No recovery process is 100% guaranteed to have positive results, making upfront payments an unnecessary risk.
- Do your research: Do as much research as possible on a recovery service before engaging with it. Check their website for information about the company and its team, verify their credentials to ensure they’re a legitimate business, look for reviews from past clients, and check their online reputation on social media sites and forums.
- Understand the recovery process: Understand the recovery process for the service you’re considering. A legitimate recovery service will provide you with a clear, detailed explanation of its process, including any potential risks.
Connect With a reputable wallet recovery service today
Professional Crypto Recovery is a crypto wallet recovery service specializing in data recovery. We have over two decades of experience in IT and a proven track record of success in crypto wallet recovery.
So, if you’re looking for a reputable crypto wallet recovery service, we’re here to help. Contact us today for a free consultation where we explain the recovery process.