A crypto wallet lets you store, send, receive, and even trade cryptocurrencies. This makes it an indispensable tool in your crypto arsenal. Without one, it would be practically impossible to use digital currencies.
Therefore, it’s frustrating when you can no longer use your wallet. This could be due to pin or password loss, or because of damage to the device that contains it. Such a situation means being unable to access your cryptocurrencies and, in some cases, the possibility of losing your assets forever.
But that doesn’t have to be the case. If you’re having trouble with your crypto wallet, it can be possible to regain access to your funds.
How? Well, through a crypto wallet recovery service. This is a professional service, typically offered by cryptography and data recovery experts, that helps you recover your crypto assets.
How does a wallet recovery service work
The goal of a crypto wallet recovery service is to give you back access to your wallet and, thus, to the assets it contains. There are many recovery services out there. 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 conducting a review of the problem by 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 go about determining 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. This involves 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 go about the actual recovery process. The first is a hands-on approach, where 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 new wallet address provided by the client. Once they confirm that they’ve received it, 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. This error occurs if the sequence of words is incorrect, i.e., not in the order that they were given to you. It can also be that some words have the wrong spelling. This 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
Being applications, crypto wallets need certain data files to work effectively. If this data is accidentally or intentionally deleted it can lead to you losing 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. Therefore, 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. This will then be used to recover your assets.
- Fix wallet corruption
Wallet data can get corrupted by hardware failure, software failure, 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 work properly, that is, process transactions, show the correct balance, etc. However, wallets often experience syncing issues due to a poor internet connection.
Syncing difficulties may also arise due to more serious problems, like 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 where assets have been sent to an address on an incompatible blockchain. For instance, sending bitcoin (BTC) to BCH, for example. This typically results in a loss of the sent assets.
However, 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 certain instances where even the best recovery experts can do nothing to fix things. These include;
- Transactions to the wrong wallet address: Being trustless, blockchain transactions are final. Once a transaction has been posted to the network, it cannot be reversed. Therefore, if you send crypto to the wrong address, those funds are as good as gone. Unless the recipient decides to return assets by posting a new transaction, nothing can be done to bring them back.
- 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 once – when you first create the wallet. You are advised to 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. Therefore, 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 things will tell you that a crypto recovery service is fraudulent. These include asking for an upfront payment and promises of quick and/or guaranteed results. No recovery process is 100% guaranteed to have positive results, making upfront payments an unnecessary risk.
- Do your research: Make sure to 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 its credentials to ensure it’s a legitimate business, look for reviews from past clients, and check the company’s online reputation on social media sites and forums.
- Understand the recovery process: Make sure you understand the recovery process of the service you’re going for. A legitimate recovery service will give you a clear and detailed explanation of their 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, this is the place to be. Contact us today for a free consultation where we explain the recovery process to you.