Crypto Wallet Passwords and How to Recover Them

Handy Tips / 19.03.2021

The value of cryptocurrencies is evident in the financial sector as Bitcoin and Ethereum take the lead with the highest dominance level. While digital currencies are still a risky venture to many, enthusiasts believe that cryptos hold more potential as an investment tool.

Like any valuable item, cryptocurrencies need a secure wallet to safeguard them from unauthorized entities. Even with the proper security measures in place, the possibilities of losing the wallet’s passkeys are inevitable.

Losing your login information can be stressful and can get worse without any practical solution. As such, various platforms have come up with brilliant ideas on how to recover wallet passwords along with the funds inside.

Key Terms

Before diving into the platforms that offer recovery services, it is essential to understand some key terms associated with your crypto wallet.

Private Keys

Private keys are cryptographic innovations that enable a user’s access to their wallet. They mainly consist of alphanumeric characters designed to work as passwords that guard a trader’s investments.

Since it works as a password, users must maintain ultimate secrecy and manage their funds independently without any malicious third party. To maintain their safety, users store their private keys in an online wallet or a hardware wallet (cold storage) away from the internet.

Seed Phrase

Once a user sets up their digital wallet, he/she needs to formulate a mnemonic seed phrase of 12-24 characters. Seed phrases come in as a backup when a user forgets a private key or damages/loses the device holding the wallet. Therefore, the phrases add another layer of security by creating a direct link to private keys.

The Platform’s Offering Recovery Services

BTCRecover

First on our list is BTCRecover, open-source software for retrieving lost passwords and seed phrases. Installing the software is easy as a basic procedure is displayed to run it on Windows, Linux, and macOS operating systems. Under the seed phrase recovery lies the seedrecover.py tool capable of retrieving seeds with minimal errors. To run the tool, users need to have a nearly approximate seed phrase, a master public key, and a copy of the Electrum (1.x or 2.x) wallet file.

The phrase recovery procedure starts by changing the seedrecover.py file to seed recover. Command and then double-click the option. From here, users select the run-in terminal option followed by answering several short questions.

Btcrecover.py, on the other hand, is a password retrieval tool dealing with wallets such as Multibit (both Classic and HD), mSIGNA (CoinVault), Bitcoin Core, and many more. The password recovery instrument caters to different issues depending on how users want to get back their password.

For instance, the tool serves users who hope to generate a password with various combinations using the tiny bit he/she recalls. Simultaneously, the software sorts out users with a typo mistake and those who are sure of their password but still plan to test various passkey versions.

When running different password trials on btcrecover.py, it is advisable to set up the autosave option from the beginning of the process. Any form of interruption can take you back to the start hence losing all progress made. Setting up the autosave option allows the tool to save every step within a five-minute interval.

Wallet Recovery Services

Running under the pseudonymous founder known as Dave, WRS offers password and seed list recovery services. For close to eight years now, the ecosystem has been on the frontline to help users who have partial information on their passwords through a multi-threaded C++ decryption process.

It handles a broader scalability level running clusters of more developed Linux boxes supported on the Amazon EC2 cloud. WRS also maintains a flexible service that will meet the requirement of any unusual task. Once the recovery process is fruitful, WRS charges a 20% fee on balance retrieved from a wallet.

Users with a wallet exceeding $100,000 pay a 15% fee meant for the first trial phase. Moreover, if the recovery attempts fail, WRS contacts the affected parties and informs them of the applicable standard charges that initiate new trials. Communications are fully encrypted via PGP for users to share their wallet data with the platform.

That way, only the user and WRS can view the messages relayed via the Mailvelope Chrome extension. Among the wallets, WRS works on include Bitcoin Wallet (Android), Coinomi, Electron Cash, Metamask, MyEtherWallet.com, Electrum Classic, to mention but a few. The platform also has a testimonial section where users commend WRS’s success in retrieving their passwords while constantly maintaining honesty and trust while at it.

DigitalWalletRecovery

DigitalWalletRecovery is a collaborative password retrieval platform under a cybersecurity firm named CyberSec and Bukh Law Firm, a prominent cyber law firm. The platform offers access to cryptocurrencies for users without their crypto wallet password.

What’s more is that the recovery firm grants back access to your digital currencies if the device holding the valuables has mechanical issues such as hardware/software issues, computer viruses, or hard drive failures. The process, however, works quicker for users who provide more information concerning their lost password.

DigitalWalletRecovery earns most users’ trust as Bukh Law Firm ensures the affected parties get their cryptocurrencies upon retrieval by leveraging a law firm. The expert team behind the platform utilizes a multi-threaded C++ program during the recovery procedure. Charges for the services start at 15% of the successfully recovered funds.

Conclusion

While recovering a wallet password cannot be entirely successful, platforms have boldly come forward to try and salvage the user’s investments. By utilizing high-performance algorithms and programs, wallet owners can finally get a hold of their digital currencies.

Seed phrases also serve as an integral part of recovering your private key information, which is why it is advisable to note it down in a retrievable offline location. Even without the seed phrase or passkey information, there still lies a chance of recovering a wallet, particularly for those with partial information on the password.

More importantly, having a backup on your password and seed phrase details can go a long way to avoid strenuous recovery procedures.

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.