Crypto asset recovery helps in dealing with cryptocurrency’s biggest fear – losing your password

Cryptocurrency is becoming more popular as investors become more accustomed to it, but there are some fundamental differences compared to national currencies. The most noticeable difference is that instead of being based on something valuable like gold or the credit of the nation that backs it, cryptocurrencies are based on the difficulty of producing them. Today’s cryptocurrencies are based on complex algorithms, but this also means that they require nothing but an encryption key and a password.

This means that one of the advantages of cryptocurrency is that accessing your funds is easy. But imagine you lost your crypto wallet password, thus losing access to your funds. This happens a lot more often than you think. According to Chris Brooks, CEO and founder of Crypto Asset Recovery, a company that helps people recover their passwords, there are two types of digital wallets. The first are self-monitored wallets where “an individual holds their private keys, and they are essentially protected by encryption and a password,” Brooks explained. Others are custodial wallets, where companies or organizations hold private keys and funds on behalf of the client.”

For people who have standalone wallets, password loss is a significant problem. Encryption is essentially the original private key; a long string of numbers and letters that you know and encrypt it with a password. If you lose that password, no one can reset it.

However, Crypto Asset Recovery can ask some questions and generate millions – and sometimes even billions – of password variations based on your password guesses. And, if either is true, they can decrypt your wallet giving you access and the password that opened it.

Wallet recovery

“In order to perform a wallet recovery, we primarily need two things,” Brooks said. “The first is a wallet backup, which is an encrypted copy of your private key. Others are your password guesses. Once we have both of those things, the first thing we’ll do is back up your wallet and we’ll apply the hashing algorithm to it.”

After applying the hashtag algorithm, the crypto asset recovery team will take the password guesses and feed them through their proprietary AI program to generate more password guesses. In other words, they take the original password assumptions given to them by the client and extrapolate further assumptions based on that. To get it right and decrypt your wallet, they have to be exactly right.

“The name of our game is expanding the key space we attack and our modifiers, which consists of tens of hundreds of millions of hits until we find the right one,” Brooks said. “We hack at a speed of 40,000 to 20,000,000 passwords per second. Even at this speed, it’s still 100 percent of the money to find the password.”

The combination of the company’s strategy and technology means an average success rate of about fifty percent. Although this may seem small, it is not. Without them, the wallet owner has no chance of accessing his funds.

The password recovery process actually works with more than just crypto passwords. Whether it’s a digital wallet or something else with an encrypted password, Brooks recommends that since “humans are creatures of habit, it’s important to have good password hygiene.” He said it’s crucial to store and record passwords in a safe place, such as using a secure password manager, so you don’t lose them in the future and can be retrieved if needed.

Leave a Comment

Your email address will not be published. Required fields are marked *