But for the same reasons, it has also attracted its fair share of criminals, with hacks and scams a relatively regular occurrence. So, security is one of the industry’s biggest concerns. Let’s see what the statistics say.

Over 20% of Bitcoin Is Considered Lost

Bitcoin (BTC) is not only extremely popular, but it is also the most valuable crypto asset out there. Over the years,  a surprisingly large number of bitcoins have been lost, though. The exact number and value are not known, but the blockchain analysis platform IntoTheBlock estimates that 29% of BTC hasn’t moved in 5+ years. 

While some of this BTC is certainly in the hands of investors who are Holding On for Dear Life (HODLing), experts believe that a large portion of it is lost. These are coins in wallets that owners can no longer access for one reason or another and many are thought to be lost forever. But that doesn’t mean it is impossible to recover BTC stuck in a wallet.  

Depending on your specific situation, a crypto recovery expert can help you get back the BTC stuck in your wallet.  

The Value of Crypto Stolen Grows in H1 2024

Reporting on security stats, Beosin says total losses caused by hacks and scams in the first half of 2024 in crypto stands at $1.54 billion. This is a more than 100% increase from the $670 million stolen in H1 2023, although it should be noted that rising crypto values likely inflate the more recent figures.  

Overall though, this signals a reversal from 2023. Data from Chainalysis shows that $1.7 billion was stolen last year, a 54.3% decline from the previous year, which was the worst year in crypto security. The space lost approximately $3.7 billion in 2022.  

The Chainalysis report cites a fall in DeFi protocol hacks as the main reason behind 2023’s decline in exploits. The high losses in 2022 likely prompted a significant upgrade in preventive and responsive security measures. 

As such, the value lost in protocol hacks declined by 63.7% year-over-year in 2023, though the bear market also influenced the figures. If the second half of 2024 is like the first, this trend should reverse. 

Centralized Platforms Suffer the Highest Loses in H1 2024

The report by Beosin also found that centralized exchanges (CEXs) suffered the highest losses among crypto platforms in H1 2024. There have been four CEX-related incidents so far. These resulted in a total loss of approximately $392 million, accounting for 32.8% of losses so far this year. 

This is in sharp contrast to last year. According to CoinTelegraph centralized platforms lost an estimated $256 million across 7 cases throughout the year.

Gaming platforms are a close second having lost $389 million following an increase in attacks. This represents 32.6% of the total loss. DeFi, on the other hand, has lost $157 million (13.2%) after 38 incidents (the most of any project type). 

Compromised Private Keys Were Responsible for 75% of Hacks

According to Chainalysis, compromised private keys were responsible for 33% of DeFi hacks in 2023. Private keys are a wallet’s master key. They give anyone who has them total access to the assets contained in the account. As such, they are a valuable target for hackers and scammers online. 

These figures have dramatically increased according to Beosin, who reports that private key compromise accounts for 75% of total losses in H1 2024. Some major private key incidents this year include DMM Bitcoin ($300 million), Ripple co-founder Chris Larsen ($112 million), PlayDapp ($290 million), and BtcTurk ($55 million).

Atomic Wallet Users Lost $129 Million

In July 2023, the non-custodial Atomic Wallet was hacked for approximately $129 million. The specifics of the attack remain unclear but it is believed that the hackers compromised users’ private keys and seed phrases. This allowed them to access and transfer victims’ funds. 

The FBI attributes this attack to TraderTraiter, a North Korea-affiliated hacking group that they also believe to be behind the Alphapo (a crypto payment processor hacked for $23 million) and Coinspaid (a crypto payment gateway hacked for $37 million) attacks. 

TraderTraiter’s ties to North Korea represent a trend that’s common in DeFi but one that was on the decline by the end of 2023. 

The Number of North Korea-Linked Hacks Climbs While the Total Value Stolen Drops

North Korea-affiliated hacker groups have been a thorn in crypto’s side for some time. The most infamous, the Lazarus Group, is responsible for some of the largest hacks in DeFi history. Other groups include Kimsuky and TraderTraiter. 

These hacker groups hit the most targets ever last year with 20 hacks. They stole 58% of the record $1.7 billion they managed in 2022. This included $127 million from wallet providers, $150 million from centralized services, $330.9 million from exchanges, and $428.8 million from DeFi platforms. 

Ethereum Lost the Most to Hacks

The annual 2023 report of the security app, De.Fi, puts the total value lost to crypto hacks, scams, and exploits at $2 billion. According to the report, the Ethereum blockchain was the most affected in 2023, losing an estimated $1.35 billion in about 170 incidents.  

BNB suffered 213 incidents that cost users assets worth around $110 million while zkSync Era and Solana lost $5.2 million (two incidents) and $1 million (one incident) respectively. 

In 2024, Ethereum is still the blockchain with the highest loss amount. The network has witnessed a total of 32 incidents causing $470 million in losses. This figure accounts for 39.4% of total losses in H1 2024. 

Approval Phishing Scams Grew in 2023

Approval phishing scams involve schemes where scammers trick the victim into giving the scammer’s address permission to spend certain tokens in the victim’s wallet. According to data from Chainalysis, victims lost an estimated $374.6 million to these scams between January and November 2023. This was a significant drop from the $516.8 million lost in 2022. 

Chainalysis tracked the approval phishing revenue of 1,013 addresses between May 2022 and November 2023. The most successful of these stole an estimated $44.3 million from thousands of victims, accounting for 4.4% of an estimated $1 billion stolen during the study period. In total, 73 of the biggest addresses accounted for half of all the value stolen. 

Outlook H2 2024

2024 has already seen an uptick in the amount lost to hacks and scams. In part, this can be attributed to higher valuations of cryptocurrencies compared to 2023. However, a bear market will also bring out more hacks as prices continue to rise.

As such, security remains an important consideration for anyone in the crypto space. Whether you’re a trader, investor, or protocol, taking measures to protect your assets is crucial. This means keeping your private keys safe; some of the biggest hacks this year were enabled by compromised private keys.

The post Crypto Security Stats 2024 (Everything You Need to Know) appeared first on Professional Crypto Recovery.

But while most users were able to save their assets, others were not. They have unreachable tokens stuck in their Jaxx Liberty wallets. If you’re in this situation, you’re probably wondering whether your assets are gone forever. 

Well, there’s good news. It may be possible to save the crypto in your Jaxx Liberty wallet. Keep reading to learn how. 

About Jaxx Liberty Wallet 

Jaxx Liberty is a non-custodial wallet developed by Canadian blockchain startup, Decentral. It was launched in 2016 as a successor to Jaxx, another decentralized application developed by the same company. The wallet was available on both Windows and iOS.

Jaxx Liberty users received a 12-word seed phrase as a mnemonic for the wallet’s keys. The user was the only one to receive it; even Decentral did not keep a copy of an account’s private keys. This ensured that users were in full control of their wallets and the funds associated with them. 

Decentral, however, decided to discontinue the wallet to focus on building other blockchain infrastructure. As Jaxx Liberty wallets are non-custodial, their respective owners are responsible for securing the funds in them. 

Users were advised to transfer funds to other crypto wallets before March 27th. After this, both the desktop and mobile applications ceased supporting transactions. So from this point on, the only way to access assets in the wallet was to restore an account in a different wallet application. 

Jaxx Liberty remained online for some weeks after March 27th. During this period, users could only view their seed phrase. 

How to Recover Your Jaxx Liberty Wallet

The recovery of Jaxx Liberty wallets, like all non-custodial wallets, is largely dependent on the seed phrase. This is a phrase consisting of 12 randomly generated words that can be used to derive the wallet’s public and private keys, effectively creating a copy of the account. As such, the seed phrase is also known as the recovery phrase. 

A Jaxx Liberty wallet recovery phrase can be used to restore its crypto accounts on another wallet application. This should work on any compatible Web3 wallet, and given the widely accepted seed phrase generation standards in the industry, many Web3 wallets fall into that category.

Nonetheless, in their announcement of the app’s retirement, the developer specifically mentions Edge Wallet and Exodus Wallet because “they share Jaxx Liberty’s standards for interoperability.” They also claim that both companies offer support to Jaxx Liberty users migrating their wallets in case of any issues. 

So generally, if you have your Jaxx Liberty wallet seed phrase, all you need is an Exodus Wallet or Edge Wallet installation. You can then import your Jaxx wallet accounts and access your crypto. 

Potential Issues During Recovery

Your wallet recovery may not be possible and may not go as you expect for several reasons. For example, if you have lost your seed phrase, recovery is not possible without the help of an expert. You need the keys contained in the phrase to restore your wallet on another application. 

Jaxx Liberty would allow users to view their seed phrase in-app. To do this, you’d navigate to the Security tab and click on the View Backup Phrase button. The software would then request your password before revealing the 12-word recovery phrase. 

Unfortunately, the wallet has since gone offline, making it impossible to view your seed phrase that way, even if you have never deleted the app. So if you’ve lost your recovery phrase, you’ll need professional help to get your assets from the wallet. 

Even then, having your seed phrase doesn’t guarantee a successful full recovery. If something is wrong with your seed phrase, you’ll have a problem recovering your Jaxx Liberty crypto wallet. Here are some common seed phrase issues affecting wallet recovery: 

• Invalid Seed Phrase: Your Web3 wallet returns an invalid seed phrase error when you enter it. This could indicate the presence of spelling mistakes and wrong words in the Jaxx Liberty recovery phrase.

Learn more about invalid seed phrases here [link to the invalid seed phrase article]

• Incomplete Seed Phrase: You don’t have all the 12 words. You need to find the missing words and their correct positions in the phrase to recover your assets. 

In any case, you’ll need expert help. Jaxx Liberty’s status as a discontinued wallet makes recovery extremely complicated and challenging. So for the best chance at regaining access to any assets in your Jaxx Liberty wallet, you need a professional crypto recovery service. 

Wondering Which Crypto Recovery Service to Use? 

Professional Crypto Recovery (PCR) has 20+ years in IT and many successful crypto recoveries under its belt. We offer quick and efficient wallet recovery services at some of the lowest rates in the industry. So, if you want to recover assets stuck in a Jaxx Liberty wallet, we give you the best shot at the best price. 

Contact us today to begin recovering your Jaxx Liberty wallet.   

Frequently Asked Questions (FAQs)

Why can’t I use my Jaxx Liberty wallet? 

The Jaxx Liberty Wallet was discontinued in March 2023 by its parent company, Decentral. The team decided to focus on another project, officially retiring the non-custodial wallet on March 27th, 2023. 

How do I recover my Jaxx Liberty wallet?

You can recover your Jaxx Wallet assets by using its seed phrase to open a new account on another wallet application. Decentral recommended that users do so with an Edge or Exodus crypto wallet. If this isn’t an option, you’ll need professional help to recover your wallet. 

Why can’t I see my Jaxx crypto wallet seed phrase? 

After announcing they would be retiring the Jaxx Liberty Wallet, Decentral kept the wallet online for a limited time to allow users to view and back up their recovery phrases. Once this period elapsed, the wallet went offline. 

What is the cost of recovering my crypto wallet? 

The cost of recovery depends on the amount stored in your wallet. At Professional Crypto Recovery, we do not accept any upfront payment and only charge after a successful recovery. The cost is a percentage of the value of the recovered assets.

The post How to Recover Assets Stuck in Your Jaxx Liberty Wallet appeared first on Professional Crypto Recovery.

However, some users still have funds stuck in their BTC.com accounts, unable to access and withdraw them. Since the platform is no longer supported, what options do you have if you end up in this situation?

First, let’s examine how the wallet works.

The BTC.com Blocktrail Wallet Work

BTC.com is a non-custodial crypto wallet. It was initially created by Blocktrail as a Bitcoin (BTC) wallet and later updated to support Bitcoin Cash (BCH) after the fork. In July 2016, Blocktrail was acquired by Bitmain, a Chinese company specializing in the research, development, and sale of custom BTC miners and mining chips.

Being non-custodial, the BTC.com Blocktrail wallet gave users their private keys. It provided users with a recovery phrase (seed phrase) during the initial setup. This phrase could be used to recover the wallet in case the user lost access to their device or forgot their password. But the whole thing worked differently than your average crypto wallet. 

Non-custodial wallets typically display the mnemonic phrase during setup for you to copy. That’s not the case with the BTC.com wallet. 

After setting up their Blocktrail wallet, users received a Bitcoin Wallet Recovery Data Sheet. This is a PDF document containing all the information and instructions needed to recover your Bitcoin wallet. In case of a problem, you should first visit Blocktrail’s recovery website and use the data in this sheet to recover your wallet. 

BTC.com Blocktrail Wallet Recovery

Click on Begin Recovery, which will take you to a page with two forms.  You’re supposed to fill in the data in your backup document in the first form. This includes: 

• Your wallet version.
• The encrypted primary seed found on page 1 of the document.
• The backup seed, also found on page 1.
• The password-encrypted secret phrase found on page 2.
• Your wallet’s password.

The sUecond form only requires your Blocktrail public keys. 

Once properly filled in, click next. The platform will guide you through the steps to recover your wallet. 

What If It Doesn’t Work? 

Blocktrail’s Bitcoin recovery tool doesn’t always work. When that happens, there’s nothing you can do by yourself to recover the BTC.com wallet. This doesn’t mean your assets are lost forever, you just need the services of a wallet recovery professional. 

Why?

Cryptocurrency recovery immediately becomes a challenging task when conventional channels (recovery phrases and backup files) fail. At this point, someone with a good understanding of cryptography and data recovery is better placed to help you. 

Recover your BTC.com wallet

Professional Crypto Recovery (PCR) is a crypto recovery service that helps people salvage their lost crypto. With many years of experience and many more successful wallet recoveries under our belt, we give you the best chance of recovering your BTC.com wallet. No upfront payment is required–we only accept payment after a successful recovery. 

Contact us now to recover your BTC.com wallet.

Frequently Asked Questions

Where can I download the Blocktrail Wallet?

Unfortunately, the BTC.com Blocktrail wallet is no longer supported. The app is no longer available on Google’s Play Store or Apple’s AppStore. 

How do I recover my BTC.com Wallet?

To recover your wallet, use the recovery tool on the BTC.com website and enter your recovery phrase. This will restore access to your funds. If that doesn’t work, contact a wallet recovery expert. 

What cryptocurrencies does the BTC.com Wallet support?

The BTC.com Wallet supports Bitcoin (BTC) and Bitcoin Cash (BCH).

The post How to Recover Your BTC.com Blocktrail Wallet appeared first on Professional Crypto Recovery.

There is a condition for it though. When you use it, your seed phrase has to be in the exact form it was given to you. Otherwise, it is considered invalid, and you cannot use an invalid mnemonic phrase to restore your account. 

So, what do you do?

This article will tell you everything you need to know about an invalid seed phrase and how to recover it. To get a better sense of the problem, let’s start with how a valid seed phrase works. 

How Does a Seed Phrase Work? 

A seed phrase, also known as a recovery or mnemonic phrase, is a human-readable representation of the master seed used to generate all public-private key pairs for a given cryptocurrency wallet. A series of cryptographic processes underlie this tool’s effectiveness. 

Without getting into too many technical details, here’s how it works: 

Generating a Seed Phrase

The process begins with the generation of a random number and ends with this number converted into the series of words (usually 12 or 24) that you get as your seed phrase. Your wallet:

• Generates a random number.
• Converts this random number into the mnemonic seed phrase.
• Uses the seed phrase to derive the master private key.
• Generates the master public key from the master private key.
• And, can derive additional private and public key pairs as needed.

To ensure consistency across different wallets, words are selected from a standard list of 2048 words. This is typically referred to as the BIP-39 standard. If it is 12 words, the resulting seed phrase might look something like this:

“apple banana cat dog elephant frog gold house igloo jazz kite lion”

Such a phrase looks like a random assortment of words. Nonetheless, it contains all the information needed to rebuild your entire wallet structure. 

How does it do that? 

How Wallets Use the Seed Phrase

This is what happens when you input a seed phrase into the application to recover your wallet:

• The software converts the words back into a unique 512-bit seed through a standardized process.
• It then uses this seed to generate a master private key.
• From the master private key, it derives a corresponding master public key.
• Using the master keys, the wallet creates a “tree” of private and public key pairs. Each pair corresponds to a different address in your wallet.
• The wallet uses these key pairs to generate the addresses you see and use for transactions.

How an Invalid Seed Phrase Occurs

The 12-24 words that make up your seed phrase collectively contain your wallet’s entire structure. So, losing a single word means losing some of the information needed to rebuild your wallet when the need arises. Therefore, having an incomplete seed phrase is one way mnemonic phrases become invalid. 

Having a different word in place of the correct one won’t work. For one, the new word might not be among the 2048 words used in the BIP-39 mnemonic generation. And even if it is, using another word will result in a different combination of words that probably represent an entirely different wallet structure.  

But a complete seed phrase is just one of the requirements for validity. It’s also crucial that the words are in the exact order that they were originally generated. If even two words are out of place, e.g., the first word last and the last word first, your seed phrase no longer contains the information needed to restore your wallet. 

Even the spelling of the individual words matters. You might have all the words present and in the correct order. But if you get the spelling of one word wrong, your mnemonic is invalid. Thus, a valid seed phrase is only one that has all the original words, in the original order and the correct spelling. 

How to Fix It

For this guide, we can group invalid seed phrase problems into two categories: missing words and those with no such obvious error (i.e., you have a seemingly complete seed phrase but it keeps returning an error when parsed into a wallet). 

1. Missing Words

An incomplete seed phrase is the easiest issue to diagnose. But it can also be the hardest one to solve. This is because you have to find the missing word(s) and their position(s) in the phrase. 

If you had memorized your seed phrase, you probably have an idea of which word is missing and its location in the mnemonic. So, you can start this process by brainstorming, guessing, and testing possible word combinations. 

If this doesn’t work, the other option is to attempt a DIY seed phrase recovery using specialized cryptographic and wallet recovery tools. These let you provide a partial recovery phrase alongside another piece of information, like the wallet’s address, which they then use to (attempt) to recover the complete seed phrase. 

Examples include Ian Coleman’s BIP39 Mnemonic Code Converter, Seed Savior, and BTCRecover.

2. No Obvious Errors

It may also be that you have a complete seed phrase. However, for one reason or another, the wallet software keeps rejecting it as invalid. Here are some potential solutions to try:

• Double-check the spelling of every word in the phrase. It could be you’re getting the spelling wrong, which may not be immediately obvious as some words have different spellings, like color and colour, centre and center, flavor and flavour, etc. 
• Watch out for similar words, like prey and pray, their and there, hare and hair, etc. You could have unknowingly substituted one for the other, rendering your seed phrase invalid.

If none of these work, the seed phrase recovery tools mentioned above can come in handy. The process is the same. Feed the tool your seed phrase and any other relevant information and it might help you find the correct version. 

But what if it doesn’t? 

Professional Wallet Recovery 

If none of your DIY attempts work, it’s time to call in the cavalry. This means seeking the services of an expert; someone who specializes in helping people recover their cryptocurrency wallets. Drawing on their training, experience, and toolkit, a recovery professional gives you the best chance of recovering your invalid seed phrase. 

Professional Crypto Recovery (PCR) is one of the best recovery services in the market. With more than 20 years of experience, our recovery services are quick and efficient. We also charge some of the lowest prices in the market. Contact us today to get started. 

The post How Do You Fix an Invalid Seed Phrase appeared first on Professional Crypto Recovery.

The Schildbach BTC wallet was one of the first Bitcoin wallets developed for Android. Known for providing a user-friendly way to manage Bitcoins (BTC), the wallet has amassed more than 5 million downloads on the Play Store. 

In some ways, the Schildbach Bitcoin wallet is similar to the average modern hot wallet. But in other ways–like backup and security–it takes a unique approach. 

So, how does it do it? 

Here’s everything you need to know about the Schildbach Bitcoin Wallet, including how to backup and restore it and what to do in case of an issue with the process. 

How Does Schildbach Wallet Work? 

The Schildbach Wallet is an Android Bitcoin wallet. It was created by Andrew Schildbach, a software developer who played a significant role in developing early Bitcoin applications. He designed the app to offer a simple and secure way for users to manage their bitcoin (BTC) directly on their Android devices. 

The wallet emphasizes security, ease of use, and decentralization, which align with Bitcoin’s core principles. This means it requires no registration or personal data to set up and use. It’s ready as soon as you download the app on the PlayStore or install it via GitHub. It is also non-custodial, leaving you full control and custody of your keys and funds. 

And while created by one person, the Schildbach Wallet is open-source. Anyone can access and look at its codebase and even make improvements. As such, it is actively supported and maintained by members of the Bitcoin community. They conduct code audits, schedule updates, implement new features, fix vulnerabilities, and prepare documentation. 

Making and Receiving Payments

The Schildbach Wallet is designed to make Bitcoin payments on mobile quick and convenient. You can pay by copying the recipient’s Bitcoin address or alternatively, scanning a QR code of the address. NFC is an even more convenient option–it only requires you to position your phone close to the recipient’s to trigger a transaction. 

There is also a Sweep Paper Wallet option. This transfers bitcoins from the paper wallet or coupon to your device. It is performed by scanning the keys on the paper wallet (usually a QR code) with your smartphone. This immediately sweeps the paper wallet to top up your Schildbach Wallet with the amount. 

Privacy and Security

Like any app managing assets, the Schildbach Wallet has noteworthy privacy and security features. For instance, your public address changes every time you receive BTC to protect your privacy. 

The current version of the app doesn’t require a PIN or password to open. But for security, you can set a spending PIN. This will request the PIN every time someone initiates an outgoing transaction. If they don’t have the pin, they can’t spend BTC, thus protecting your assets from unauthorized spending. 

Your pin must be hard to guess. One way to ensure that is to use a long pin. The more numbers in your PIN, the harder it will be to guess. 

Schildbach Wallet Backup and Restore

The ability to back up and restore your wallet at will is a crucial feature of self-custody. Generally, this involves letting you have your wallet’s keys. As long as you have these, you can always create a copy of your Bitcoin account on any application that supports it. 

Many wallets will give you a mnemonic of your public and private keys. This is usually a phrase of 12-24 words called the seed phrase. To restore such an account, you only need to copy its seed phrase to a wallet that supports it. 

Schildbach Bitcoin wallet doesn’t generate a mnemonic of your keys for you to write down, though. Instead, it stores the keys in a file. 

Backing Up and Restoring Schildbach Wallet

You can easily create a Schildbach Bitcoin Wallet backup. To begin, Click on the three dots at the top right of your screen. 

Then, select Safety followed by Backup Wallet. The application will prompt you to create a password to encrypt your backup. Make sure to use a robust password that is a combination of letters, numbers, and symbols. You can then download and store your encrypted Schildbach Wallet backup. 

You should save multiple copies of this file and store them in different locations. Ideally, they should be stored offline on multiple external drives. 

Because the file is encrypted, you can also store a backup copy in the cloud–but only do that if you don’t store your passwords online and are confident you have a strong password that cannot be hacked.

By default, the backup file’s name contains the date and time of creation. It’ll have the following format:

bitcoin-wallet-backup-<yyyy-mm-dd-hh-mm>

Restoring your wallet is pretty straightforward. Click the three dots at the top right of your screen, select Safety and then Restore Wallet. You’ll be taken to your internal storage. Identify and select your Bitcoin Wallet backup. Enter the password it’s encrypted with and click RESTORE. 

Note that the Bitcoin Wallet backup file isn’t compatible with other wallet apps. This means that you can only restore your wallet on a Schildbach Wallet app. 

Issues During Restore 

Restoring your Bitcoin wallet is easy enough. However, some issues may prevent you from doing it well.

For example, the newest app versions cannot read backups made by the earliest version. This is because while backups of earlier versions contained private keys, newer backups contain a seed phrase. 

In this case, your only option is to decrypt the Schildbach Wallet backup file and access the private keys directly. These keys can then be used to restore your wallet. 

Restoration will also be impossible if you forget the password used to encrypt the file during backup. Schildbach Wallet requires you to provide this password to restore a wallet using its backup file. 

So What Do You Do? 

If you’ve lost your password, begin by making attempts to guess. You want to think hard about what the password could have been or what inspired it, i.e., birthday, pet, anniversary, graduation, etc. Then, write down all the ideas before trying them out one by one. 

If this doesn’t work, you can try brute-forcing the password. This involves using special software that attempts numerous password combinations. 

Generally, decrypting the backup file (in the case of older backup file versions) and brute forcing your Bitcoin Wallet password/pin require some technical knowledge and experience. You’ll also need the right tools. 

This is why you should seek the services of a recovery professional rather than attempt to recover a Schildbach Wallet on your own. This person has the right skills and tools to recover a crypto wallet and rescue funds. 

Professional Crypto Recovery has a long track record of helping clients successfully recover Bitcoin wallets. So, if you’ve forgotten your password or are having backup compatibility issues, we can help restore your Schildbach Wallet. Our services are efficient and come at some of the most affordable rates in the recovery market. 

Contact us today to start your Schildbach Wallet recovery.

Frequently Asked Questions

How do I ensure my wallet is secure?

To ensure your wallet’s security, always keep private keys secure and offline. Set a spending pin, use a strong password, and regularly update the Bitcoin Wallet app to benefit from the latest security enhancements. 

What steps should I take if my device with the Bitcoin Wallet is lost or stolen?

If your device is lost or stolen, immediately restore your wallet on a new device using your Bitcoin Wallet backup. Once restored, transfer your funds to a new wallet. This will ensure that the old wallet on the lost/stolen device cannot be used to access your funds.

My transaction is unconfirmed and seems stuck. What should I do?

Your transaction might be stuck due to high network congestion. You can wait for the network to clear up. Alternatively, you can use a transaction accelerator service like BTC.com, ViaBTC, Antpool, and more. 

The post How to Backup and Restore Your Schildbach Wallet appeared first on Professional Crypto Recovery.

This carries a fair number of responsibilities, the biggest of which is securing a file known as wallet.dat. Wallet.dat is a small but crucial data file central to the ownership and security of assets associated with your Bitcoin Core address. 

What follows is a deep dive into the file. What it is, how it works, and how to secure it. 

What Is Wallet.dat?

Being a core wallet, Bitcoin Core differs significantly from the average crypto wallet. One major difference is in how it handles its cryptographic keys. 

The average non-custodial wallet, like Trust, Rabby, or Metamask, gives you your private keys. This happens during wallet creation when you receive a mnemonic phrase of 12-24 words. Some wallets store the phrase (also known as the seed phrase or recovery phrase) locally, allowing you to reveal and back it up anytime.

Bitcoin Core takes a completely different approach. For one, it doesn’t generate a mnemonic representation of your keys. These are stored in the Wallet Import Format (WIF) in a locally stored data file. You can access and backup this file and use it to restore your Bitcoin Core wallet. 

This is the wallet.dat file. It is a data file that stores Bitcoin Core public and private keys alongside other sensitive information relating to the wallet. It is created during wallet setup, and its default location varies depending on the operating system. 

On Windows, the default location is:

C:\Users\<username>\AppData\Roaming\Bitcoin

On macOS, you’ll usually find it in:

~/Library/Bitcoin

Linux users will find it in:

~/.bitcoin

How Does Wallet.dat Work?

Wallet.dat is a data file that stores a variety of information. The most important being your public and private keys. 

Your Bitcoin Core’s public keys are its public address on the Bitcoin blockchain. This is the address used by other parties looking to send you Bitcoin (BTC). It doesn’t contain any special permission regarding access and ownership of your assets. Therefore, it can be shared freely with anyone in the ecosystem. 

The public keys are cryptographically linked to private keys, which are very sensitive. Private keys prove ownership of funds linked to a particular Bitcoin address. They are used to sign off on transactions, giving the holder complete access and control of the assets associated with their corresponding public keys. 

Other data that can be found in your wallet.dat file include:

• Transactions: The wallet.dat file meticulously tracks your entire Bitcoin transaction history. It records every sent and received amount as it occurs. This provides a clear audit trail of your Bitcoin activity, allowing you to monitor your BTC holdings and review past transactions. 
• Scripts (optional): Some users attach scripts to their Bitcoin address for things like multi-sig transactions, i.e., transactions requiring multiple authorization signatures. The wallet.dat file may store information about such scripts, like the public keys involved and the conditions required for spending funds.
• Wallet configuration settings: Wallet.dat also stores various settings and preferences configured by the user. These can include transaction fee settings, label names for addresses, and other customization options.

Your Bitcoin Core’s private keys are the crown jewels of your Bitcoin security. Without them, you would be unable to access or transact any BTC linked to your Bitcoin address. Similarly, anyone who has them can access and transact your assets regardless of whether they have your permission. It’s the presence of these keys in the wallet.dat file that makes securing it very important.

So, how do you do that?  

Wallet.dat Security

Bitcoin Core takes the security of your keys seriously. Therefore, it comes with encryption, an optional but highly recommended security feature to safeguard your wallet.dat file. 

Bitcoin Core gives you the option to encrypt your wallet.dat file using a passphrase. Doing this ensures anyone who gets their hands on the file cannot use it to reach and steal your assets. 

To enable encryption in Bitcoin Core:

1. Open your Bitcoin Core wallet.
2. Go to the “Settings” or “Options” menu.
3. Select “Encrypt Wallet” or a similar option.
4. Enter a strong passphrase when prompted.
5. Confirm the passphrase.

After that, you must enter the passphrase every time you want to perform certain actions in Bitcoin Core. These include any calls that interact with the private keys, like sending BTC. 

However, encryption alone is not enough. You’ll also want to regularly back up your wallet.dat file to protect it from other threats, like hardware failure, malware attacks, and accidental file deletions. These backups act as a safety net, allowing you to recover your Bitcoin even if disaster strikes.

Generally, you want to use an external hard drive or USB flash drive to store your backups. Make sure to keep the device in a secure location separate from your computer. This ensures that you can still access this backup even if your computer malfunctions or is stolen. 

Cloud storage may seem like an option, but the internet is far from the best place to store something as sensitive as your wallet’s keys. This is because storing anything online makes it vulnerable to hackers. 

In this case, anyone who gets your cloud’s password can obtain the file with your private keys. Such a file isn’t 100% safe, even if it’s encrypted. This is because the hacker might be able to brute force its passphrase and open it. 

Common Wallet.dat Issues and Solutions

Unfortunately, some users experience Bitcoin Core issues stemming from their wallet.dat files. Here are some common problems and the corresponding troubleshooting tips:

1. Corrupted Wallet.dat 

Sudden computer shutdowns, malware infections, or disk errors can corrupt the wallet.dat file. This can manifest in various ways, like unexpected transaction errors, balance discrepancies, or even your wallet failing to open. 

To solve it:

• Restore Backup: If you have a recent backup of your wallet.dat file, you can restore your wallet and retrieve your Bitcoin. This is why regular backups are crucial.
• Data Recovery Software: If you don’t have a backup, data recovery software might be able to salvage a corrupted wallet.dat file. However, there’s no guarantee of success. You’ll also want to use such software with caution as it might further damage the file.
• Professional Data Recovery Services: Without a backup, it’s best to consider professional data recovery services. This involves contacting a crypto and data recovery expert, like us, to fix the corruption. 

2. Forgotten Wallet.dat Passphrase

Some users who encrypt their wallet.dat files end up forgetting the password or passphrase used. This renders them unable to access their wallet and use their funds. 

If you find yourself in this situation, there isn’t much you can do outside recovering the password. Note that you can wriggle your way out of the problem if you have a backup of your wallet.dat file with a remembered password. If you don’t, you’ll need the services of a professional Bitcoin recovery expert.

Need Help Recovering Wallet.dat?

Your Bitcoin Core installation will malfunction if there is anything wrong with its wallet.dat file. Therefore, if you have a corrupted wallet.dat or an encrypted one whose password you don’t remember, you’ll need to recover it before you can use your wallet. It is a hard task, but fortunately, not one you have to do alone.

Professional Crypto Recovery is a crypto and data recovery firm that has been helping crypto users recover their wallets and assets since crypto’s early days. Leaning on more than 20 years of experience in the IT industry, our process is quick, efficient, and one of the most affordable in the market. 

Contact us now to begin your wallet.dat recovery. 

The post Your Complete Guide to Wallet.dat Security and Recovery appeared first on Professional Crypto Recovery.

In the subsequent sections, we will cover:

1. About Exodus
2. Key Features
3. Download, Installation, and Setup
4. Security and Backup
5. Emergency Recovery
6. How to Begin Recovering Your Exodus Wallet

About Exodus

Exodus was co-founded by JP Richardson and Daniel Castagnoli. Richardson is a software engineer with significant contributions to the crypto space while Daniel is an experienced UX designer. 

The co-creators prioritized user experience (UX), aiming for a visually appealing and user-friendly wallet that would make cryptocurrencies accessible to everyone. They would officially launch the application in July 2016. 

Exodus emphasizes user control over their assets. As such, it is a non-custodial platform that gives users their private keys. It has also partnered with one of the most popular cold wallet manufacturers in crypto to enhance security. 

This partnership integrates Exodus support in Trezor’s Model One & Model T wallets, allowing users to manage and swap their assets in Exodus on their Trezor wallets. 

Since its launch, Exodus has maintained a track record of regular updates, which include new features, security enhancements, and support for additional cryptocurrencies. It is currently available on Mobile (Android and IOS) and Desktop (Windows, Mac, and Linux). You can also install an extension for Chrome and Brave.

Exodus Wallet Features

Exodus Wallet offers a suite of features to make managing and exchanging cryptocurrencies easy and efficient. These include:

1. Multi-Currency Support

Exodus supports over 300 cryptocurrencies, including major coins like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Solana (SOL), and Binance Coin (BNB). It also supports many ERC-20 tokens and non-fungible tokens (NFTs) across 50+ blockchain networks. 

2. User-Friendly Interface

The Exodus Wallet is designed with a focus on simplicity and ease of use to make it accessible to both beginners and experienced users. This is achieved with the help of a visually appealing interface with clear graphics and easy navigation.

3. Built-In Exchange

Exodus works with several cryptocurrency exchanges to allow users to trade directly within the wallet. You can even buy and sell crypto for fiat. However, this requires you to sign up to a third-party platform and may require you to undergo Know Your Customer (KYC) processes. 

4. Non-Custodial Wallet

Users have full control over their private keys and funds, with private keys stored locally on the user’s device.

5. Cross-Platform Availability

The Exodus Wallet is available on desktop for Windows, macOS, and Linux, and on mobile for iOS and Android, with the ability to sync with the desktop version.

6. Portfolio Tracker

Exodus can display the current value of your portfolio with real-time updates. It also provides detailed charts and graphs to track the performance of your assets over time.

7. Hardware Wallet Support

Exodus supports integration with Trezor hardware wallets for enhanced security. This allows users to manage their assets through Exodus while benefiting from the added security of a hardware wallet.

8. Customization

The wallet offers different themes and colors for personalizing the appearance of the wallet. You can also customize settings such as currency display, notifications, and more.

9. Integration with DeFi & Crypto Apps

The Exodus Wallet Integrates with various decentralized finance (DeFi) apps and other cryptocurrency applications to enhance functionality.

Download, Installation, and Setup

Desktop (Windows, macOS, Linux)

Step 1: Download Exodus

• Visit Exodus Website: Go to the Exodus official website (https://www.exodus.com/)
• Download for Your OS: Click on the “Download” button on the homepage and select your operating system (Windows, macOS, or Linux).
• The download will start automatically.

Step 2: Install Exodus

On Windows:

• Locate the downloaded .exe file (usually in your Downloads folder).
• Double-click the file and follow the on-screen instructions to install Exodus.

On macOS:

• Locate the downloaded .dmg file.
• Double-click the file to open it, then drag the Exodus icon into the Applications folder.

On Linux:

• Download the .deb package for Debian-based distributions or the .tar.gz file for other distributions.
• For Debian-based distributions (e.g., Ubuntu), open a terminal and run: sudo dpkg -i exodus-linux-x64-<version>.deb 
• For other distributions, extract the .tar.gz file and run the executable.

Step 3: Set Up Exodus

Open the Exodus application from your desktop or applications folder and Click on “Get Started” to create a new wallet.

Mobile (iOS and Android)

• Step 1: Download Exodus: Visit the App Store or Google Play Store and search for the Exodus wallet. Tap the “Install” or “Get” button to download and install the app on your device.
• Step 2: Set Up Exodus: Open the Exodus app on your mobile device and create a new wallet.

Security and Backup

Like most non-custodial crypto wallets, Exodus uses a password-seed phrase combination for security. The password (PC) or passcode (mobile) locks your application to prevent unauthorized access to your wallet. On the other hand, your seed/recovery phrase backs up your keys, allowing you to restore the wallet and recover your funds if the need arises. 

However, you don’t immediately set your passcode or receive the recovery phrase after creating your wallet. This is something you can do later by heading over to the security section of your wallet’s menu. 

To set your passcode:

• Click on Security
• Select Secure with Passcode (Password on PC)
• Create your passcode. It is 100% numeric and six characters long. 

To get your seed phrase:

• Click on Security
• Select Backup
• On the next screen, click on View Secret Phrase. This takes you to another screen where you can reveal your secret recovery phrase
• This phrase consists of 12 randomly generated words that you’ll need to make a copy of. Write them in order and store the copy in a safe place. 
• Click Done to complete the process

SECO Backup Files

Exodus uses Secure EXODUS Containers (SECO) on desktop as a secure backup and recovery method. These are encrypted backup files created by the Exodus wallet to store critical wallet information securely. They contain data related to your wallet, including your private keys and transaction history, in an encrypted format.

In the event that you need to restore your wallet (e.g., after a device failure or theft), the SECO files can be used alongside your password to recover your funds and wallet data.

How do SECO files work?

Exodus PC wallets create SECO files periodically and store them locally in device storage. Upon creation, the data in these files is encrypted with your Exodus password using AES-256 encryption. 

The location of SECO files varies depending on the OS:

• Windows: C:\Users\[Your Username]\AppData\Roaming\Exodus\
• macOS: ~/Library/Application Support/Exodus/
• Linux: ~/.config/Exodus/

Once you locate your SECO file, create a backup by copying it to a secure external drive

To use SECO files for recovery:

• Locate your backup file
• Reinstall Exodus on your PC
• Depending on your OS, copy the SECO file to the correct location 
• Launch the app. It will automatically load the file.

Emergency Recovery Options

The two recovery options (mnemonic phrase & SECO files) that Exodus gives you should restore your wallet just fine if needed. But that’s only the case if your seed phrase is complete and ordered correctly and you have your SECO backup password. 

Generally, a seed phrase will not work if it’s incomplete (missing even a single word), complete but the words are in the wrong order, or it contains one or more wrong words. You’ll have to recover the valid seed phrase in order to restore your Exodus wallet and access your funds. 

Similarly, SECO backups need to be decrypted before they can be used to restore a wallet. This requires the password you used to open the Exodus installation that created the backups. If you have lost or forgotten this password, restoring it via SECO is almost impossible if you lack the technical skills. 

So, what do you do? 

Your best option is to seek out a wallet recovery expert.

Non-custodial wallet issues, like incomplete or invalid seed phrases and forgotten backup passwords, are challenging problems that most people will find difficult to solve. 

A crypto recovery expert is someone with the tools, knowledge, and experience needed to undertake complex wallet recovery tasks. In some cases, e.g., a lost password, they’ll need your help to guide the recovery process. But generally, they are in a much better position to recover your Exodus wallet in case of seed phrase and password issues. 

How to Begin Recovering Your Exodus Wallet

Are you looking for a way to recover your Exodus Wallet due to seed phrase or password issues? Professional Crypto Recover (PCR) is here to help. We have been in the IT space for more than 20 years and have been recovering wallets for a long time. So, you can trust our expertise and experience to recover your Exodus crypto wallet. 

Contact us now to begin recovering your Exodus Wallet. 

FAQs

How Do I Backup My Exodus Wallet?

Exodus will provide you with a 12-word recovery phrase. Write this phrase down and store it in a secure, offline location. Additionally, on PC, Exodus automatically creates SECO (Secure EXODUS Containers) files that contain encrypted backup data. These files are stored locally on your device and can be backed up.

Is Exodus a DeFi Wallet?

Exodus can be considered a DeFi wallet as it integrates with various decentralized finance (DeFi) protocols and applications. Users can access DeFi services such as staking, lending, and borrowing directly within the wallet.

How Do I Secure My Exodus Wallet?

To secure your Exodus wallet, set a strong password/passcode, store your recovery phrase securely, keep the software updated, and perform regular backups.

The post Your Complete Guide to the Exodus Wallet appeared first on Professional Crypto Recovery.

The device is paired with a companion app serving as the interface through which you manage your crypto assets and keys. Using your assets this way requires your Nano S to be on the newer firmware versions. So, if you’re on relatively older firmware, you might have to update the wallet before you can use your assets. 

What could go wrong?

Well, let’s talk about that. 

Firmware Update Hitches

Updating Ledger Nano S to the latest firmware version, 2.1.0, requires you to use the latest version of Ledger Live. It’s a relatively straightforward process that most people should have no problem completing. But in some rare cases, it may fail. This leaves you unable to use your assets for as long as the firmware remains outdated. 

You’ll have a hard time updating your Nano S if your firmware is ‘too old.’ According to Ledger, versions 1.1 and 1.2 cannot be updated via Ledger Live. This means that users on these versions will need to find an alternate way to update their firmware before they’re able to use whatever coins, tokens, and NFTs they have in their wallet. 

Do You Have Your Seed Phrase? 

If you’re having trouble updating your Nano S wallet, there are a few things you can do to recover your assets. In the best-case scenario, you will still have your wallet’s recovery phrase. This phrase contains your public and private keys, allowing you to reproduce your account and access your assets. 

It’s a good idea to test if you have the correct seed phrase and it’s working. To do so, try and restore your account on another wallet. This can be another hardware wallet or an application like Trust Wallet or Metamask. If you want, you can use this restored wallet on its new platform to manage your assets as you work on updating your Ledger Nano S device (more on that later).

Without Your Seed Phrase

Things get more complicated if you have lost your recovery phrase or have one that isn’t working. This is because you cannot create a fresh wallet copy to access your crypto. To save your assets, you have to recover your hardware wallet.

This is only possible if you can still open the wallet contained in the hardware wallet. That is, you have the required pin or passphrase. In this case, these are the options at your disposal:

1. Downgrade Ledger Live 

Normal Ledger Nano S updates are done via the latest version of Ledger Live. But because this doesn’t work for older firmware 1.3, 1.2, or 1.1 wallets, another version may work. 

Ledger allows you to downgrade Ledger Live Desktop to version 2.30.0, which, once connected to your wallet, may then be used to move your assets and upgrade your Nano S. Here are the steps:

1. Download and install Ledger Live Desktop 2.30.0 from Ledger’s Live Download Signatures page. Choose to replace the existing version if prompted.
2. Open the application as usual after connecting your outdated Ledger Nano S to your PC. Make sure to use a proper USB cable that supports data transfer. 
3. If you lost your recovery phase, you’ll want to send your assets to another account for temporary storage. It can be an account on an exchange service or one linked to a software or hardware wallet whose keys you have. 
4. Once your assets are safe, you can update the firmware of your Nano S with Ledger Live Desktop 2.30.0.
5. After updating your device, update your Ledger Live installation to the latest version.
6. To continue using your Nano S, remove all your accounts from the desktop app and reset the wallet device to remove all keys, settings, and applications. 
7. Proceed to set up your Ledger device as a new device. You will be required to set a new pin. You will also be given a new recovery phrase to secure. 
8. Create a new account before transferring assets from their temporary holding to the new address. 

Generally, if you cannot update your device with the latest version of Ledger Live, the wallet lets you try with an older version. This solution also works for users who have their recovery phrase and are only looking to update their wallets. In this case, you can skip steps 3 and 5-8 (moving assets to a temporary account and resetting the device). Just get straight to using your Ledger Nano S as normal after updating.

2. Move Your Bitcoin With Electrum

Electrum, a popular desktop software wallet, is another avenue to recover assets from your older Nano S. More specifically, this method lets you move the Bitcoin (BTC) in your Ledger device. 

You normally need the latest firmware to connect to the latest version of Electrum. However, it is still possible to connect a Nano S on older firmware to an older Electrum version. Here are the steps:

1. Download Electrum: Download Electrum version 3.0.2. If you encounter a problem signing a SegWit transaction, try again with Electrum version 3.2.4.
2. Connect to computer: Connect your Ledger device to the computer and unlock it before opening the Bitcoin app on your Nano S. 
3. Electrum: Launch the Electrum application you downloaded before. In the install wizard, leave the default wallet name, select Standard Wallet, and on the keystore screen, select Use a Hardware Device.
4. Connect Wallet: Select your Ledger Nano S and choose the derivation path to connect. Select Legacy if your Bitcoin addresses begin with 1, p2sh-segwit if they start with 3, and native segwit if they begin with bc1.

You can then move your BTC to a new account as you work on updating your Nano S. 

3. Move Your ETH With MyCryptoWallet or MEW 

If your wallet contains Ethereum (ETH) and other ERC-20 tokens, you can connect it to MyCryptoWallet or MyEtherWallet to access your assets. This is done on the wallets’ respective websites. You’ll also need an Ethereum app installed on your Ledger Nano S for this to work. 

To begin, connect your Ledger device to your PC and unlock it. 

For MyCryptoWallet:

• Head to MyCrypto and open the Ethereum application on your Nano S. Select Ethereum Network before clicking on Connect to Ledger Wallet. Select the Ethereum address you’d like to add and access your funds from there. 

For MyEtherWallet (MEW):

• Go to the MEW website. Under Access My Wallet, select Ledger as the hardware wallet to connect to and open the ETH app on Ledger Live. Connect your device via Ethereum, making sure to select Ledger Live as the derivation path. 

Still Having Trouble Recovering Your Ledger Nano S?

As you can see, there are different ways to recover your Ledger device on firmware 1.3.1 or older. If you still have your recovery phrase, you can easily do so by restoring your wallet on another hardware or software wallet. But if this phrase is missing, you risk losing your assets without a way to recover them. 

Fortunately, you have a few more solutions to try. You can downgrade Ledger Live or connect your device to Electrum, MyEtherWallet, or MyCryptoWallet for specific assets. But what if these attempts don’t work? 

Well, don’t give up. It is still possible to recover the assets on your Ledger Nano S. However, you will need the help of a crypto recovery professional. This is someone with the knowledge, skills, and tools needed to recover tokens stuck in a crypto wallet. 

Professional Crypto Recovery is one of the best recovery services in the market. Leveraging over 20 years in IT, we can help you recover assets locked in a Nano S with firmware 1.3.1 or older. Contact us now to get started. 

The post How to Recover Your Ledger Nano S With Firmware 1.3.1 or Older appeared first on Professional Crypto Recovery.

There is also the option to encrypt it with a password or passphrase for extra security. This will ensure the safety of your private keys even if someone finds your paper wallet. But what happens if you lose this password/passphrase and access to your private keys? How can you decrypt your paper wallet and recover your assets?

To answer this, it’s best to understand paper wallets and how they work.

What Is a Paper Wallet?

Cryptocurrencies are a unique form of money. Being digital,  Bitcoin (BTC), Dogecoin (DOGE), Ethereum (ETH), and other crypto assets exist online as bits of data on the blockchain. Here, users rely on public-private key pairs to manage their tokens. 

Every crypto token is linked to a public key, which is an address on the blockchain. At the same time, each public key has a corresponding private key. This acts as a digital signature and lets you spend any assets associated with your blockchain address. 

So, managing cryptocurrencies essentially revolves around this key pair. If you want someone to send you crypto, you give them your address on the blockchain. If you want to send someone crypto, the private keys will be used to authorize the transaction. 

Crypto wallets basically provide a way to generate, handle, and secure your public-private key pair(s). This can be an application like Metamask, Trustwallet, Binance, or Rabby Wallet, a device like Ledger or Trezor, or in our case, a piece of paper. 

A paper wallet is just that: a piece of paper that stores your public and private keys. 

Paper wallets don’t generate the keys. For that, you will need a platform like BitAddress, which generates Bitcoin keys and gives them to you as an alphanumeric string and QR code. 

You can either print this or write it down on a piece of paper to make a paper wallet. Ideally, whatever platform you use shouldn’t store a record of your public-private key pair. This ensures that any record that exists is only in your possession.  

Make sure to conduct your research before trusting a platform to generate your paper wallet. For absolute security, you’ll want to do this on an air-gapped computer (not connected to the internet) from a bootable USB/flash drive. This ensures that your private keys don’t get exposed online and no local records of it remain on the OS.  

Note that some printers store previously printed information and it can be reprinted. Therefore, you need to be careful about your choice of printer. 

Encrypting a Paper Wallet

A piece of paper cannot connect to the internet and doesn’t contain code to be hacked. This makes paper wallets a very secure way to store your keys if you are concerned about hackers getting your assets. However, this doesn’t mean you’re entirely safe. There’s always the risk of someone finding your paper wallet and the keys it contains. 

So, what do you do?

Many users decide to encrypt their private keys with a password before generating them. Such keys will need to be decrypted before they can be used. This ensures that if someone finds the wallet and intends to transact the funds associated with your address, they will be unable to do so as long as they don’t have the password. 

Encrypting your paper wallet is good for security. However, it also means that if you forget or lose a part or the whole of your password, you’ll lose access to your keys until you find a way to decrypt your wallet. 

Decrypting Your Paper Wallet Without Its Password

Paper wallets typically use BIP38 encryption. This is designed to be a one-way process, with your passphrase as the only key that can unscramble the encrypted private keys. If you lose this passphrase, there is realistically no way to reverse the encryption to reveal the raw private key. The only hope of saving your wallet is to recover the password. 

Recovering Paper Wallet Password

Forgetting a password is something we’ve all done. And while that problem can often be fixed by resetting the password, this option isn’t available in the world of non-custodial crypto holding. An affected user who hopes to recover their wallet will have to remember the original password, recover it, or hire a wallet recovery expert.

Try Guessing Your Lost Paper Wallet Password

If you have lost your paper wallet passphrase, your first option is to try to guess it. This involves thinking of as many possible password ideas and writing them down. Think of what the passphrase could have been. Was it derived from anything specific, like your birthday or graduation date?

Once you have this list, try each option, paying attention to the spelling, casing, and any special characters. This method is most likely to work if you have a rough idea of what your password could be. But if it doesn’t, you can move on to the next option. 

Using Special Password Recovery Tools

Password recovery tools are software tools leveraging cryptographic techniques to crack passwords. This typically involves brute forcing, where the software tries as many password combinations as possible. 

It doesn’t always work. However, if you have a decent idea of what your lost paper wallet passphrase could be, you can use it to narrow down the scope of the search. This gives you a better chance of recovering your wallet. 

There are some good, open-source password recovery tools out there, including BTCRecover and Hashcat.

You need a decent amount of technical knowledge to wield these tools effectively, though. If you lack such skills, you should let someone with the expertise do it for you. This is where crypto recovery professionals come in. 

Password Recovery Professionals

Hiring a crypto recovery professional is where the best chance of recovering your assets lies. A recovery expert is well-versed in password recovery techniques and can utilize a tool like Hashcat much better than you can. Therefore if all of your DIY attempts at recovery have failed, it’s time to contact a professional. 

This doesn’t necessarily mean that you won’t be involved in the process. The typical recovery procedure requires you to provide possible password ideas to help with the search. There might also be some back-and-forth as the expert works to figure out the best approach to recover your password and decrypt your paper wallet. 

Contact a Wallet Recovery Professional Today

Losing your paper wallet password means losing access to your private keys and precious crypto assets. But with our help, that doesn’t have to be the case. We have been in the IT industry for over 20 years and have conducted many crypto wallet recoveries. Our services are fast, efficient, and more affordable than the average market rate. 

Contact us now to recover your lost paper wallet password. 

FAQs

How much will it cost to decrypt my paper wallet? 

The cost of recovering your paper wallet and decrypting it will depend on the value of the recovered assets. We charge 18% of the value for wallets under 10BTC, 13% for wallets between 10 and 100BTC, and 8% if your wallet is over 100BTC.

Do I have to pay upfront?

No. We only accept payment after a successful wallet recovery. 

The post How to Decrypt a Paper Wallet Without Its Password appeared first on Professional Crypto Recovery.

This is why running into private key issues is something every cryptocurrency holder dreads, with the slightest of problems being enough to block access to your tokens on the blockchain. 

Understanding private keys, how they work, and how they are formatted is important to any crypto enthusiast. It enables you to better diagnose and take the appropriate measures to solve any wallet issues you’re experiencing.

What is a private key?

The private key is one-half of public-private key cryptography– a technique that is crucial to the functioning of cryptocurrency wallets. Whether you’re using Metamask, TrustWallet, Blockchain.com, or any other wallet, it will have two keys: a public key pointing to its address on the blockchain and a private key that acts as the owner’s digital signature.

Similarly, most wallets generate their public and private keys from a 12-24 word phrase known as the seed, recovery, or mnemonic phrase. A seed phrase can be used to generate any number of private-public key pairs, which can then be used to transact and manage crypto assets. 

Private keys are the more sensitive of the two. This is because, as your digital signature, they are taken as proof of ownership of a wallet and its assets. Thus, they are used to sign off on transactions and give approval to smart contracts when interacting with DeFi protocols. 

Private key formats

Here’s a look at the different private key formats categorized by blockchain. 

Bitcoin

Bitcoin pioneered many of the private key formats still in use today. Considered the building block of Bitcoin private keys, the most basic of these is a raw hexadecimal key, which is a 256-bit number represented as a 64-character string of numbers (0-9) and letters (A-F). 

There is also WIF (Wallet Import Format), which bundles the raw key with a version prefix (to ensure it’s used on the correct network), a compression flag (to save space on the blockchain), and a checksum (to minimize input errors).

Note that every private key has a corresponding public key, which can exist in a compressed or uncompressed format. Compressed public keys are smaller than uncompressed ones (33 bytes compared to 65 bytes). 

The private key format changes slightly depending on whether it is designed to generate a compressed or uncompressed public key. In this case, the WIF private representation has an extra byte to signal compression:

• When uncompressed: A 51-character base58 encoded string starting with ‘5’.
• When compressed: A 52-character base58 encoded string starting with ‘K’ or ‘L’.

Many modern Bitcoin wallets support hex and WIF. Bitcoin Core, the blockchain’s official client wallet, stores keys internally in WIF within its wallet.dat file.

Sometimes, wallets aim to represent their private keys in a very compact form to make them suitable for things like embedding QR codes. This need has led to the mini private key format, which is usually around 30 characters long. It employs a built-in checksum to help detect typos. 

Ethereum

Just like Bitcoin, the hexadecimal format lies at the heart of Ethereum private keys. The typical Ethereum private key is a 256-bit number represented as a 64-character hexadecimal string. 

Some popular wallets, like MyEtherWallet (MEW) and MyCrypto, use Keystores to add an extra layer of security. Keystores, often JSON files, bundle your encrypted private key with other metadata. To unlock them, you need the correct password. 

Keystores also help with portability, as you can move them between compatible wallets. 

Solana

Solana wallets like Phantom and SolFlare use keypair files (usually in JSON format) to store their keys. These files contain both your private (32 bytes) and the derived public keys (32 bytes), making for a total of 64 bytes.

Solana’s keys are often represented in the Base58 encoding format, which uses a set of 58 alphanumeric characters. It purposefully removes easily confused characters, like  0 (zero) and O (capital o), and I (capital i) and l (lowercase L). 

Using Base58 makes Solana keys easier to read and share by shortening their representation and avoiding confusion caused by similar-looking characters.

Uint8 is another private key format commonly used on Solana. In this format, a 256-bit private key, as used on Bitcoin and Ethereum, is broken down into 32 chunks of 8 bits each. Each 8-bit chunk is represented as a Uint8 number. As a result, the entire private key becomes an array of 32 Uint8 values. 

Since computers work very well with 8 bytes, Uint8 is more efficient and more precise than other formats.

Binance Smart Chain (BSC)

BSC largely uses the same 256-bit hexadecimal private key format as Ethereum. This is because the blockchain was built to be compatible with Ethereum.

Private key issues and how to deal with them

Unfortunately, private key problems are not uncommon. Here are some issues you might run into involving your private keys and how to deal with them. 

Invalid private key

The ‘invalid private key’ error is typically a result of providing the wrong private key. This occurs when you get one or more characters wrong during input. If this is the case, you just need to input the key again; but this time, be more diligent on what keys you press. 

But what if the error is in the source itself, i.e., it’s not a result of an input error; rather the record itself of your private keys has been corrupted?

Well, you can use specialized tools to find and replace the invalid characters with the correct ones. BTCrecover is a popular tool used to substitute potentially wrong characters with wildcards and automate the trial-and-error process.

Missing part of your private key

A private key that’s missing a fragment of itself is also considered invalid. This loss typically happens due to accidental file deletion or corruption caused by malware. 

Dealing with this problem is not easy. You need to try every possible combination of the missing characters. Each missing character exponentially increases the number of possible combinations your wallet must try to unlock access. 

You can try to guess the characters, but that is the equivalent of emptying an ocean with a spoon. It will take you forever to find the right answers. Therefore, recovery is usually done programmatically. This allows for attempts with thousands of combinations per second.  

You’ll need to pay attention to the private key format during recovery. Different private key formats have specific rules about which characters they can use.

Knowing which characters a private key format uses serves another purpose: it narrows down your search. This helps eliminate pointless combinations when attempting brute-force recovery for a missing portion of the key.

Generally, the more incomplete your private key is, the harder you’ll have to work to find all the missing pieces. At some point, it becomes functionally impossible to recover a partial private key. 

The private key is valid but shows a zero balance

If you have a complete private key and are certain that it’s the right one, but your wallet shows a zero balance when it shouldn’t, there could be a few different things going on. 

For one, you might have generated the wrong public address format with your private key. Modern wallets allow you to generate multiple public addresses from the same private keys in different formats. Each format contains different assets. So, if you generate the wrong public address format, you will see a zero balance.  

A zero balance may also occur as a result of mixing your different addresses or keys. So, you’ll want to double and even triple-check that you’re using the right private key for the intended wallet and crypto assets.

It could also be that you’re using an outdated wallet version. Bugs or syncing issues in outdated versions can sometimes cause incorrect balance displays. 

But if this or a mixup isn’t the problem, it might be something else. Your account may have been hacked and all your assets transferred out. You’ll want to look at your transaction history on the blockchain to make sure this isn’t the case. 

If it is, your wallet has been compromised, and the attacker has already moved your assets. This is likely a result of them obtaining your private keys. In this case, nothing can be done to recover your funds.

Private key is encrypted, and you don’t know the password

When using certain wallets, like paper wallets, you’re advised to encrypt your private keys for security reasons. For example, private keys for wallets created by bitaddress.org,  liteaddress.org, and paper.dash.org  can be BIP38 encrypted.

As with all encryptions, it’s a problem if you forget the password needed for decryption. You’ll be locked out and unable to use your private keys despite having them right in front of you. 

To get out of this conundrum, you need to decrypt your private keys. This means cracking your lost/forgotten password, something you can do with a tool like BTCRecover. However, this can be slow, especially if you have a strong password. 

Let the experts handle it

Dealing with private key issues is stressful. Fortunately, you don’t have to figure out solutions on your own. If you lack the time or technical expertise to leverage wallet recovery tools to recover an invalid or partial private key, you can always solicit the services of a professional wallet recovery expert.

Professional Crypto Recovery (PCR) has been in the IT business for more than two decades. Having been part of the crypto space since its inception, we have the knowledge and experience needed to solve your private key problems. Contact us today to start your private key recovery process.

The post Private Key Formats, Problems, and Solutions appeared first on Professional Crypto Recovery.