Cryptocurrency Community Calls for Better Wallet Solutions

Just recently, cyberhackers were able to pull off the biggest crypto hack in history, stealing over $1.5 billion worth of digital tokens from Bybit. Bybit is a Dubai-based cryptocurrency exchange. According to reports, the tokens were stolen when hackers were able to employ a specific type of malware that tricked the exchange into approving transactions that sent the cryptocurrency into specific hacker-controlled wallets.

In response to this massive hack, Vitalik Buterin, the founder of Ethereum, has publicly pleaded with the crypto industry to unite to resolve this ongoing issue. Buterin believes that the community can come together to develop better wallet solutions to prevent crypto loss in the future.

According to Buterin, criminal hacks aren’t the only threat to cryptocurrency users. Cryptocurrency loss is a major problem. Some experts estimate that an overwhelming 20% of all Bitcoin mined in 2020 is already inaccessible permanently. This Bitcoin is either trapped in inactive wallets or unable to be retrieved. The value of these coins is likely to exceed billions of dollars. Users also often end up losing access to digital assets as a result of accidents or negligence. For instance, simply forgetting a password or suffering physical damage to a hard drive or computer can leave an account holder blocked from accessing their funds.

What’s even worse is that there are very few services to help consumers who’ve lost access to digital wallets or tokens. Many consumers don’t know where to turn for help.

Some of the most common ways people lose access to their wallets or cryptocurrency include losing their physical devices, forgetting a password, experiencing a software bug, or having their physical devices damaged. Theft is less common, but it is increasing in frequency as more people turn to cryptocurrencies.

Some consumers have been able to recover lost cryptocurrency by turning to experts for help. Stefan Thomas, for example, lost 7002 BTC after forgetting his password. It took him over 11 years and the assistance of an expert security researcher to finally regain access to his digital money.

The expert analyzed the software Thomas used to generate his password to crack the “random” generation code and recover the decade old password for Thomas.

Have You Ever Lost Bitcoin or Access to a Digital Wallet?

The main reason why it’s so rare to be able to restore lost cryptocurrency or access to a digital wallet is that there are very few experts in the field of cryptocurrency recovery.

Here at Bitcoin Recovery Co, our team is made up of some of the world’s most renowned ethical hackers from CyberSec and legal experts from Bukh Law Firm. Together, we’ll employ our best ethical and legal recovery methods to ensure you regain access to your lost coins or accounts.

Schedule a consultation with our Bitcoin recovery experts now by filling out our online form. Our skilled professionals will review your situation and get back to you shortly with a proposal on how to navigate your cryptocurrency situation.