Why you need recovery
As the value of Bitcoin skyrockets, you can be one of the users having a wallet with some Bitcoins. It was previously only worth some change, but with the increase in value, those Bitcoins can be worth millions.
The security measures Bitcoin takes to make sure that all wallets are save are enormous. Brute-forcing the password of a wallet is not easy and cannot be done with a normal computer. So if your password is too long, we cannot recover it. BUT if you remember parts of the password, we can do it.
No trust needed
As our clients have wallets containing 100 Bitcoins and more, our clients want to have the trust that we will not run away with the Bitcoins. Thus we created mechanism of extracting the information we need from the wallet to verify the password, but without actually sending the full wallet. So we have no access to the wallet and cannot move the funds.
- First we check with the client to send the wallet to us without actually sending the full wallet
- Next the client gives us hints about what could be the password
- Our software will brute-force the wallet with the hints provided
- When found, we provide proof that we actually found the passphrase and arrange the fee collection with the client. Either by getting an input of the wallet or funds from another wallet
- We give the passphrase to the client.
- We never have the full wallet (so have no access to the funds)
- 15% fee (only after successful recovery)
- minimum 0.25BTC in the wallet