THECRYPTO.WATCH – Lost crypto assets? just imagining it is already terrible. Moreover, these crypto assets are completely gone. There are many causes for these assets to be lost, such as forgetting passwords, passing away, and others. If the asset is lost, it cannot be saved or evaporates like smoke without a trace.
That statement is not impossible, because in reality, around USD 100 billion of crypto assets just disappeared. This was conveyed by one of the CEOs of the KeychainX company. A company that specializes in recovering crypto assets that suddenly disappeared. But, why can people lose crypto assets, what are the causes? Here’s the explanation.
Causes of Lost Crypto Assets
The main cause of lost crypto assets is that the owner forgets the password or loses the key. So they can no longer open it. There are 3 categories of people who can lose crypto assets. All three have different handling.
- Novice investors who own and buy crypto assets that have been around for years, then only find out that the value of the asset is already very large, while they don’t remember the key anymore.
- Newbie who just bought a crypto asset, but forgot to back it up. So, they just have an encrypted wallet with no contents.
- The owner of the crypto asset died, while other family members did not know that he owned it. Or his family knows but doesn’t know how to recover it.
Every day more and more crypto assets are disappearing and cannot be recovered. But there are also those that can be recovered and the numbers also vary. Then how to recover crypto assets. The existence of blockchain does not allow hackers to be able to get passwords, even very impossible.
There are many ways to recover lost crypto assets. First, the company has to make sure that the client actually owns the crypto. The second is to sign a letter of agreement related to asset recovery.
Then the company will conduct interviews and look for various clues or guesses for the password. The final step is to order several servers, whose number depends on the value and type of wallet.
Those are the causes and steps that can be taken when crypto assets are lost. Judging from the recovery steps, of course, it is very complicated and usually takes a long time. Therefore, create a backup plan so that you can deal with when crypto assets don’t get lost.