This week, we meet Chris and Charlie Brooks of CryptoAssetRecovery.com who discuss how their business helps people get back into locked crypto wallets and recover lost crypto, and give advice to investors in order to secure your crypto and avoid scams.
Cryptocurrencies have attracted a significant amount of attention in the past few months, with the sector’s continually-evolving landscape providing extremely profitable investment opportunities to retail and institutional investors. As such, this podcast is essential for both those interested in investing in the crypto market and those who are already invested in digital currencies but seek further information on how to better protect their investments.
On the Podcast
Crypto Asset Recovery specialises in regaining investors’ access to lost or forgotten digital currency wallets. Since its formation in 2017, the company has helped thousands of cryptocurrency owners retain custody of their assets by running password variations, based on a set of possible password elements, until the correct password that decrypts the wallet backup is found. This works because, although Bitcoin and alt-coin passwords are secure enough to foil a brute force password attack when the attacker has no prior knowledge of the password, the probability of recovering the password increases dramatically if the crypto asset owner knows just part of their password.
The issue of hacks, scams and theft in the cryptocurrency space has become an increasingly problematic issue over the years. Crypto scams most often aim to gain private information such as security codes or trick an unsuspecting person into sending cryptocurrency to a compromised digital wallet. From October 2020 through March 2021, reports of crypto-related scams rose to nearly 7,000 people reporting losses of more than $80 million. These figures reflect a 12-fold increase in the number of reports compared to the same period a year ago and a nearly 1,000% rise in reported losses.
Chris and Charlie Brooks also discuss how new regulation being imposed on cryptocurrency investing will affect ease of use for investors. It is clear that regulation is sorely needed within the crypto market, not only to increase adoption through the lowering of entry barriers for institutional and retail investors wishing to invest in crypto, but also to ensure greater protection of assets. The potential implications of cryptocurrencies for global financial stability, together with the distinctive nature of the underlying technology evidence the importance of prioritising regulatory improvements, both at a national and a global level.
For investors wishing to increase their crypto security and accessibility, Chris and Charlie Brooks reveal a list of best practices that can reduce the risk of losing access to digital funds. These include making sure that family members are aware of your crypto wallet and its password, conducting checks on any exchanges in which funds are located and storing your information in a secure location such as a physical safe. If investors do find that they have lost access to their crypto wallets however, Crypto Asset Recovery is there to help.
