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Is The Crypto Password Problem Growing Out Of Control?

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Is The Crypto Password Problem Growing Out Of Control?

May 27
04:27 2021
Is The Crypto Password Problem Growing Out Of Control?
With the crypto boom, buyers should consider the security issues that are still unresolved. Father-son duo and ethical hackers Chris & Charlie Brooks are shedding light on the password challenges that come with being a crypto investor

With the epic rise in cryptocurrencies like Bitcoin, Ethereum, and trending meme currency Dogecoin, more than 100 million people worldwide are using it but the security challenges of crypto still lurk.

Paypal, Xbox, and Pizza Hut are amongst the larger companies accepting crypto as a form of payment, but even small businesses are getting on board. As crypto becomes more widely used, some of its major security issues are still largely unresolved. How do you secure your crypto passwords, what happens when you’re hacked, and what do you do when you forget your password? 

About 78% of people forget their logins on the internet and try to hit the reset button, but cryptocurrencies like bitcoin are decentralized, meaning there’s no “forgot my password” button at our rescue.

If you’re unlucky enough to forget your password like this German millionaire who is locked out of his crypto account valued at over 220 million, then you can turn to ethical hackers in the crypto recovery space.

Father-son duo Chris & Charlie Brooks, Crypto Asset Recovery, are helping people recover cryptocurrencies like Dogecoin, Bitcoin, and Ethereum. Their client requests range from outrageous to laughable. Some clients claim to have billion-dollar wallets while others have had their wallets cracked open to reveal a whopping $2.

“We can only help you if you have an idea of what your password was or if you’re willing to hand over your password manager,” said Chris Brooks. “In this industry, you need to build up solid trust with your clients when they’re handing over that much personal information.”

Tech.co says the average person has over 100 passwords to remember. If each of these passwords met the strong password, that’s 100 passwords, with a string of 12-15 characters including numbers and special characters. Crypto experts recommend securing crypto wallet passwords on hardware or password managers with 2FA. But password managers are not without flaws since most password managers have a master password that, once compromised, can give away access to all other passwords. With hardware, once it’s destroyed you’re out of luck. 

According to the Digital Guardian’s survey Uncovering Password Habits, about 81% of people feel confident that their passwords are secure, but 61% of people admitted to using the same passwords across multiple websites. 18-24-year-olds are the most likely to reuse passwords.

24-Year-Old YouTuber Greg Chase had his crypto key on a Notepad and got hacked. The result – he lost what would have been a small fortune today. Quite an expensive life lesson. 

“Always keep your private key written down in real life, hidden in a vault. That crypto I lost would be worth a small fortune now” said Greg “There are billion-dollar businesses where they create viruses or ransomware, that if you download them, your files will all be unusable.”

He was a victim of the GrandCrab virus. A member of the GrandCrab crew was arrested on March 9, 2021, by South Korean police for distributing over 6500 phishing emails to their victims.

According to the Chainalysis Crypto Crime report, crypto ransomware payments exceeded $81 million in Q1 2021.

Between 2013-2017 crypto wallets like BTC-e.com, Wex.nz, and Mt.Gox.com were slowly fading out because of money laundering allegations, theft, breaches, and hacks causing early crypto investors to rely on law firms to get their fortunes back. To date, some are still trying to get their digital assets back.

“If you’ve lost money due to theft, scams or ransomware, there are very few (and by “very few” I mean zero) options to recover those funds,” said Chris Brooks “However, if you have just lost your wallet password, you’re in better shape. To date we’ve cracking 23% of the wallets that we’ve worked on, and the percentage increases substantially when our clients trust us enough to turn over their password managers” 

There’s no flawless way to secure your cryptocurrency and we have a growing password problem on our hands. These are things to consider before investing your life’s earnings into digital currency.

More information on Crypto Asset Recovery is available here: https://cryptoassetrecovery.com/

For press inquiries, contact: Monique Smith, E. [email protected], T. (813) 212-9590

Please contact Monique Smith for interview requests.

About Crypto Asset Recovery:

Crypto Asset Recovery has been the trusted name in wallet recovery since 2017. Founded by father-son duo Chris & Charlie Brooks, Crypto Asset Recovery aims to help crypto investors who were locked out of their wallets recover lost fortunes. They request a copy of your wallet (or even just your Wallet ID in the case of a Blockchain.info account) and your best guesses as to what your password is, and they use your password guesses to “brute force” your password.

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Company Name: Crypto Asset Recovery
Contact Person: Monique Smith
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Phone: Monique Smith
Country: United States
Website: https://cryptoassetrecovery.com/