As more people often lose their crypto, demand for cryptohunters also increases. Here's what you need to know about cryptohunters.
Have you ever heard stories of investors who lost millions of dollars worth of cryptocurrencies? Sadly, this nightmare doesn't happen only once or twice but numerous times. In fact, according to the Wall Street Journal, about one-fifth of all Bitcoin has been lost, most of it permanently.
Even though crypto with its blockchain system is vigorously promoting how safe their transactions are, no one can confirm they are 100% secure. In fact, on the condition that your crypto assets are lost, hacked, or stolen, there's usually no way to recover them. This happens because crypto assets are not protected or insured by the government or any authority agency. This is also the reason why exchanges today apply KML and ACY procedures into their platforms.
Assuming you perform transactions through centralized bank and experience problems, chances are that the bank will take responsibility where compensation schemes can be ensured. In the event of a transfer error or you forget your account password, the bank may easily help track it down. On the other hand, no one is able to protect and assure your crypto transactions.
The main question here is, if you lose a crypto coin, is it really impossible to get it back? The answer can be yes or no. For you as a crypto holder, the process of obtaining crypto back might be very difficult. If you're in this position, there's you may try hiring a crypto hunter.
What are Cryptohunters?
As the name suggests, cryptohunters are individuals or companies who retrieve lost or stolen crypto. They can also lend a hand to recover forgotten passwords or lost private keys. Crypto hunters usually have a computer programming background or experience in the related field. Even so, given that in the crypto space everyone prefers to be anonymous, not many details are known about the industry.
Maybe you are still unfamiliar with this phenomenon and feel hesitant to use cryptohunter's service. Don't worry, they are experts in recovering and breaking into digital wallets. Usually, cryptohunters use modern supercomputers to crack private keys, even delving into hypnotherapy to assist wallet holders to remember passwords from their accounts.
Some reliable cryptohunters tend to charge a flat fee, have a solid success rate, and only take a few days to retrieve your coins back. To help you find a cryptohunter, there are some options you can consider, such as:
- Wallet Recovery Services
- Crypto Asset Recovery
- Brute Brothers
Cryptohunters use a variety of programs and tools to complete tasks, from specialized software to supercomputers that generate thousands of password combinations. There are also those who utilize techniques commonly used by hackers to assist clients in reclaiming their cryptocurrencies back.
A method that cryptohunters often use is a brute force attack, in which millions of passwords are tested sequentially to crack a wallet. Prior to that, they would ask for basic details like the last remembered private key or other details that might have been used in generating the private key (such as date of birth, pet name, and so on).
Any small information that is remembered will certainly shorten the time it takes to break into the wallet. However, if no detail is available, the cryptohunter then runs these basic data points through a computer program and tries to come up with hundreds and thousands of possible combinations that will be tried one by one in an attempt to crack the wallet.
Although most clients call cryptohunters to recover lost Bitcoin or Ethereum, their services cover other altcoins as well, including Dogecoin, Litecoin, even the Tether. Some have even managed to help clients retrieve stolen NFTs.
See Also: Is Non-Fungible Token (NFT) Worth It?
Types of Cryptohunters
Every year, thousands of dollars worth of cryptocurrencies are stolen and lost. Of the nearly 19 million Bitcoins in circulation, about 20 percent were lost beyond repair due to hackers on top of investors forgetting their wallet seed phrases, thereby locking themselves from accessing their wealth forever.
Luckily, cryptohunters can arrange your solution as they work with legal entities to identify where the stolen coins are located. This way, they can quickly cancel the transaction or block the wallet completely.
Cryptohunters track stolen cryptocurrency when the thief uses the coins to trade. Unfortunately, criminals are getting more sophisticated by trying to convert stolen coins into other cryptocurrencies or even cash them into fiat currency before making transactions.
If the crypto hunt doesn't work, some people end up turning to cryptohypnosis. A cryptohypnotist with a background in hypnotherapy is able to use various hypnotic methods to help clients remember their wallet passwords. Cryptohypnotist offers a mind management service to recollect passwords by opening an individual's subconscious mind. Basically, they're trying to help clients recall what combinations they might use as their private keys.
How Much Cryptohunters Cost?
Cryptohunters accept payments in crypto as well as fiat currency. Cryptohunter rental fees are highly dependent on the amount of cryptocurrency that is lost. For example, Wallet Recovery Service usually takes 20 percent of the total amount taken. Prices vary depending on the degree of success, as hiring a cryptohunting service could take months until they are able to get your coins back.
Several other factors are also taken into consideration, such as the difficulty level, the success rate, the duration of the hunt (some data can be recovered in ten minutes, but some can take more than a year, even not producing results at all), the type of equipment used, and more.
However, there are also computer-based and cryptohypnotic recovery service providers who charge a flat fee upfront, plus a percentage of the amount recovered. Usually, cryptohypnotists charge a fixed price per session, depending on how long and how many sessions it takes the client to recall the missing pieces of information.
Some cryptohypnotists require clients to transfer fees prior to the hypnosis session, others set rates based on a portion of the total amount of cryptocurrency lost. Generally, clients who ask for this kind of service are those who have large enough crypto savings in their wallets, so a small portion used to pay for their services can be worth thousands of dollars.
Contrary to popular beliefs on hacking incidents, the most common problem that causes cryptocurrency loss is individual owners forgetting access to their cryptocurrency wallets.
Even though digital assets in the wallet are tightly stored using a unique private key (long string of alphanumeric characters similar to a bank PIN or password), the majority of crypto holders tend to forget or misplace this private key, leaving their digital wallets inaccessible. It's an undeniable fact that the owners of Bitcoin, Ethereum, and all cryptocurrencies would likely be careless to the point of losing access to their wealth.
Since cryptocurrencies and wallets work in a decentralized ecosystem, you won't find any authority or service provider that will reset or renew keys to crypto holders. Inevitably, you have to be responsible for keeping the private key safe and note it down so you don't forget anymore.
For some reason, this carelessness led to the establishment of a cryptohunting industry dedicated to guiding people recovering lost crypto. It is estimated that there are billions of cryptocurrencies floating around the virtual space, waiting to be discovered. For cryptohunters, the opportunity to retrieve lost digital money is an interesting challenge since it is very similar to treasure hunting.
Additionally, the increasing number of cases of losing digital coins caused by fraud, hacking, and theft, make cryptohunters are more and more in demand.
Nevertheless, the complexity and challenging nature of crypto hunting also mean you have to pay them a lot of money, so it is definitely not an affordable option for those of you with a limited budget. So before calling for help, make sure to store your coins in a trustworthy wallet.