Crypto Recovery Services: Do They Actually Work?
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If you lose your debit card, you can cancel the old card and get a new one from the bank. Crypto doesn’t come with such safeguards. If you lose your crypto wallet’s private keys or fall victim to a scam, you might be out of luck. Or are you? Crypto recovery services may offer a solution in some circumstances. However, in other situations, you’re probably still out of luck.
In this guide, we’ll discuss the nuances of crypto asset recovery, including what works and what doesn’t, as well as how to spot crypto-recovery services that may be scams. We’ll also discuss how to hire a genuine crypto-recovery service if you need one. Let’s get started.
What Are Crypto Recovery Services?
So, what is crypto recovery, and how does it work? Crypto recovery services are companies that may be able to assist you if you’ve lost access to your crypto. Most crypto recovery companies focus on wallet recovery, although some specialize in blockchain analysis, which can be invaluable if you need to track the movement of crypto.
Companies specializing in lost passwords or wallet recovery use software tools that can offer better odds of success. And many don’t charge a fee unless they can recover your crypto wallet. We’ll cover several of these crypto-recovery services in a later section.
However, the industry also attracts scammers who may offer to assist with recovery, only to disappear with your prepayment. Research the service provider thoroughly before hiring anyone to assist with crypto recovery.
Are Crypto Recovery Services Legit?
While there are some legitimate crypto recovery companies, the industry suffers from a less-than-stellar reputation as a whole. People who have been scammed in crypto or who lost access to their crypto can be vulnerable to proposals that sound good but are really a ruse to steal more money or gain access to credentials and personal information. In a later section, we’ll discuss ways to spot a crypto recovery scam and review best practices.
Legit services typically don’t charge an upfront fee; instead, they collect a percentage of the wallet’s holdings if successful. Most also offer a free consultation. This allows the service provider to find out the estimated value of the wallet’s holdings as well as the difficulty of the project. Don’t be surprised if some or all of the legit service providers turn you away, however. If the odds are insurmountable or if the value of the wallet is low, you might not find any takers.
For example, if the lost crypto is worth $200 and the “finder’s fee” will only be $36 (18%), then it probably isn’t worth any legitimate service provider’s time. You’ll find more interest from providers when the wallet in question holds a large balance.
Causes of Crypto Loss: Are They Recoverable?
Several types of events can lead to lost crypto, ranging from forgotten passwords to hardware failures or even scams. However, a few share a common thread in that they can be remedied with secure backups of your private keys or recovery phrase, also called a seed phrase.
For example, if your crypto hardware wallet is lost or damaged, you can restore the wallet on another compatible device or even a software wallet in many cases. The same is true of deleted or corrupted wallets. However, you’ll need the private key or seed phrase to restore the wallet.
Let’s examine some of the most common types of losses and the odds of recovery for each.
| Type of Loss | Odds of Recovery | Recovery Method |
| Lost Private Keys | 1/10 | Typically None (Some hardware wallets can be “hacked” to gain access) |
| Forgotten Password | 7/10 | Password Recovery Tools, Brute-Force Software |
| Deleted or Corrupted Wallets | 6/10 | Data Recovery Software, Backup Restoration |
| Hardware Failures | 6/10 | Data Recovery Software, Backup Restoration |
| Sent to Wrong Address | 2/10 | Ask Recipient |
| Scams and Hacks | 2/10 | Law Enforcement, Blockchain Analysis |
1. Forgotten Passwords
A forgotten password can prevent you from accessing the devices that hold your crypto wallet or even the crypto wallet itself. Some companies may be able to assist with lost passwords.
Before you contact a crypto recovery service, there may be some easier options. If you have a backup of your seed phrase or private key (shown below), you can use either of these to restore your wallet on another device or a compatible app.
Alternatively, if you’ve lost access to a crypto exchange account, you can contact the exchange to review the password recovery process.
However, let’s say you don’t have a backup of your private key or seed phrase, and you used a certain type of password generator to make a strong password for your wallet or device. Some crypto recovery services have had success in exploiting flaws in the random password generation algorithm for specific password apps. Recently, $3 million in Bitcoin was recovered from an encrypted wallet by reverse engineering the password generation algorithm used by the RoboForm password generator.
2. Lost Seed Phrases
A wallet seed phrase is a human-readable version of the wallet’s private key, typically made up of 12 or 24 words from a predefined list. The private key allows you to prove you own the wallet’s assets because you have the key. Anyone with a private key can access the crypto assets in the wallet, but if you lose it, you lose access to the crypto secured by the wallet.
The seed phrase can be used to generate the private key in a new wallet.
Seed phrase example: hair outer squeeze smile sport produce window print must hammer goose license armor option syrup hospital bread evil fuel skin uncle monkey clock audit
Private key example: xprv9xsEYn9yeFX44mhChB7XjSM9MbN5dDh6ERsaBLKqzCc2cnXbzfAwPwagHjr4jxNCKjEZHwYm3m5mNehCAxw3K4MTYuNsSW1p2wPyU9zis7Z
Several companies may be able to assist with lost seed phrases, although the odds of success may be slim. If you have no backup at all, chances are good that you won’t find any success. However, if you have most of the recovery phrase, it may be possible to brute force the remaining words using a predefined list.
For example, if you saved your seed phrase with a paper backup, but the paper backup suffered water damage. Maybe you can read part of the seed phrase but not the rest. The odds of recovery also increase if you have partial words because crypto wallet seed phrases use a predefined list.
Of note, if you still have access to the private key (but not the seed phrase), you can create a new wallet and back up the new seed phrase in a secure place. Then, you can send the crypto from the old wallet to the new wallet.
3. Deleted or Corrupted Wallets
In almost all cases, you can restore a deleted or corrupted wallet to another new wallet using your seed phrase backup. However, if you don’t have the seed phrase, data recovery tools used by crypto recovery services may be able to help.
4. Hardware Failures
Whether it’s a hard drive failure or a phone that fell into a creek while kayaking, hardware damage can prevent access to your crypto funds. The first line of defense is a good backup of your seed phase or private key. If you don’t have the seed phrase or private key, a specialist may be able to recover lost data due to a hardware failure using data recovery tools.
5. Transactions to the Wrong Address
Like the saying about diamonds, a blockchain transaction is forever. Sending crypto to an incorrect address could also mean the funds are lost forever. Many crypto wallets encourage users to double-check the receiving address. However, wallet apps can’t confirm whether a typed or a copied and pasted address is correct, nor can they determine whether the wallet address is active. The address might not belong to anyone.
Sadly, not much can be done in these situations. If you can identify the wallet owner, you can ask them to return the funds. For example, maybe you sent the crypto to Alice instead of Bob when splitting the bill at lunch with friends. Ask Alice to send the funds back.
Blockchain sleuths may be able to identify the owner of the receiving wallet if they leave enough clues. However, the odds of recovery are infinitesimally small unless you inadvertently sent crypto to someone you know.
6. Scams and Hacks
Because crypto uses pseudonymous wallet addresses that hide a user’s real identity, crypto scams are common. At a consumer level, not much can be done to recover funds sent to scammers or stolen through hacks. One report estimates that $1.38 billion in crypto was stolen in the first six months of 2024, with the largest attack vector being compromised seed phrases or private keys. However, smaller amounts lost by individual users aren’t likely to be included in many statistics as they go unreported.
Contact law enforcement if you’ve suffered a loss. If the loss due to scams or hacks is large enough, you can also consider contacting a firm that specializes in asset tracing.
Top 7 Legitimate Crypto Recovery Companies
The internet is littered with crypto recovery scams and investment recovery scams, so tread carefully. Scammers won’t think twice about adding insult to injury by taking money from people who have already suffered a loss. The US Commodity and Futures Commission (CFTC) points out the prevalence of similar scams used in the investment community, detailing several ways to stay safe. Most of these scams require a pre-payment, which is often the first warning sign.
Legitimate crypto recovery companies typically don’t require a pre-payment. Instead, many of these providers assess the recovery odds and the balance at stake, taking a percentage of the recovered funds if they are successful. However, asset-tracing specialists typically charge a fee for their service regardless of the outcome.
Also, be aware of imposters. Legitimate crypto recovery companies attract armies of scammers who impersonate them with fake websites, emails, and social media posts. Let’s review some of the top crypto recovery services and their specialties.
CNC Intelligence
Blockchain tracers CNC Intelligence specializes in tracing transactions on several popular blockchains, including Bitcoin and Ethereum. Starting prices make this provider better suited for larger losses, investigative work, or law enforcement. Blockchain tracing services start at $1,200, with prices varying depending on the blockchain or additional tracing services needed.
Visit CNC IntelligenceCrypto Asset Recovery
If you’ve lost the password to your crypto wallet, Crypto Asset Recovery may be able to help. This US-based service provider can also help with hardware damage or partial seed phrases in many cases. In addition, Crypto Asset Recovery also offers blockchain tracing. However, the company explicitly states that crypto funds lost to scams or theft are likely unrecoverable. You can, however, use any information you learn to assist law enforcement or for your own records.
Visit Crypto Asset RecoveryKeychainX
As with any legitimate crypto recovery service, KeychainX manages expectations by explaining that the chances of success often depend on how much information you can provide. For example, a partial key may be solvable. However, a missing private key without a backup seed phrase may be impossible to find.
The firm can assist with passwords from several online wallets, including Blockchain.com. KeychainX also offers hardware services if you’ve lost access to your hard drive or phone.
Visit KeychainXPraefortis
With a focus on law enforcement, governments, and law firms, Praefortis has become one of the leading names in crypto recovery. This US-based provider prefers contact through attorneys and uses a success-based fee structure. If they can’t help, there is no charge.
Praefortis specializes in cracking specific types of hardware wallets, seed phrase and password recovery, and digital forensics.
Visit PraefortisReWallet
Like several other legitimate crypto recovery companies, ReWallet works on a pay-for-success basis. This team of Berlin-based specialists uses an online questionnaire to assess the viability and can usually restore recoverable wallets in just days.
ReWallet’s origin story began with efforts to restore their own Bitcoin and Ethereum wallets in 2020. The trial-and-error process led to success while they honed the skills and toolkit needed to repeat the process in many cases. If ReWallet succeeds in restoring the crypto wallet, their fee is 20%, which is within a commonly seen range.
Visit ReWalletBrute Brothers
Brute Brothers offers wallet recovery with lower fees compared to many competing services. If the team can revolver your funds, they earn 15%. You pay nothing if the team can’t help you gain access to the wallet. To get started, you’ll need to provide a best guess for the password or a partial recovery phrase.
This Israeli team has roots in the crypto community dating back to 2013 and enjoys a trusted reputation in the crypto space.
Visit Brute BrothersProfessional Crypto Recovery
If you’ve lost access to a larger amount of Bitcoin, Professional Crypto Recovery may be an option. Their fees work on a sliding scale, with fees as low as 8% for wallets over 100 BTC and 13% for wallets holding between 10 and 100 BTC. Smaller wallet values pay 18%.
Professional Crypto Recovery invites free phone consultations and can often help with lost passwords, lost seed phrases (partial), old wallet versions, or deleted data files and deleted wallets.
Visit Professional Crypto RecoveryIs it Worth Using a Crypto Recovery Service?
Whether it’s worth it to use a crypto recovery service often depends on the amount of crypto involved as well as how the crypto was lost. For small amounts of crypto, it’s unlikely that a legitimate company that takes a percentage of the wallet as a finder’s fee will take on the job. Smaller amounts lost to scams don’t merit the cost of blockchain analysis and transaction tracking.
However, if the amount in question is worth six or seven figures, for example, you’re likely to find several legitimate providers willing to help with the recovery. When larger amounts are at stake, using a crypto recovery firm to recover a lost password or rescue a wallet from a damaged hard drive becomes a win-win situation for both parties.
In most cases, success-based fees range from 8% (large wallets) to 20% of the recovered funds.
How to Spot a Crypto Recovery Scam
While reputable crypto recovery companies exist, they are far outnumbered by scams and imposters. In most cases, a reputable company offers a free consultation and charges if they are successful in recovering your lost crypto. Although there are exceptions, such as transaction tracking services, one warning sign should be when a company requires money upfront. Let’s look at some common red flags for crypto recovery scams.
- Offers that arrive by email: Be wary of any crypto offers that arrive by email, in particular those offering crypto recovery services. It’s unlikely that a reputable provider will email you without you contacting them first.
- Offers found on social media: Social media platforms like X, Telegram, and Discord are rife with crypto scammers. While legitimate service providers also have a presence, they are outnumbered. Be suspicious of replies or direct messages.
- Copycat websites: Well-known crypto recovery services attract imposters. Check the URL carefully before entering any information on the website.
- Payment up front: An up-front payment should set off alarm bells. Chances are good that you’ll never hear from the recipient again.
- Requests for unrelated information: Some services use Know Your Customer (KYC) identity verification, but be wary of which information is collected and whether it’s relevant to identity verification or information needed to recover a lost password or a few missing words from a seed phrase.
- Offers to “hack” another wallet: End any conversation if someone offers to hack someone else’s wallet to recover your stolen or scammed funds. You may end up on the wrong side of the law.
If you encounter a suspected scam, report it. In the US, for instance, you can report scams to the FTC.
Conclusion
Crypto recovery services can save the day if you’ve lost your wallet password, suffered a hardware failure, or part of your recovery phrase has gone missing. However, they can’t help in every circumstance and are best suited for higher-value wallets. You also need to be wary of scams. Legitimate recovery services attract waves of imposters, and social media scammers often prey on those who have already suffered financial losses. Research the provider carefully and be wary of wallet-recovery services that require payment upfront.
FAQs
Are there any legitimate crypto recovery companies?
Yes. Several legitimate crypto recovery companies exist. Look for companies with solid reputations and authentic reviews. Also, be wary of providers that require an upfront payment for wallet recovery. Most reputable providers use a pay-for-success fee model.
Is it possible for lost crypto to be retrieved?
In some cases, lost crypto can be recovered. However, crypto recovery companies usually cannot find an entire seed phrase. Missing passwords or partial seed phrases may be possible to find. Once you have access to the wallet again, you can access the crypto inside the wallet.
Can you recover a lost crypto wallet?
In some cases, specialists can recover a lost crypto wallet. However, you’ll need at least some information in many situations. For example, a best guess at a password or a partial seed phrase may provide enough information for a crypto recovery company to gain access to the wallet.
What is the most effective crypto recovery method?
Crypto recovery specialists use various methods to recover lost crypto. For example, for hardware failures, they may use data recovery tools. In the case of a partial seed phrase, they can use defined keyword lists and automation tools to recover the complete seed phrase.
How much do crypto recovery services cost?
Most legitimate crypto wallet recovery services charge based on a percentage of the wallet’s holdings. This percentage can range from 8% for larger wallets to 20% for smaller wallets, although some providers charge the same percentage regardless of the wallet value.
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