Frequently asked question: what to do if you forgot a crypto wallet password?

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19.08.2021
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IQeon – Password to the crypto wallet

We continue to answer frequently asked questions from users. Today we will tell you what to do if the password to the crypto wallet has been lost or forgotten.

All of us at least once had to remember the password for a social media profile, mail or personal account on the website, but failed to log in over again. After several unsuccessful attempts, starting to give up the idea of remembering it...

The programmer Stephan Thomas found himself in the same situation, only in his case the stakes are too high: the right combination will give him access to a wallet with BTC worth about $235 million. Thomas received his 7,002 bitcoins back in 2011, when the value of the coin varied from $ 1 to $ 32. Then he uploaded the wallet keys to the Iron Key hard drive, and a few years later he simply forgot his password. Thomas has already used eight attempts to guess it. If he fails to enter the correct combination twice more, IronKey will block the wallet with a small fortune!

Today we will try to figure out if there is a chance to regain access to the wallet with digital assets if the user has forgotten the password?

Rescue by all means: step by step guide

  1. Try not to panic. Write down a list of possible passwords on paper. Try to enter the wallet under each of them, starting with the most likely ones. But remember that you have a limited number of attempts, so testing a million different combinations will only make the situation worse.
  2. If digital assets are stored in an online wallet, then the service on which they are located will offer you several different recovery methods: using e-mail, SMS, or a secret phrase. Use the full power of your memory and try to remember the data that you provided during registration. If you enter it right, you will receive a message with a new password or a link to generate a new security combination.
  3. It’s worth saying that when you sign up, the wallet itself generates a seed phrase from several words and asks you to keep it in a safe place. Try to remember where you could write this combination. It will help you regain access to your wallet.
  4. If the previous step didn’t work, contact the technical support of the service. For sure, they won’t remind you the password, but in any case, they will offer an option for further actions.
  5. If you are dealing with a desktop wallet, then it should have advised you to save a backup copy on a separate device while registering. Check all the flash drives you have.
  6. Try using special programs, for example, John the Ripper, or use other services to guess passwords. But immediately clarify the terms of cooperation. Usually, if the development team successfully copes with the task, they charge a fee – a certain percentage of the funds available on the wallet.
  7. Ask a professional hacker for help. Keep in mind that it’s important to give preference to verified individuals whose services have already been used by friends or acquaintances, or whose work has reviews on the Internet. There are many scammers in the digital asset industry who can hack into a wallet and take existing assets for themselves.

Loss of access to a crypto wallet is a typical problem for many market participants, especially novice players. Their main enemy is forgetfulness and carelessness. Therefore, the most effective method of protecting a digital wallet is to be serious about storing passwords.

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