Who are cryptohunters?
Crypto for Advanced
To put it in simple terms, individuals or firms that look for lost or stolen cryptocurrencies are known as cryptohunters. They could also assist in the recovery of forgotten passwords and private keys. Currently there is around 20% of Bitcoin in circulation, that is either locked or lost.
Cryptohunters look for and retrieve misplaced, inaccessible, or stolen cryptocurrencies in collaboration with cryptocurrency holders and law enforcement organizations. These people or organizations specialize in retrieving or breaking into digital wallets. They may employ contemporary supercomputers to crack private keys, as well as psychological techniques like as hypnotherapy on wallet owners to aid in the recovery of cryptocurrency. Cryptohunters who advertise their services online usually look for fundamental information, such as the last remembered private key and other details that people might use when establishing their private keys (such as dates of birth, pet names, etc). Cryptohunters then take these fundamental data and run them through their own computer programs, to generate hundreds of thousands of possible combinations. These combinations are then used one by one in an attempt to crack the protected wallet keys.
There are many different types of cryptohunters. Some examples can include companies, that will do the service for you. They are usually using software, which creates thousands of possible passwords, which are then used in an attempt to access the wallet. Some other services can also include data recovery, which would search for password hints in text files.
But not only computer experts are in this business. There are also people, that use hypnotherapy to unlock the subconscious and tries to help the customer to remember the password. Then there are cryptohunters who track down the crypto thefts and scams, etc.
Depending on which cryptohunters one pick to recover their cryptocurrencies there are different fees they charge. Some of them have fixed amount, which is agreed upfront, but some of them want around 20% o recovered crypto. So, on one hand they charge rather high percentage fee, but on the other hand one is not able to access their crypto assets, so it seems like a fair deal. Many of hunters also do not charge fees if they are not able to recover the lost crypto.
If you are concerned if cryptohunters are legal, you don’t need to be. Many of crypto hunting agencies work with customer himself as well as with law enforcement, so there will be no misunderstanding in the future.