A new startup promises to recover lost passwords to crypto wallets

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a new startup promises to recover lost passwords to crypto wallets
a new startup promises to recover lost passwords to crypto wallets

The amounts of money that cryptocurrency enthusiasts have lost due to forgetting their passwords are enormous. Losing the keys to a physical or digital wallet means losing the crypto stored in it forever. Or at least that’s how it was until now.

A new American company created in March of this year, Praefortis, was born with the intention of recovering lost or forgotten cryptocurrency wallet passwords . Its mode of operation is different from other similar initiatives. Praefortis operates alongside law firms, so they hire Praefortis on behalf of their clients. It is the law firm that oversees the payment to the recovery company, as well as the company’s ethical compliance.

Praefortis offers lower rates than other companies with the same mission. They charge a commission of 15% of the total dollar value of the assets stored in the wallet. This commission will never exceed $15,000.

The technology company claims to use methods such as digital forensic techniques, psychological profiling and software engineering to access lost crypto wallets . All this, placing emphasis on transparency, regulation and security. “Our unique approach combines the meticulous analysis of digital forensics, the deep understanding of human psychology, and the precision of cutting-edge software and hardware engineering to navigate the complexities of wallet recovery,” can be read on their website .

Using this type of company can entail risks given the large amount of data that clients must provide so that it can carry out the investigation. In this context, Praefortis seeks to gain the trust of users with its emphasis on transparency and legal discipline. Furthermore, if access to the wallet is not recovered, no payment will be made.

Managed by security experts

Leading the project are Jim Carden (CEO) and Wesley Brandi (CTO). Speaking to the specialized portal SecurityWeek, Carden explained: “I am not a cybersecurity person. I have never been CTO of anything. My initial training was as a police officer, and then I went into the FBI in different task forces and got more advanced training through them. I became a cyber counterintelligence agent with the OSI here in the US, and received training with the NSA and OSI, all under the premise of cyber investigations.”

He has also worked as a computer forensics and digital evidence instructor at the High Tech Crime Institute Inc. (HTCI), in Florida. There he was a teacher for, among others, the NATO Special Operations Forces (SOF) Education and Training Program (NSTEP).

According to Brandi, Praefortis investigates with the same intensity both the devices of the affected client and the psyche of the person themselves. From the data collected, they claim to be able to guess the lost password. Thus, they ask clients to grant them access to hard drives, smartphones or USB drives.

On the other hand, Wesley Brandi does have a background in technology. He also has a PhD and has been a researcher. He has worked at Microsoft on projects related to Internet Explorer 10 and Windows 10, showing a valuable resume in programming.

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Abraham
Expert tech and gaming writer, blending computer science expertise