This story is one that’s recognizably common for quite a few of us. You prepare your cryptocurrency wallet, and suddenly, it’s missing. Allow me to mention, my own experience today wasn’t any more positive!
As I was checking my balance from time to time with Wallet, one day I noticed that there were no more funds in my account. That can’t be right – what happened to all of my money?!
And if you are new if you see on eBay an image of crypto coins, and you are tempted to buy that coin this is not crypto it is just an image of a coin that is not worth anything.
Today we are touching also on how you can keep your cryptocurrency wallet more secure, what to do with wallets or wallet keys is also covered here. You may have heard stories about users misplaced their wallets, the key questions will be if they done all to keep their cryptocurrency wallet keys safe to recover dollars worth of crypto. The alternative is a lost due to human error.
Tens of Billions of Dollars Worth of Crypto Have Been Lost
Since the birth of blockchain technology, tens of billions of dollars worth of crypto have been lost. Many cryptocurrencies have been misplaced due to human error, with users losing their wallets or wallet keys. This is actually part of the Deflationary of a coin or token. Deflationary tokens are tokens fashioned to reduce in supply over time, losing access to your wallet it by the larger community welcome as it pays into Deflationary tokens.
Dozens of Salvadorans Say that Money Has Disappeared from Their Wallets – Salvadorans Report Funds Disappearing From Chivo Wallets
Some report being approached by scammers when they tried to get help. The Chivo Wallet was located in Salvador. In the last few days, hundreds reported that they had lost their Chivo Wallet. Hundreds of Salvadoran residents have claimed they have been unlawfully using bitcoin as an incentive for the government’s $30 bitcoin bill in October.
Crypto Disappeared from Wallet
I was checking my crypto wallet and it said that I had zero balance. It didn’t make sense to me because I know for a fact that I have some money in there. When I went back to check, the funds were gone! What happened?
Apparently, there was a problem with the Wallet app and it caused all of my money to disappear. I have never had this happen before and it really made me upset.
Thankfully, I reached out to customer service and they were able to help me get my money back. However, if this happens to you, don’t panic! There are ways to get your money back.
If you have a problem with your crypto wallet, don’t hesitate to reach out to customer service for help. They will be able to guide you through the process and make sure that you get your money back.
Also, remember to always back up your data! That way, if something like this happens again, you will be able to restore your funds.
Important when you create a new Wallet you are asked in almost all cases to create a see phrase, you need to put this Wallet seed phrase into a safe place, also I recommend not to store this ever on your computer or in the cloud.
If anyone gets access to your Wallet seed phrase this individual can restore your wallet and steal all crypto in the wallet.
In conclusion, my day didn’t go so well because my crypto wallet lost my money. However, I was able to get it back with the help of customer service. Always backup your data and reach out for help if you have a problem with your crypto wallet! Also, I learned the importance of diversifying my investment portfolio beyond just cryptocurrency. I have started looking into the web3 ETF application process to spread my investments across different digital assets. It’s important to stay informed and be proactive in managing your finances in the ever-changing world of digital currency.
Crypto Missing from Crypto Wallet
Issues I did run into with Binance Smart Chain (BSC) network, let me share my scary experience from July 2021.
Here Is What Happened to Me: I Did Send from Binance Shib to Exodus.
Back in July 2021, I sent my Shiba Inu (from Binance) tokens to a Wallet address by mistake. After the transaction went through all of my Shiba Inu tokens are gone. I was not sure if there is any way to recover them at this point, but it’s interesting that the transaction was sent successfully even though Wallet doesn’t support BEP20 transactions yet!
Binance Smart Chain Network Explained
I have never had a problem with my crypto wallet until just July 2021. Now, I’m not sure if it is Wallet’s fault or Binance’s network’s fault, but my funds are gone!
I was checking the value of my tokens on the exchange when all of a sudden they disappeared from my account. What happened? How did this happen? Well, apparently there was an issue with the Binance Smart Chain network transfer and all of my tokens were lost (at least I thought that).
The result was that with the help of the Metamask support team I was able to recover my Shiba Inu and send them back to finance. I went through a range of emotions when I lost everything for a few hours.
If you are interested this article did address my issue with the lost Shib: https://support.exodus.com/article/1495-binance-network-troubleshooting
How Is It Possible to Send Crypto to The Wrong Address?
BEP2 is the Binance Chain network’s token standard, while BEP20 is the Smart Chain network’s token standard. On the Binance Chain network, both standards are known as BEPS.
How do I avoid losing my crypto wallet and keys?
Preventing your digital keys is the best method of protecting your wallets and minimizing your risk. Tell me the best way to save a crypto-key? Tell me the best way to do it?
Is It Safe to Keep Crypto on Wallet?
What do you do when your cryptocurrency funds go missing from your wallet? This was the question that a friend asked me when his money disappeared overnight. All of a sudden, all of my Ethereum and other tokens were gone and there was no trace of where they went.
At first, I thought that maybe my computer had been hacked and someone had stolen my coins. But after doing some research, I realized that this was not the case. Apparently, there was a problem with the Wallet app and it caused all of my money to disappear.
He has never had this happen before and it really made him upset. I didn’t know what to do or where to go for help. All of his money was just gone and it felt for him like the world was ending.
However, after reaching out to customer service, he realized that there was still a chance that he could get his money back. They were able to help him through the process and guide me through how to get my money back.
This is a story that ends with a positive outcome, however, if you are not careful with your Wallet Seed Phrase or access passwords you may lose all when you get attacked by a hacker.
Can Lost Crypto Wallets and Keys be Recovered?
Unfortunately, there aren’t a lot of options available when it comes to retrieving missing crypto wallets and keys.
Has A Wallet Ever Been Hacked?
Yes, wallets can be hacked with the use of simple security hacking techniques. It has also been reported that the security of Wallet is not so good and can be hacked.
You might want to consider another wallet if your crypto funds are very valuable because this one does have some hacking issues, which you can read about here.
Using a Custodial Wallet
In some cases, a custodial wallet may be recommended if the user believes he has no risk of losing the key. When the use of securing the funds in a custodial account the private key is managed by third parties.
Typically, custody and cash accounts are on the Internet and therefore are much safer than non-custodial accounts. Typically, this is controlled by crypto markets.
The best option is to use a regulated exchange. Normally regulated exchange companies such as Coinbase prefer to protect a large proportion of stored assets from loss from any hack.
Have a Secure Backup
When using crypto wallets without security, they may not need to store the mnemonic recovery phrases at the moment. The seeds should be recorded and stored in an open place.
Other users have the option to record key images on their computer or mobile device. These are more useful, though they’re riskier considering a computer system is vulnerable to hacking, allowing hackers access to seeds.
For such safeguarding measures, you should opt for devices with a connection with no internet access.
Use Hardware Wallets
Crypto hardware wallets are great when you want complete privacy on all your crypto assets. A pin is required to open the wallet when connected to computers. Because of its cryptography, it is highly protected against hackers and viruses.
They use a microcomputer to enhance security. Unlike the previous feature, a key cannot be transferred without permission.
The keys are isolated to the web, so they can’t be compromised easily. But not all crypto hardware wallets are cheaper than desktop crypto wallets.
The best way to keep your crypto safe is by having a secure backup of your wallet. This means that you should have multiple copies of your recovery phrase and store them in different places.
You can also use a hardware wallet to keep your funds safe. These are very secure and difficult to hack. However, they can be expensive compared to other alternatives.
How Do I Get My Money Back from A Wallet?
This is a tricky question, pls try also to reach out to the support of your exchange and wallet. They may have an answer for you.
Keep Your Software Wallet Version Current
Over time, the developer of a software-based wallet will release improvements. Make sure you use the instructions provided by the wallet’s creator to upgrade the program.
A potential security issue is when you get an email or see a not on the Internet with a new version, when you download this version as recommended it could be a version that was not released by the developer and is a version to attack your computer and steal vital information from it.
I personally consider desktop based crypto wallets as less secure compared to my selected hardware wallet.
A hacker has many attack angles resulting in unlock connected crypto accounts or getting data by extracting data from hard drives. Recover lost crypto coins may be possible, impossible when they are moved out of your own wallet.
Is It Possible to Recover Lost Cryptocurrency?
Yes, you can recover lost crypto by using the wallet’s seed. Make sure to make multiple copies of your back up phrase and store it in different places if possible.
It is also recommended that you use a hardware wallet for extra security or even better encrypt your software wallets with an additional password!
Keep in mind: Unfortunately, there are very few options for recovering lost crypto wallets and keys. You can improve the safety net when losing you are crypto wallet and still recover lost cryptocurrencies.
If your crypto was moved out of your wallet into a different one you do now own the crypto is lost.
Trouble With Wallet Seed Phrase
Do not share your wallet seed phrase with anyone. If you are asked to provide it, consider this a red flag and do not follow the instructions of sending funds or sharing any sensitive information that is normally only known by yourself. The company will never ask for your private key!
As you can see you have to do a lot of research to help you to avoid losing your crypto, as you did see with my personal experience sending Shib to a software wallet which due to my human error after crypto was sent resulted in a full temporary loss of all Shib.
What About NFT?
NFTs are unique in that they are not always fungible. This means that one NFT may be worth more or less than another, depending on the circumstances.
For example, if you have two identical pieces of art, they would both be considered fungible. However, if you have two different pieces of art, they would be considered non-fungible.
The same issues of losing access to your NFT are valid, please take extra security measurements when it comes to NFTs.
Conclusion
The best way to protect your crypto assets is by ensuring that you have a back up of the keys and phrases for all of them.
It’s also wise to keep an offline copy or two, as well as store one in a safe location outside the house. In order to avoid losing any more money from wallets, make sure you follow our tips on how not to lose cryptocurrency!
If you’re serious about crypto, consider investing in a hardware wallet. These are the most secure way to keep your money safe and away from hackers looking for their next target.
However, they can be expensive so it’s important that you weigh your options before making this purchase. If you aren’t sure whether or not to invest in one of these wallets yet but want more security than what comes with software-based wallets, try encrypting them with an additional password!
This is also something that will help if someone were ever to get access to your account because then they’ll need both passwords – yours and the encryption key – just like when logging into any other website online today.
Either way, don’t forget: use strong passwords (with symbols!) and make multiple copies of your backup phrase and store it in different places if possible. You can also share this with a family member or friend just make sure to let them know not to give out the information under any circumstances!
