How To Retrieve Lost Metamask phrase: Cryptocurrency phrases are equivalent to the deed of ownership when it comes to cryptocurrencies, whoever has the Metamask phrase can claim ownership of the crypto asset and use it as they deem fit. This is why it is strongly advised not to ever share your private key with anyone under any circumstances, sharing your private key is more or less sharing the ownership of your crypto assets. Once shared the other party can use your digital currency however they like. However, you might have lost your crypto phrase without necessarily sharing. It is known that some crypto wallets store your private key on their server while some don’t.
Metamask does not store your private key on its server, your private key is linked directly to the blockchain so, in case of loss, you can’t go to Metaask for recovery. Say the device that has your Metamask account logged in got stolen and you can’t access your seed phrase or private key where you stored it, this is why when your seed phrase is generated and given to you at first by Metamask you are instructed to write it down somewhere offline and keep it safely in case of a scenario like this. If you have an issue identical or similar to this don’t panic as there is still hope for you. Let’s consider how to Retrieve lost metamask phrase
How to Retrieve Lost Metamask Phrase
Doing the early days of cryptocurrency it was only possible to create a public key from a private key, however, due to recent cryptographic technology a Recovery expert can reverse engineer the public key and get the private key from it if enough data is provided. A Recovery expert with proper web 3 and cryptography understanding can get your private key from your public key and some transaction receipt. You can hire the said Recovery expert online and there is no better place to hire one than from Cyberspace. With Cyberspace you just have to file a case detailing your predicament and the appropriate recovery expert will get in touch with you after an evaluation is done. Cyberspace is one of the best marketplaces to hire various recovery experts from different fields and both white hats and black hats hackers are also available on the platform.
How Cryptocurrencies are stolen:
Exchange Wallet hack: When you make use of a Hot wallet, the private keys will be saved forever on cloud storage which is always connected to the internet. There is always a danger of your wallet getting compromised if hackers manage to get a grip of your private keys. If your private key is stolen, it is guaranteed that your coins will also be stolen from your wallet. Hackers have been able to get into target wallets using various malicious ways such as Phishing emails, cloned wallets, social media scams, and many more. The best way to avoid this kind of scam is to never give out your Private key to a third party for whatever reason and be conversant with different forms of scams to protect yourself from them.
Fake ICO; According to Investopedia, “Initial Coin Offerings (ICOs) are a popular fundraising method used primarily by startups wishing to offer products and services, usually related to the cryptocurrency and blockchain space”. ICOs allow you to invest in a company in exchange for tokens, say a company wants to launch a product, and after stating their plans and the problem they want to solve after all these, they search for funds using IPO ( initial Public Offering). In the crypto world, an ICO is like an IPO with no regulation and this gives room for scammers to take advantage of and abscond with investors’ funds. There are genuine ICOs out there just as they are fake, ICO pay to get your attention, they issue free tokens, random giveaways, and other incentives during their start-up process. When you join a telegram group to get information about an ICO and probably win some giveaway, of course, and the first thing they ask you is how much you are willing to invest, blacklist them as a scam. This may be false but they should start with their vision and product before asking you for an investment.
Before investing, ask them what problem they are trying to solve, if their answer does not make sense to you, just ignore them and if you are still willing to invest with them, make an inquiry about the organization and its founders on google to confirm that the founders are real and reliable individuals. Remember endorsement from a reputable or popular individual does not validate the ICO, Vitalik Buterin the co-founder of Ethereum has been put in different teams of an ICO without knowing about them.
Wallet Scam; Advice to our reader is not to use any wallet that is not listed on ProductHunt. Judge them based on upvotes as this signifies the number of positive feedback received by the wallet. You can also do research ( by checking them on google) about the team that developed the wallet. Seach their Github repositories. If their Github reputation is not good, they are not likely to keep your coin safe.