KeychainX CEO: over $ 100 billion lost in cryptocurrency

As wallets, blockchains, and users continue to grow in the market every month, security concerns have become a top priority for consumers.

We caught up with Robert Rhodin, CEO of KeychainX, a cryptocurrency wallet recovery service, to discuss the surprises that have become the solution cryptocurrency wallet users dream of.

Please tell us about Keychainx. When and why did you decide to start this business and what services did it provide?

It started in 2017 when a friend Ledger was not working and asked him to help him get 150 ETH back.

After looking at several forums, I realized that this was not just my friend's problem, and not Ledger's problem. People have no idea about the Ethereum (ETH) presale wallet, Blockchain.com wallet, and the old classic Multibit wallet. The problem that users face is that they not only forget their passwords but also many bad and broken ones as well.

Some time later, a friend in Los Angeles was looking for a business idea to invest in. They hear about the issues with this wallet and decide to invest in the seeds around them. Thus, KeychainX LLC was born.

Our main goal is to find the missing cryptocurrencies for people all over the world. However, after moving from the United States to Zug, Switzerland, in November of this year, they also began to build a nonprofit cryptocurrency wallet that remains.

Who are your clients ?

Naturally, the answer is the owner of the cryptocurrency wallet who has lost the key.

It can be divided into three major groups. The first category is made up of early investors, who have long-term portfolios and suddenly realize that a few hundred dollars are now worth millions of dollars.

The second type of consumer is the one who has just bought tokens but has not returned their private keys. All they have is a crypto wallet. In the third category, it seems that there are a lot of consumers who are relatives of the deceased in the family who have given up on cryptocurrency, but the relatives do not know how to get them back. .

What's the biggest cryptocurrency you've ever owned?

We are bound by a confidentiality agreement, but what I mean is that there are more than 7 digits and our asset management (AUM) in crypto wallets is around $ 2 billion. . We believe the current cryptocurrency is losing over $ 100 billion.

What is part of what happens when returning a wallet?

It involves a few steps. First, the consumer needs to identify them as the owner of the wallet and then sign a nondisclosure agreement that deals with the terms of the upgrade. Then we did an interview and asked for a lot of password guessing tips or tricks. Finally, we keep a certain number of servers depending on the cost and the type of wallet.

Different wallets require different hardware configurations (such as GPU or CPU server groups). Of course, there are a growing number of new wallets, new blockchains, and ways that wallet encryption work, and the algorithms need to be updated.

What portfolio are you working with?

We all use wallets, but the most common are Bitcoin (BTC), Dogecoin (DOGE), and Ethereum (ETH). While activity between these two blockchains has increased since the start of this year, users of the Solana (SOL) and Cardano (ADA) wallets have increased their contacts.

Also create hardware wallets with missing passwords or mnemonic characters, such as Ledger or Trezor. Go back to 4 missing words from the 12 or 24 word mnemonics. We also do a wide range of repairs on broken hard drives, broken phones, locked MacBooks, or personal computers.

A very common problem is that after the facial recognition system malfunctions, people accidentally switch phones without saving their lock, mnemonic or wallet information. .

How are you different from your competition?

So far, no real competitor has done as much in finance and IT as we have. We are registered in the management industry, have confidentiality established by the Zurich crypto law firm MME Legal, and regularly present and speak at international conferences.

Personally, I don't send portfolios to anonymous organizations, personal books, or even private presentations without a registered business. Finally, you'll want to know who you were dealing with when you got your wallet and who held your private key when you got your wallet.

Tell us about your team. What kind of experience do you have?

Our team was divided into several groups depending on the objective. We have commercial and consumer teams to answer emails and attend various conferences such as Token 2049, AIBC Summit, Rome Blockchain Week or the recent Blockchain Conference in Hamburg, Germany.

There is also a group of programmers who specialize in different algorithms or GPU systems, such as the release of nvidia CUDA technology, or CPU processing for high power encryption (like Ethereum v3 or the BIP38 wallet). ).

What is your greatest achievement so far?

The best performance in sleeping wallets is opening almost 10 wallets per day, but last year we opened over 200 wallets on their own, some from 2012. It's real. . Exciting experience.

Our biggest achievement is yet to come, as a few really big wallets will open next year in 2022.

What is the future of KeychainX?

In addition to the wallet and blockchain names, there are two options.

The first is to develop a custom ASIC card for wallet capture, and the second is to develop a patented keyless crypto wallet since 2019. There are many other alternatives used such as social, geolocation and time closure operations. , and NFT Certified Members.