Lost Key Protection features
Lost so far!
How Lost Key Cover works
How does Lost Key Cover work?
Protect your funds with multi-signature 3-key management and a backup key held securely offline.
Lost Key Cover is built on multi-signature (multi-sig) wallet technology. Multi-sig wallets require two or more private keys before the funds can be released.
Bit Go multi-sig wallets consist of three private keys: one held by you, one held by BitGo and one held on your behalf by Coincover.
Two signatures are required on every transaction on a BitGo wallet and typically this is done by you and BitGo. But should you lose access, our dedicated team is waiting to help recover your funds as quickly as possible.
What is secure key storage?
Secure key storage is the way we ensure you never lose access to your funds by creating and holding an emergency backup key to each of your wallets offline.
When you create a new wallet with BitGo and select Coincover to hold your back up key, BitGo request a key pair from us for your new wallet.
We send BitGo the public portion of the key which is allocated to your new wallet. The private backup key is stored offline with zero network exposure. It is fully encrypted, sharded using Multi-Party-Computation (MPC) and held in grade A free-standing six-sided vaults in multiple geographically dispersed locations in the United Kingdom.
Each vault is protected by multi-party access control with a minimum of three Coincover personnel in attendance for every recovery and verification.
What is the fund recovery process?
Our first priority is the security of your funds. We will always confirm your identity before we initiate the recovery process to be sure we are recovering the funds for the owner. To ensure total transparency, we will keep you informed on progress and notify you as soon as your funds have been recovered.
- Contact us immediately to report the loss of access
- Your ID is verified and ownership of the wallet confirmed
- You create a new wallet to hold the recovered funds
- We securely sign the transaction to recover funds
- The wallet provider (in this case BitGo) securely counter-signs and your funds are then transferred to your new wallet
- We confirm the funds have been recovered to your new wallet
How many wallets can I protect?
You can protect all your wallets provided they were created with our approved service provider BitGo, and you selected Coincover as the backup key holder.
Lost Key Cover protects all your wallets individually and collectively.
Which cryptocurrencies do you protect?
Coincover protects the following currencies:
100+ ERC20 tokens
Will my relatives know how much cryptocurrency I have?
No, it is not necessary to disclose your cryptocurrency holdings.
Will you take taxes from the proceeds of the cryptocurrency?
No, it is up to your beneficiary to make appropriate tax payments on any inheritance.
How can I be sure my beneficiaries don’t access my cryptocurrency?
With a Coincover Cryptocurrency Will you do not have to share your password or private key information with anyone. This ensures your funds remain secure and protected until such time as your Executor makes a formal request with us.
What if I have complex requirements for my cryptocurrency estate?
We suggest you seek guidance from a legal professional about complex estate planning. Your Crypocurrency Will enables your Executor to recover your funds after your death and follow any complex instructions as set out in your Will.
I’ve got a wallet on an exchange. Can I include this in my Cryptocurrency Will?
Not at the moment, but we are working on it. Right now, we can only recover from the approved wallets support.