Lost Key Protection

Never lose your cryptocurrency

With Coincover Lost Key Protection, you can remove the risks of losing your private key without having to give anyone else control of your cryptocurrency.

Why choose us?

Lost Key Protection features

Maintain complete control of your wallets

Your own corporate-grade wallets are included

Strong protection against identity fraud

Automatically add new wallets as you create them

24x7x365 support with quick recovery turn-around

Lost so far!

4 Million
It is estimated that around 4 million Bitcoins have been lost to date. Still visible on the blockchain, their owners cannot access them.
$30 Billion
Today those lost Bitcoins are worth around thirty billion dollars, almost enough to buy eBay! They are locked forever.
Coincover helps you recover your cryptocurrency if you loose your private key.

True stories of lost keys

$1Bn Inaccessible

On April 16, 2018, Matthew Mellon of the Mellon banking fortune died.

To his grave, he also took the location of the keys to a rather large amount of Ripple coin (XRP), another popular type of cryptocurrency.

Before his death he held an estimated $1 billion in Ripple, but without the keys none of the Ripple coin can be accessed

Pricless rubbish

James Howells, a cryptocurrency miner in the early days of Bitcoin gathered 7,500 Bitcoins stored on a hard drive.

In 2013 he accidentally threw the hard drive away, along with access to his Bitcoins. The keys, along with all his other trash, ended up at a local dump.

In 2017 at the peak of Bitcoin value, his buried Bitcoin treasure would have been worth around $150,000,000.

$135m taken to the grave

In December 2018, Gerald Cotton, CEO of QuadrigaCX, Canada’s largest cryptocurrency exchange died unexpectedly.

Unfortunately for QuadrigaCX’s customers, Mr. Cotton was the only person who was able to access the customer private keys.

As a result over US$135M in customer funds held in safe keeping was deemed inaccessible, locked on the blockchain forever more.

You are safe with Coincover

Lost Key Protection from Coincover prevents you losing access to your money if you lose or corrupt your wallet private keys.

  • Continue to use your cryptocurrency on a day to day basis.

  • Your passwords do not need to be shared or written down.

  • No need to share the details of your cryptocurrency holdings.

  • Your beneficiaries can opt to receive the cash value if they prefer.

  • We guarantee your cryptocurrency will be made accessible after your death.

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:

Bitcoin
Ethereum
Bitcoin Cash
Bitcoin SV
Ripple
Stellar
Dash
ZCash
Litecoin
100+ ERC20 tokens

FAQs

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.

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