Why we need wide adoption of social recovery wallets?
Most users lose their cryptocurrency assets not because they are stolen, but because the owner does not manage their private keys well.
Real People Who Lost Their Bitcoin Fortunes
3.7 million Bitcoin are probably gone forever.
James Howells: 7,500 Bitcoin
James Howells had 7,500 Bitcoins on an hard drive that he bought in 2010. Unfortunately, in 2013 he threw the hard drive in the trash can and didn’t realize what he had done for months. After that, he tried to search through the landfill with no luck.
Campbell Simpson: 1,400 Bitcoin
Campbell Simpson purchased 1,400 bitcoin for $25 in 2010. Unfortunately, he threw out his hard drive after breaking up with his girlfriend. A mistake that at todays value cost him about $70 million dollars.
MMCrypto
@MMCrypto
I’ll admit: approximately 2 month ago I lost 3 #Bitcoin by not backing up a private key. (Painful)
Aug 14, 2021
Shehan
@TheCryptoCPA
If you ever feel bad , just know that one of my clients lost ZB worth of BTC . He / she can see the balance on the wallet , but ...
Aug 14, 2021
Stefan Thomas: 7,002 Bitcoin
Stefan Thomas from San Francisco, owns 7,002 bitcoins worth around $346 million dollars. His bitcoins were stored on a digital wallet which he lost the password to. He thinks he still has the password to his lost bitcoin on a IronKey encrypted flash drive. The IronKey flash drive gives you 10 password guesses to decrypt the data. After that it deletes...
Brad Yasar: A few thousand bitcoin
Brad Yasar has lost a few thousand bitcoin and spend hundreds of hours trying to recover them. Fortunately he didn’t lose all of the bitcoin he mined back in the day and seems to be doing quite well.
Sanity Spa
@sanityspa
1 once deleted a wallet . dat file containing 70 BTC . Lessons Iearned : ( 1 ) stop using Shift ＋ DEL to delete files...
Aug 14, 2021
Almad
@MadiniT4
My neighbor girlfriend deleted his Bitcoin wallet app with $ 10k inside cuz she was trying to download Tiktok and Playstore ...
Aug 14, 2021
We need wide adoption of social recovery wallets.
Vitalik Buterin
Emergency Contact
When your device is accidentally lost, you can regain control of the wallet by logging in through a pre-set emergency contact.
Set Emergency Contacts
1
Invite your family or friends to install Mixin Messenger and add each other
2
Set your family or friends as emergency contacts
Recovery via Emergency Contact
1
Install Mixin Messenger on a new device and enter the old phone number
2
Ask the emergency contact to get the verification code
3
Enter the wallet's PIN to confirm asset security, and update the current account's phone number to the new one.
Frequently Asked Questions
Don't hesitate to contact us if you can't find your answers here.
What is social recovery?
Social recovery refers to a method of wallet recovery that doesn't require a seed or mnemonic phrases, while also ensuring that the wallet is non-custodial.
Why do I need a wallet with social recovery?
Most users lose their cryptocurrency assets not because they are stolen, but because the owners do not manage their private keys well. The Mixin wallet, equipped with social recovery capabilities, can effectively prevent single points of failure.
How to set up the social recovery function?
You can enable the social recovery function by setting an emergency contact in Mixin Messenger.
Is the social recovery function a paid function?
At present, all functions of Mixin Messenger are free to use, including this social recovery function. You can rest assured to invite your family, friends or colleagues to join Mixin and set them as emergency contacts.
Can I set myself as an emergency contact?
If you have multiple devices, you can log in to Mixin Messenger on both devices and set each other as emergency contacts.
Use Mixin Messenger Now
Secure, private and easy-to-use crypto wallet.
