Exclusive Interview: KeychainX Updates its Recovery Model as the Crypto Market Evolves

TL;DR

• Cryptowisser sat down with the KeychainX at the recently concluded Crypto Expo Europe in Bucharest.

• KeychainX continues to update its recovery model as the cryptocurrency market evolves.

KeychainX is a blockchain security company that helps users recover lost cryptocurrencies. It also helps build a keyless bitcoin wallet based on Geometrics and Biometrics salted with personal data like social ID or social media ID. 

The firm has been around since 2017 and has recovered lost bitcoin and Ethereum cryptocurrencies for clients in Asia, Europe and the United States.

Cryptowisser had the pleasure of sitting down with KeychainX CEO Robert Rhodin. and discussing the company’s role in the cryptocurrency space.

Robert is a cryptography security expert working in Crypto recovery since 2017. He holds a patent in the US, EU and Japan for a keyless crypto wallet that uses Biometric and Geometric to generate private keys. He currently lives and works in Zug, Switzerland and serves on the board of KeychainX AG.

Cryptowisser (Q): Can you share the story behind the founding of KeychainX and what inspired you to turn to crypto wallet recovery services?

Robert (A): I have a long history in passwords and cryptography and it really started when a friend of mine lost access to his 150 Ethereum that was stored on a Ledger. This was in 2017 and when I realized a lot of other people had this problem I decided to reach out on forums like bitcointalk, Twitter (now X) and Hashcat. A lot of people were having problems accessing their funds so I thought this is a cool thing to do.

Q: What distinguishes KeychainX from its competitors in the crypto wallet recovery service industry since 2017?

A: The biggest difference I would say is our long experience. There were not many people involved in wallet recovery in 2017. Maybe two or three companies or individuals. Now you have anyone who can launch a btcrecover python script and offer crypto recovery services. We also strive to improve the offering by researching areas that are not yet available to the public, like finding patterns using AI and custom software.

Q: Security and trust are very important in the crypto world. How does KeychainX ensure high levels of security for its customers' data and assets during the recovery process?

A: We have everything in-house. No freelancers or outside server parks. Our facility that stores client data is air-gapped from the internet and its 24/7 surveillance with a local security agency. We are also incorporated in one of the most developed countries in crypto regulation, namely the canton of Zug in Switzerland. The government has a very clear framework on crypto and how to handle crypto assets. Our law firm MME which helps us with contract writing is one of the most experienced in crypto.

Q: Can you explain the technical process behind recovering lost Bitcoin, Ethereum, and other cryptocurrencies from both software and hardware wallets?

A: Basically you need the private key and in some cases the public key in order to be able to recover the funds. Keys are stored in files, cloud services or on hardware devices, and it is our job to decrypt those so that the private key can be exported and funds can be moved out. If there is only the public key (or address) available then there is not much we can do. In most other cases where there is an encrypted backup, we can help.

Q: Could you share some examples of particularly challenging recovery cases KeychainX has successfully resolved?

A: One of the most challenging was a Japanese client who forgot his password to a Macbook Pro laptop which is unbreakable in Apple terms. Other cases are when clients have Trezors with forgotten pins and no seed, We have managed to open a few of those using hardware glitching techniques. In terms of length, a pretty large wallet that was a decade old took us over 4 years to open, but in the end, it did 25x in value while we were working on it.

Q: Cryptocurrency and blockchain technologies are constantly evolving. What work is KeychainX doing in terms of technology and security practices to manage new types of crypto wallets and assets?

A: Naturally, when new techniques are introduced, a new way of recovery is requested. If we look at Trezor Passphrases, that was a thing when several hardware security teams introduced side-channel attacks to bypass the pin and read out the seed from the Trezor One. People were asked to use passphrases or the 25th seed word. Immediately after that, we saw an uptick in requests to recover forgotten passphrases when the 24-word seed was known.

Q: With the rise of decentralized finance (DeFi) and new crypto assets, how is KeychainX adapting its services to meet the needs of the changing market?

A: You mean DEFI recovery? Haha. It's something we are aware of that raises the bar when it comes to safeguarding your cryptocurrency. Self-storage is great, but many decoy sites and fake apps have users think they are deploying funds into an app that will immediately steal their funds. But as always when it comes to finance, if people lose their credit card or car keys, they will lose their crypto passwords and devices holding them. We usually approach the user to not panic and stay calm. Doing hasty things immediately after a loss might render recovery options useless.

Q: What role does KeychainX envision playing in the broader adoption and security of cryptocurrencies?

A: We aim to bring trust into the recovery business and try to educate many devastated users that has been scammed by not paying upfront fees and be scammed again. We are also teaching many inexperienced crypto investors how to securely store and safeguard their funds.

Q: As seen in your Trustpilot reviews, customer satisfaction is an important criterion for KeychainX. How do you approach customer service?

A: Our number one priority is transparency. We try to explain very honestly how big a chance there is of a recovery and explain carefully to the client how the process works before we start.

Q: Looking ahead, are there any new technologies or services that KeychainX is excited to introduce to the crypto community?

A: We are working on a keyless crypto wallet that received a patent in Japan, the US, the EU and 10 other territories. It is a clean and simple wallet that uses geolocation and biometrics instead of a password or 24-word seed. Still in development but we think in 2025 it might be available in closed beta.

KeychainX is already looking to the future. The company is working on its own crypto wallet. If it obtains the patents in the US, the EU and Japan, the security company will launch a wallet that would leverage geolocation and biometrics instead of a password or 24-word seed.