The recent surge in bitcoin prices has the phones at crypto wallet recovery firms ringing off the hook, as retail investors locked out of their digital vaults make frantic calls to regain access to their accounts.
Cryptocurrencies exist on a decentralized digital ledger known as blockchain and investors may opt to access their holdings either through a locally stored software wallet or a hardware wallet, to avoid risks related to owning crypto with an exchange, as in the case of the former FTX.
With bitcoin prices regaining traction since last October and hitting a record high of $73,803.25 in March, investors seem to be suffering from a classic case of FOMO, or the fear of missing out. "People who are missing their crypto for one reason or another, or those who don't have access to their crypto, are very much incentivized to get it back."
ReWallet, a Germany-based wallet recovery services provider, saw a 334 per cent jump in requests in the previous quarter and logged a record-high number of requests in early March, when bitcoin prices touched an all-time peak.
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