Hacks and exploits are becoming an increasing issue in the decentralized finance space, as nefarious actors use increasingly sophisticated strategies to unethically obtain crypto wallet passwords and the enclosed funds. To help those impacted by such events, Advanced Blockchain is contributing to Xelera’s new offering of wallet password recovery as a service, which donates 10% of recovered funds to charity.
Advanced Blockchain is pleased to announce that it is assisting in the research phase of Xelera’s new project: recovery of lost passwords for cryptocurrency wallets. A separate website for this functionality went live recently, offering this important service to exploited projects and individuals with misplaced passwords.
Xelera offers state-of-the-art software solutions for accelerator hardware.
Xelera (https://xelera.io/) is an organization offering a variety of software designed to improve standard accelerator hardware. The ultimate goal of their products is to make existing hardware compatible with the future of data centers and cloud computing. Benefits of Xelera’s software stack include acceleration, energy efficiency, reduced costs of IT infrastructure, and seamless adoption. These products are designed for use in edge computing, data center software, data center supplying, cloud services, and other cutting-edge technological applications.
This new functionality combines both organizations’ technological and industry expertise to offer an optimized service - with a charitable focus.
Under this collaboration, Advanced Blockchain is assisting Xelera in its development of technology for recovery services for individuals that have been impacted by digital wallet password theft. Specifically, Xelera will be offering the new service and Advanced Blockchain assisted in the research phase of this new technology. Xelera will leverage their cutting edge technology to recover passwords and restore control of digital wallets back to their rightful owners.
As a result, customers’ wallets will be resecured and they will regain access to their funds. Furthermore, this new functionality helps Advanced Blockchain fulfill its ultimate goal of improving the blockchain industry, by helping users recover from password theft and thus improving security within the field.
Keeping to the community-driven attitude of the blockchain industry, 10% of the recovered amount is going towards building a school for orphans in Kenya.
This technology has been tested and proven effective.
In a test phase, the password of a Bitcoin wallet was successfully recovered, and wallet funds were thus also restored to the wallet owner. As stated by a Director of J.P Morgan:
“I am overwhelmed by the efficiency and service of this new technology. I am sure this will help many people that are in a similar situation to what I have been in.”
Recovery services will be offered through a new website beginning next week.
The website is available at https://recover-your-wallet.com.
For more information about Advanced Blockchain AG and its various investments and projects, check out their website at advancedblockchain.com.