Cryptocurrency showed up as a risky asset in the hearts of its users, although one of the fastest ways to build fortune. The shutting down of crypto wallets adds to this unstable image, leaving users in panic and distress.
Jaxx Wallet, MultiBit, Bread Wallet and others, for various reasons, had to leave the market along with their millions of devoted users. Some provided clear steps on how to migrate to other wallets, although the information often wasn’t enough, leaving many questions. Experts say it is still possible to get back into your locked-out wallets, even after years of inactivity.
Due to the nature of crypto, advanced users understand that wallets serve only as a gateway, while the actual money stays on the blockchain. Simply speaking, there is always an alternative route to recover your assets using other compatible wallets. All you need are the keys you received during setup, since they work across different apps. You can import seed phrases, private keys, or backup files into another wallet that supports them.
The list of closed wallets grows every few years. Reasons range from outdated technology and company bankruptcies to regulations and security risks.
MultiBit was retired in 2017. Once a revolutionary desktop Bitcoin wallet for non-technical users, it became outdated and could not keep up with security standards. Developers offered no clear migration strategy, though an estimated 1.5 million users still had time to move their funds.
Jaxx Liberty, a non-custodial wallet by Decentral, was officially retired on March 27, 2023, at 8:00 AM ET. The decision came from ongoing technical problems and the desire of developers to move on to newer projects. Compared with modern wallets, Jaxx Liberty had become outdated. Users were provided clear steps to migrate to Edge Wallet or Exodus Wallet, both supporting the BIP39 standard used by Jaxx.
During 2021-2022 BRD Wallet was sunset in favor of Coinbase Wallet. By 2020 it had around 5 million users across 170 countries. Coinbase’s acquisition seemed promising for both sides, but development was soon halted. Users were advised to transfer their BRD funds into Coinbase Wallet with step-by-step instructions.
Every wallet is unique, but they all must follow blockchain rules. The crypto itself is never stored in the wallet, so your funds are safe — there is no need to panic. Developers usually warn users in advance and give them time to transfer funds safely. In Jaxx Liberty’s case, the notice period was about 20 days.
Even if a wallet is no longer supported, there are still solutions. You can often recover your funds through a compatible wallet. Or, as Robert Bink, founder of Crypto Recovers, says — you can reach out to crypto recovery experts.
All you need to do is locate your recovery credentials: seed phrase, backup files containing private and public keys, and any passwords protecting them. Then choose a wallet compatible with your crypto and seed standard (e.g., BIP39/BIP44).
Recovery chances are much higher when you have your recovery details. If the seed phrase is lost, wallet files are missing, or passwords are forgotten, the funds will remain locked on the blockchain. Another warning is to avoid using original apps, since they are unsupported and can expose you to scams, phishing, or malware.
Still, even with invalid seed phrases, corrupted files, or forgotten passwords, professional recovery companies may be able to help.
Crypto Recovers calls itself a team of “crypto wallet locksmiths” from the Netherlands. Since 2019, they have specialized in unlocking old wallets, helping more than 100 clients in Europe and America recover invalid seed phrases, lost passwords, or corrupted wallet files.
Founder Robert Bink notes that requests for Jaxx Liberty Wallet, MultiBit, or BreadWallet recovery still arrive daily, even though those wallets closed years ago. The number of requests grows even higher when crypto prices peak. Considering that BreadWallet alone had over 5 million users, this is not surprising.
Recovery chances depend on the quality of information you can provide. That’s why their first advice is always to search carefully for backup files and password hints. You can book an online call or visit their office in Zoetermeer, Netherlands, to learn about your options.
Wallets may be deprecated, but your crypto is still alive and waiting to be restored. Collect your recovery details and import them into a compatible wallet to regain access. And if you face roadblocks, don’t panic — Crypto Recovers and specialized software can help you unlock your funds.
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