What is Recovery & How does it work?

Recovery is the method in which you can initiate a recovery of the bitcoin held in a GuardBlock Vault in the situation where you lose your private key/Hardware device and all of your backups.

Once Recovery is initiated, we use your Recovery information to confirm with you that the recovery request is legitimate. Then, once the Recovery timelock has been reached, plus any applicable waiting periods, we can move the bitcoin to a new location where you have access.


What is required for Recovery?

In order to have a smooth recovery experience, we require the following to be set up on your account:

  • GuardBlock account & Vault created, and funded with bitcoin
  • 2-Factor Authentication set up
  • Recovery Information submitted

Optionally, as part of your Recovery Information you can include backup contact methods, and Trusted Contacts, who are trusted third parties such as friends or family members that can be used to confirm the legitimacy of a recovery request in order to provide additional protections against a sophisticated attacker.


Why do you need my full name and other details?

In order to ensure that a recovery request is legitimate, we need proof that we are dealing with the same person who submitted the original recovery information. We will check this information against legitimate sources of ID in order to verify it and confirm the request is legitimate.

This information is not traditional 'KYC' for regulatory purposes and not shared outside the platform - it is purely for confirming that we are helping the correct owner restore access to their bitcoin.

It is not used for any marketing purposes and is stored encrypted, and only accessed if you submit a recovery request for a Vault or a lost 2FA.


What is the Recovery process?

The Recovery process is very simple, but includes some key checks and timings to ensure that the bitcoin finds its way back into your hands.

The process consists of the following:

  1. Log into your GuardBlock account and navigate to the Recovery page
  2. Head to the Start Recovery sub-menu and select the Vault to be recovered
  3. Hit the Start Recovery button and enter a 2FA code
  4. Check your email - we'll send you an email to confirm the Recovery request
  5. Book in a recovery call using the link in the email
  6. Notify your trusted contacts. We may contact them to confirm the request was initiated by you.
  7. Create a new vault to receive recovered Bitcoin. You will need a fresh vault before recovered funds can be moved.

Once the recovery call has been completed, all additional checks are done, and the timelocks and waiting periods have passed, we'll move the bitcoin to your new vault. Usually, this will be at most 30 days after your recovery timelock has expired.

Throughout the process we'll clearly communicate to you what the waiting periods will be, and if any other checks are required along the way.