EMERGENCY RECOVERY TRANSACTION OF FUNDS OF CRYPTO CURRENCY WALLET
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United States of America Patent
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Issued Date -
Mar 27, 2025
app pub date -
Jan 20, 2023
filing date -
Jan 20, 2023
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Abstract
A method for performing an emergency recovery transaction of funds of a crypto currency wallet involves a distributed cryptographic key shared among two or more nodes with each node holding a share of the cryptographic key and none of the nodes holding the entire cryptographic key. The cryptographic key provides access to the funds of the crypto currency wallet. Recovery information regarding the cryptographic key is stored in a storage being separate from the two or more nodes. If the cryptographic key and/or the wallet becomes in-operational, a user retrieves the recovery information from the storage and provides at least part of the retrieved recovery information to an emergency recovery service. The emergency recovery service and the user perform an emergency recovery transaction of funds from the crypto currency wallet to a new crypto currency wallet, based on the recovery information.
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