FAQ's

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Think about a toast, to the honesty of people who understand though not perfect, we can turn to the law for protection and recovery of our property.

Tohonesty’s unique value is to place our clients into the hands of professionals with the expertise to recover your digital assets even without access to keys. Using the law, though court orders and injunctions, our partners will help put the client into a position where they have full spendable access to their digital assets once again, as if that ability had never been lost. 

Most recovery services only deal with seizing and freezing the assets. A fait accompli where there is no more real work to be done. And though important, this only stops others from spending the assets or mixing or dispersing them in some way, while not regaining spend-ability for the legal owner . For example they might be in possession of a wallet file which contains the assets, but the assets are still unspendable because keys are not available to the owner.

Summing up, Tohonesty will help the client gain injunctions ordering miners to re-assign their assets to a secure blockchain address which the owner does have keys for, specified within the injunction.

Our business aims to help you reclaim your assets, lost under the following circumstances

  • accidentally: lost private key, seedphrase, passphrase, hardware or wallet file

  • estate management: where no instructions were left for access to the digital assets

  • stolen: from hacked exchanges, computers or appropriated illegally in any way

  • any other form of loss

Keys are cryptographic parts of a larger digital asset system which function much like passwords. There is much more to it than this but in the interests of brevity, a private key is what allows whomever is in possession of the key, technically but not necessarily legally, to spend the digital asset.

Be careful here. If you lose your keys, you no longer have the ability to spend your assets. Much like if you lose your car keys, you can no longer drive the car. But in law this does not mean you are no longer the owner of the car.

Tohonesty’s unique service is to find the professionals who can help you gain possession of keys that will once again allow you to spend your assets. All backed by the security and guarantees of the law.

A wallet in its simplest form consists of a piece of software on a computer made up from a private and a public key. Again there is much more to it than this. To keep it simple, a wallet typically will be a phone app containing your keys, digital assets associated with those keys and a record of transactions you have made using both.

A wallet can be as sophisticated as the wallet provider needs it to be for their business and the clients needs. But this is the bare bones of it.

A wallet is important to a client because its the place where they can be sure their assets are stored.

We are experts on the Bitcoin protocol described in the original 2009 white paper. We can show you quickly that possession of keys alone, is not ownership. And it is ownership that matters in the end under the law.

Imagine your car keys were lost or in the possession of someone else. You still own the car legally. The law as always can put that straight immediately and order your keys to be returned.

This is something we all understand quickly. There is absolutely nothing special about digital assets.

Again the narrative informs the public that digital assets like Bitcoin are new and different here. But its the law which decides who is the owner, not a piece of software or a software developer.

What this person is trying to make you believe is a popular urban myth. A myth which maintains popular support due to the arcane and often misunderstood functions of digital assets. They’re saying that if you do not have access to your keys or wallet any more, you are to all intents and purposes no longer the owner of these assets. And whomever is in possession of the keys, if anyone, is the new owner. Obviously this is absurd in the real world. But the myth sticks hard and fast. 

You must have heard about things called ‘narratives’ – collectively shared stories which the general public tends to believe despite not having taken much time looking into the evidence supporting them. They are stories which are easy to accept prima facie because everyone recognises intuitively that most other people also believe them, making a commitment to the story and the consequences of committing to it, apparently less risky. Reputation leads the social group – no one ever lost friends or their job for believing and purveying the narrative. 

So these stories can quickly command a powerful and widespread influence, particularly when it comes to the rather important matter of who owns what. Especially then. Digital assets are very well understood to count as property, in law. The law will protect them equally to all other forms of property. There are no exceptions to this rule.

Bitcoin has been going since 2009. During that time a narrative has developed which tells you that if you are not in possession of your keys, you no longer own your digital assets. That is all. And it is pure misinformation, reinforced by a powerful narrative. Do not believe it. 

Hundreds of billions of dollars of asset value has been lost or transferred unjustly largely thanks to the success of this narrative.

If you can show the law enough evidence linking your identity to the digital property, it is fully yours and can be recovered using the same methods used for recovery of all other forms of property. For further history on how this all came about by all means use the ‘Register your case’ form and we’ll get back to you on how to proceed.

We give you these numbers to make it clear how big the problem of lost coin is and to visualise where you stand as a digital asset owner in the whole scheme of things.

Professional research indicates about 20% of all digital assets currently distributed, has been ‘lost’. By lost we mean owners believe it no longer belongs to them because they no longer are in possession of their keys, wallet or it was stolen on the exchange.

Chainalysis, a research firm that analyzes activity across different cryptocurrency markets, estimates that between 2.78 and 3.79 million, or between 17 and 23 percent of all bitcoins have been lost.

ToHonesty maintains a lost coin recovery database (LCR) to keep our eyes on how much is lost, how much is recoverable and other data points useful to our analysis in helping our clients recover their assets. 

  • 3.79 million of all digital assets distributed so far amounts to about US$240 billion. This is the total amount available for recovery. If you have lost your digital property, it will come out of this number
  • The largest individual lost coin owner is about US$7 billion.
  • A theoretical representative action for accounts in the Mt. Gox exchange hack could recover up to 850,000 digital property or US$50 Billion
  • The Tulip Trust which may or may not be lost is valued at $70 billion
  • Our LCR database shows the top 10 individual Lost Coin Owners are valued at over US$15 billion
  • There will be tens of thousands of smaller yet not insignificant family owners amounting to $billions, some of which we eventually aim to  recover in a class action
  • Our LCR database has already captured about 10% of the total digital assets distributed. And nearly 60% of estimated lost digital assets.
 

Note: Numbers are estimates. Unless otherwise stated, ToHonesty uses Bitcoin Core (BTC) as a reference blockchain, because it has by far the largest number and highest value of lost coins. All values priced up with BTC @$63,000 on 1 March 2024

Tohonesty does not provide financial advice in any shape or form. We are neither trained nor licensed to do that under current regulations. Nor does Tohonesty, store, transfer or manage in any way whatsoever, client digital or financial assets. So if you find yourself speaking to someone masquerading as Tohonesty offering financial advice please end that conversation and contact us immediately.

What service are we providing our clients? Tohonesty is a client discovery service, finding clients who have lost digital assets in any way. Following agreement with each client we will instruct a partner business of analysts and lawyers who are skilled and experienced in proceeding with the recovery process itself. Following successful recovery of your property our partner will pay us a fee for finding you as a client.

Central to the success of our business are professionalism, trust and confidence. We recognise that clients, having lost property, are often less likely on average to trust or have confidence in other businesses in the digital property field. So a key part of our success is building that trust between clients and Tohonesty as a first duty.