A system according to embodiments of the invention may include components such as, but not limited to, a plurality of central processing units (CPU) or any other suitable multi-purpose or specific processors or controllers (e.g., controllers similar to controller 105), a plurality of input units, a plurality of output units, a plurality of memory units, and a plurality of storage units. A system may additionally include other suitable hardware components and/or software components. In some embodiments, a system may include or may be, for example, a personal computer, a desktop computer, a laptop computer, a workstation, a server computer, a network device, or any other suitable computing device.

According to some embodiments, systems and methods are provided for recovery of cryptographic keys for a service that holds a cryptographic key for many clients and performs actions on their behalf. All private keys may be recovered at once using a third-party solution, where each client may be supplied with an encrypted version of the server key and all keys are encrypted with the same recovery public key. Thus, the client may cryptographically verify that indeed the encrypted key may be decrypted to provide the relevant service key in the presence of the corresponding decryption private key. Such solution may be relevant for many server-client configurations, including custodial services in which servers hold the clients' private keys, or non-custodial services in which servers hold only part of the secret information that is required to sign a transaction such as ‘MultiSig’ or secure multi-party computation (sMPC) based solutions.