2024-04-17 08:03:11
The blockchain analysis organization, Arkham recently released an exciting set of data. It has been published that the five largest cryptocurrency investors do not actually have access to what can be said to be a significant part of the wealth they own. The loss of passwords and keys has left $3.5 billion in crypto inaccessible, which is 35% of the total wealth of the top five investors.
We have known one of the major investors for a long time, Rain Lõhmus, the founder of the Estonian LHV Bank. He owns nearly $769 million worth of ether, but cannot access it due to the loss of his private key. But Ethereum founder Vitalik Buterin is also in the “top five”, who cannot access $782 million worth of ether due to lost keys.
But the same is true of Ripple’s former chief technology officer, Sebastian Thomas. His main concern is losing the password of an encrypted hard drive. Because of this, he can no longer access his $442 million Bitcoin fortune.
Preservation of private keys is a vital issue in the crypto sector
Because we tend to forget in the centralized financial world that if we lose our private key, we have no one to turn to in the decentralized crypto world. James Fickel, who deals with venture capital investment, is also on the aforementioned list, who does not have access to his 436 million dollars of digital assets. However, these matters are not only their problems, but also important elements for the entire market. It determines the risk appetite of some investors to enter the crypto market. But it’s also a serious warning regarding the importance of security processes and key storage.
However, in the long term it is good to face such data and publish them, because it can motivate all actors to create a more stable environment and provide users with better key management systems. And we ourselves should pay the most attention to taking appropriate steps to ensure the preservation of our key.
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