The Cost of Poor Self-Custody in Crypto 🪙💔
Since 2008, about $1.5 billion worth, or 1.6 million $BTC, has been lost due to poor self-custody management. Notably, around 1.2 million $BTC was linked to incidents like the Mt. Gox hack and FTX collapse.
Importance of Wallet Management ⌛
Larger concerns arise from older wallets. Excluding Satoshi Nakamoto's wallet, over half of the $BTC lost came from wallets over 10 years old. Shorter-held wallets show a declining trend in lost amounts, emphasizing better management practices.
Encouraging Precautionary Checks 🔍
This serves as an opportunity for Cobak members to review and secure their mnemonic phrases and private keys. Keeping these assets safe is crucial in the ever-evolving crypto landscape.
More info🔍
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