Another big cryptocurrency lost?
Yesterday news media had a story of a crypto exchange CEO who suddenly passed away. His passwords for his crypto wallets were unknown and currently assumed lost. The net amount of crypto that is assumed locked forever is near $190 million. That sure sounds like a ton of crypto. To imagine if all that was worth its peak when bitcoin was near $20k, how much would all that crypto be worth?
Just interesting to see another type of pitfall that faces investors on exchanges. Not only do users take the risk that their funds could get hacked but their access to them can abruptly end due to lack of safety gaps by exchanges on crypto insurance due to unforeseen circumstances.
That's not an exchange, that's a wallet. Why would anyone be on that type of exchange.
From what I gather it's a cold storage but investors could actively trade their deposits. withdrawal is the issue as of now no one other than the CEO know the passwords.
He trusted no one to share his passwords, not even his wife. just unlucky for all.
I still don't get why the guy thought it was a good idea to go to India when he had Crohn’s disease.
I also have a little doubt about his sudden death. He knew he was terminally ill and never planned how his company would operate if he suddenly die? Furthermore die in a heavily populated area or good place to fake a death. Not likely but questionable decisions.