Monday, September 25, 2023

$24 billion worth Bitcoin lost to forgotten password: Report

Estimates reveals that the value of Bitcoin investments lost due to forgotten passwords and keys is $24 billion.

• January 19, 2023
A picture of cryptocurrency used to illustrate the story

A new study estimates that the value of Bitcoin investments lost due to forgotten passwords and keys is $24 billion, approximately 1.45 million BTC.

The research by indicated that there is no way to retrieve these lost passwords and data, advising cryptocurrency users to take the required precautions to secure their wallets and private keys against loss and theft.

In addition to emphasising the importance of using strong passwords and two-factor authentication (2FA) to keep assets secure, the research urged Bitcoin investors to examine alternative technological tools to preserve their Bitcoin.

“With today’s technology, there are several ways to store your crypto safely, including hot and cold wallets. Hot wallets are online-based, making them vulnerable to hacking and other cyber threats,” the report explained.

In contrast, it said cold wallets “offer a higher level of security as they are not connected to the internet. Additionally, it’s essential to use strong passwords and two-factor authentication (2FA) to keep your funds secure.”

Speaking on the development, BitcoinCasino Financial analyst Edith Reads said the revelation reminded all crypto owners to take extra precautions in protecting their digital assets.

“This is a huge amount of money, and it’s an unfortunate reminder to all crypto owners that they need to take extra precautions when it comes to protecting their digital assets. The only way to guarantee your funds won’t be lost is by taking the necessary steps to secure them,” she said.

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