More than $100 Billion In Cryptocurrencies Disappeared

More than $100 billion in cryptocurrencies disappeared. The amount of crypto wallets with lost passwords has reached 100 billion dollars.

Recently, the cryptocurrency world has been experiencing its most crowded and active periods. While investors keep their assets on exchanges, digital crypto wallets and physical crypto wallets also host huge amounts of investments. However, a very important factor in the cryptocurrency world is passwords or secret keys. In exchanges, when you forget your password, it is possible to get it back after a very short or very long conversation with customer service. Digital wallets and physical crypto wallets rely on passwords or private keys. If you forget them, it is unlikely that you can get them back. In this regard, when creating a wallet, you are requested to keep your password or private keys in a safe place. The KeychainX initiative, which was established to recover crypto assets from corrupted or inaccessible wallets, shared interesting data. It is stated that an amount of approximately 100 billion dollars is lost today due to forgotten passwords or corrupted hardware. It is stated that the startup has saved many million dollar wallets to date and the assets under its management have reached $2 billion. Generally, investors lose money in 3 ways. Those who cannot remember the password of the wallet they kept for a very long time, those who do not save the secret keys when opening the wallet, and wallets inherited from a person to their relatives due to reasons such as death. KeychainX also stated that they managed to recover a few words from people's private keys with the special algorithms they developed, and that they will soon patent a wallet technology that does not require a password.