The value BTC that is lost due to these forgotten passwords and private key loss stands at around $24-billion – or about 1,45-million BTC.
This is according to research by BitcoinCasino.com, which adds there is no way to recover these lost funds. So crypto owners must take the necessary steps to protect their wallets and private keys from loss and theft.
Technology offers several ways to store crypto safely, including hot and cold wallets.
Hot wallets are online-based, making them vulnerable to hacking and other cyber threats. In contrast, 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.
BitcoinCasino financial analyst Edith Reads comments: “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.”