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The tragic fires in Los Angeles have highlighted a unique problem faced by those who self-custody their crypto – the loss of hardware wallets and backup keys. Many crypto users keep hardware wallets and recovery seeds at home for practicality but don't consider the impact of a… https://t.co/cBcI1ooBrQ
1/ The fires ravaging Los Angeles have left behind apocalyptic destruction. Over 12,000 structures destroyed, 180,000 displaced, and entire neighborhoods reduced to charred ruins. Amid this devastation, bitcoin self-custody is facing a less-discussed casualty. Here's why it… https://t.co/OjbUsMRm0l
Bruce Fenton Self Custody Test. Posted as a PSA in light of the fires. @brucefenton 1. Here’s a test for your self custody: Tell your next of kin to retrieve your coins as if you had died. They are only allowed to use the info they have now. No new note or instructions…
The recent fires in Los Angeles have caused extensive devastation, destroying over 12,000 structures and displacing around 180,000 residents. Amid this catastrophe, a concerning issue has emerged for cryptocurrency holders who practice self-custody. Many individuals have lost their hardware wallets and recovery seed phrases in the fires, leading to significant losses in on-chain crypto assets. Reports indicate that some users did not have backup copies of their seed phrases, exacerbating the situation. Experts are urging crypto holders to reconsider their storage practices for recovery phrases, emphasizing the importance of keeping such information secure and offline to avoid potential losses in the event of disasters.