"The meteoric rise of crypto has not only been the greatest creation of wealth in the last decade but also an incredible harbinger of wealth destruction. While numerous fortunes were built on the buy and hodl strategy, some of these were lost to time or technology, depending on your point of view. Investors that haphazardly tried their hand at crypto found out quick that this isn't for weak hands or weak minds."
"Reporting these cases helps readers understand practical risks (custody choices, backups, inheritance planning), exposes recurring weak points in wallets and exchanges, and highlights regulatory and ethical gaps in an industry still finding its safeguards. Beyond technical caution, the stories show the social cost-ruined retirements, legal battles, and communities left wondering who's accountable. If you own crypto, work in finance, or cover policy, these narratives are both warning and roadmap: they explain what went wrong and how to avoid the same fate."
Crypto's rise produced enormous wealth and also significant destruction. Many fortunes were built by buy-and-hold strategies, while others were lost to time or technology. Investors who entered without discipline discovered that crypto requires strong security and resolve. Early purchasers who failed to secure private keys, hard drives, or passwords forfeited substantial wealth. Major losses illustrate custody, backup, and inheritance-planning risks, expose recurring weaknesses in wallets and exchanges, and reveal regulatory and ethical gaps. Consequences include ruined retirements, protracted legal battles, and communities seeking accountability. One case involves a programmer who accumulated roughly 7,002 BTC on an IronKey USB protected by a ten-attempt passcode limit.
Read at 24/7 Wall St.
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