Nearly half of the $503 million lost in crypto security breaches last quarter involved private key compromises.
Key management incidents account for a hefty majority of losses in Q1 2024.
People lose access to their keys due to various reasons like SIM swaps, social engineering, forgetting passphrases, hardware failures, and natural disasters.
As crypto scales, there are more custodial solutions replacing individual key management challenges, which are considered dangerous and difficult.
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