USD

AED

AFN

ALL

AMD

ANG

AOA

ARS

AUD

AWG

AZN

BAM

BBD

BDT

BGN

BHD

BIF

BMD

BND

BOB

BRL

BTN

BWP

BYN

BZD

CAD

CDF

CHF

CLF

CLP

CNH

CNY

COP

CRC

CUC

CUP

CVE

CZK

DJF

DKK

DOP

DZD

EGP

ERN

ETB

EUR

FJD

FKP

GBP

GEL

GHS

GIP

GMD

GNF

GTQ

GYD

HKD

HNL

HRK

HTG

HUF

IDR

ILS

IMP

INR

ISK

JMD

JOD

JPY

KES

KGS

KHR

KMF

KPW

KRW

KWD

KYD

KZT

LAK

LBP

LKR

LRD

LSL

LYD

MAD

MDL

MGA

MKD

MMK

MNT

MOP

MRO

MRU

MUR

MVR

MWK

MXN

MYR

MZN

NAD

NGN

NIO

NOK

NPR

NZD

OMR

PAB

PEN

PGK

PHP

PKR

PLN

PYG

QAR

RON

RSD

RUB

RWF

SAR

SBD

SCR

SDG

SEK

SGD

SHP

SLL

SRD

SSP

STD

STN

SVC

SYP

SZL

THB

TJS

TMT

TND

TOP

TRY

TTD

TWD

TZS

UAH

UGX

UYU

UZS

VES

VND

VUV

WST

ZAR

ZMW

ZWL

Crypto Potato 2025-02-28 22:44:12

Beyond Hacks: Vitalik Buterin Calls for Wallet Solutions to Address Crypto Loss

As discussions around crypto fraud intensify following the recent $1.5 billion Bybit hack, Ethereum co-founder Vitalik Buterin is urging the industry to recognize another major risk. According to him, while much attention is given to preventing theft, not enough is done to protect people from accidental loss due to user errors. Accidental Crypto Loss Remains a Big Factor In a February 28 post on X, Buterin outlined several ways individuals lose large amounts of crypto, including software bugs, forgotten passwords, lost devices, accidental deletions, and failure to back up data when upgrading hardware. The 31-year-old explained that victims of such losses are often hesitant to speak out because there is no identifiable perpetrator to hold accountable. He emphasized the need for wallet security solutions that address all forms of loss, not just cyberattacks. To mitigate these risks, the Ethereum co-founder has long advocated for social recovery solutions as a more secure and user-friendly approach to regaining wallet access. Buterin’s approach to social recovery consists of both personal and automated components. He has suggested the use of a smart contract wallet where you can put arbitrary addresses as guardians with no expectation that those addresses use the same wallet. Social Recovery Solutions While some individuals have adopted more sophisticated security practices, risks like hardware destruction persist, requiring additional safety measures. Social recovery allows users to restore access without relying solely on seed phrases, which can be easily lost or forgotten. Instead, it involves a network of trusted individuals, known as “guardians,” who can assist in recovering access if the owner loses their private key. One example of social recovery in practice is Argent Wallet, which uses smart contracts to enable individuals to designate guardians for recovery purposes. Following Buterin’s latest comments, the Nani Wallet startup also highlighted its product as the first crypto-access wallet with full social recovery. The company claims that this feature allows users to recover lost accounts through trusted friends or backup devices while maintaining control of their original private key. The consequences of crypto loss can be severe, as shown by the well-known case of James Howells. In 2013, Howells’ hard drive, containing 8,000 Bitcoin (BTC) now worth hundreds of millions of pounds, was accidentally discarded by his ex-partner. The device is believed to be buried in a landfill owned by Newport City Council. To recover the lost BTC, the 39-year-old sued the council and assembled a team of experts willing to conduct a $13 million excavation at the site. Despite legal efforts, he has been unable to get back the lost cryptocurrency. The post Beyond Hacks: Vitalik Buterin Calls for Wallet Solutions to Address Crypto Loss appeared first on CryptoPotato .

Related News

XRP Price Decline Amid Legal Uncertainty and Marke...
28 Feb 2025
CME Group to debut Solana futures on March 17
28 Feb 2025
Ripple (XRP) Price Analysis: XRP Open Interest ho...
28 Feb 2025
Decoding Core PCE: Key Inflation Insight for Crypt...
28 Feb 2025
Solana Price Eyes Recovery Toward $180 As Whales B...
28 Feb 2025
SEC Extends Review of Fidelity’s Ethereum ETF Appl...
28 Feb 2025

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

Beyond Hacks: Vitalik Buterin Calls for Wallet Solutions to Address Crypto Loss

Most Read News

Related News