Crypto owners have been reminded to take extra precautions when it comes to protecting their digital assets, with about US$24bln in crypto, equivalent to 1.45mln Bitcoin, estimated to have been lost through forgotten emails.
The estimate was made by comparison site Bitcoincasinos.com, but they did not explain how they came to the figure. 
As there is no way to recover these lost funds – apart from perhaps hypnotism – crypto owners must take the necessary steps to protect their wallets and private keys from loss and theft.
To remember their passwords, many crypto users and investors use online based ‘hot wallets’, though these are vulnerable to hacking and other cyber threats.
The alternative is a ‘cold wallet’, which is seen as offering a higher level of security as they are not connected to the internet.
Crypto owners should also use strong passwords and two-factor authentication, said Bitcoincasinos.com, ensuring they don’t use password managers in internet browsers such as Google Chrome or Safari on shared computers.
They should keep their private keys and passwords in multiple secure locations, including offline with the good old-fashioned pen and paper method, and always keep their software up to date.
“This way, you can ensure that your hard-earned digital wealth will remain safe and secure,” commented Bitcoincasinos.com financial analyst Edith Reads.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie

This article has been originally published at: https://www.proactiveinvestors.co.uk/companies/news/1008990/us-24bln-in-crypto-lost-through-forgotten-passwords-1008990.html?SNAPI