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Sam Mendoza

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The gift and curse of #Crypto đŸ«Ł Remember the good old days of 2021-22, when insane crypto stories dropped daily? Well, this week gave us a shot of peak crypto nostalgia, courtesy of the new tech outlet 404Media, which brought us the tale of infrastructure startup Prime Trust. In 2018, the company decided to deposit $38.9 million in cryptocurrency on a hard wallet, which are considered the safest way to store crypto, since they’re not connected to the internet. To make sure Prime Safe’s fortunes were kept safe, the company created a snazzy metal plaque engraved with the hard drive’s password. Guess what happened next: Reader, they lost the plaque. Over time, as customers looked to cash out, the company scrambled to find $76 million in other funds to fulfill withdrawal requests. Eventually Prime Trust couldn’t keep the jig up, and this week filed for bankruptcy. But don’t worry—in its filing, the company promised it won’t happen again
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www.404media.co

'The Wallet Event': Crypto Startup Bankrupt After Losing Password to $38.9 Million Physical Crypto Wallet

“The Company remains unable to access the 98f Wallet. The investigation continues.”

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