Prime Trust Discovers $45 Million in Old ETH Holdings
The wallet address, 0xf4E11b89519EcCd988A56749f1C64aD9bFe0298f, has brought to light the challenges of managing digital assets securely.
We believe a wallet with a token portfolio worth over $45M (95% ETH) is a Prime Trust legacy wallet and is currently inaccessible to their team – matching yesterday’s court filing.0xf4E11b89519EcCd988A56749f1C64aD9bFe0298f pic.twitter.com/81sazDl5Gl
— Arkham (@ArkhamIntel) June 28, 2023
The announcement came via Arkham’s platform X, shedding light on the substantial sum locked in the inaccessible wallet. The company’s revelation has prompted questions about the security of such valuable assets and the practices followed in managing them.
Prime Trust CEO Jor Law made a startling revelation in court documents filed today. The documents stated that the company had lost access to the physical devices responsible for storing tokens in customers’ wallets. The setback has raised concerns about the safeguarding of cryptocurrencies and the possible repercussions for affected customers.
Furthermore, it was revealed that the migration of Prime Trust’s previous wallets to a new system was not fully completed. This oversight allowed the continued support of customer transactions to the old wallet address. This crucial detail has stirred debates on the necessity of meticulous execution during technical transitions, especially when dealing with financial assets of significant value.
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Source: ethereum.today
