🚨Risks of Sovereignty

A key attraction of cryptocurrency and decentralized finance is the emphasis on self-custody, providing users with full control of their assets. The main issue with this approach is the complex process involved, as well as the responsibility it places on users without providing safety nets. The phrase "not your keys, not your coins" captures the essence of asset ownership in the crypto space, yet there's no banking service to reset a forgotten seed phrase.

Here are some statistics about ETH that has been lost since its inception: "...nearly 909,800 ETH, worth over $1.73 billion, are lost forever. The screenshot below shows the distribution of lost ETH as of Nov. 6(2023)." Lost keys contributing to over 25% of these losses as reported by beincrypto.com.

Courtesy of beincrypto.com

BFSI.com estimates that owners have "lost their crypto wallets containing 532,426 ethereum.. since its presale in 2014". This is estimated at around $1.24bn with Ethereum at a current market value of $2,342. When putting this in to context his equates to "...over 500 Ethereum presale wallets are yet to be recovered", reports Cointelegraph.