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News

Prime Trust Discovers $45 Million in Old ETH Holdings

August 28, 2023 - Around 2 mins mins to read

Key Points:

  • Arkham unveils an ancient wallet address containing $45M worth of tokens, mainly 95% ETH.
  • CEO Jor Law admits losing access to devices safeguarding tokens for customers.
  • Incomplete wallet migration allowed customer transactions to old address. Security and transition practices under scrutiny.
Prime Trust has revealed that an old wallet address holds a staggering $45 million worth of tokens, predominantly comprising 95% ETH.
Prime Trust has revealed that an old wallet address holds a staggering $45 million worth of tokens, predominantly comprising 95% ETH.

The wallet address, 0xf4E11b89519EcCd988A56749f1C64aD9bFe0298f, has brought to light the challenges of managing digital assets securely.

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 has revealed that an old wallet address holds a staggering $45 million worth of tokens, predominantly comprising 95% ETH.

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.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

ETH

ETH holdings

Prime Trust

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Prime Trust Discovers $45 Million in Old ETH Holdings

Key Points:

  • Arkham unveils an ancient wallet address containing $45M worth of tokens, mainly 95% ETH.
  • CEO Jor Law admits losing access to devices safeguarding tokens for customers.
  • Incomplete wallet migration allowed customer transactions to old address. Security and transition practices under scrutiny.
Prime Trust has revealed that an old wallet address holds a staggering $45 million worth of tokens, predominantly comprising 95% ETH.
Prime Trust has revealed that an old wallet address holds a staggering $45 million worth of tokens, predominantly comprising 95% ETH.

The wallet address, 0xf4E11b89519EcCd988A56749f1C64aD9bFe0298f, has brought to light the challenges of managing digital assets securely.

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 has revealed that an old wallet address holds a staggering $45 million worth of tokens, predominantly comprising 95% ETH.

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.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.