Imagine forgetting the password to an important account — frustrating, right?
Now imagine losing access to $469,000,000 because you forgot a password and there is no way to reset it.
This is exactly what happened to Estonian banker Rain Lõhmus, who bought 250,000 ETH coins for $75,000 during Ethereum's Initial Coin Offering in 2014 and simply forgot the password to access his wallet years later 🫡
The lesson here: No matter if you use a hot or cold wallet to store large amounts of crypto, always write down not only the seed phrase but also the wallet password because memory does not last forever 🙄
Never oversmart anyway.
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