Los Angeles In Flames: When Cryptos Also Go Up In Smoke

In Los Angeles, the glowing red sky from the fires devours everything: homes, memories, and now, digital economies. Five days of infernal chaos have plunged the City of Angels into darkness. Among the victims, a 70-year-old retiree saw her crypto wallet go up in smoke. This tragedy reveals the unsuspected dangers for crypto investors and raises a question: how to protect one’s digital assets in the face of such disasters?

Crypto losses: when fire erases the digital

The tragedy in Los Angeles, host city of Outer Edge in 2023, consumed much more than hectares of forest. Among the losses, crypto investors, already burned by market fluctuations, find themselves ruined this time by a very real enemy: fire.

https://twitter.com/montyreport/status/1877102173357580680

Monty, a user of X, testifies:

” My 70-year-old aunt lost everything in the fire, her apartment and her crypto wallet. She had no backup. I feel sick. “

The numbers are chilling:

• 15,000 hectares of land reduced to ashes;
• 200,000 residents evacuated;
• Crypto companies like BlockDaemon and SuperVerse hit hard.

This disaster highlights the crucial importance of digital security. Hardware wallets, like those from Ledger, protect against hackers, but what to do against flames? Storing recovery phrases elsewhere could have saved these assets and also followed the 10 best tips for securing Bitcoin.

This sad episode serves as a brutal reminder: investing in crypto is not just about avoiding scams, but also about being prepared for the unexpected.

Crypto wallet: a small object at the heart of great dramas

The private keys of a crypto wallet are the access door to your digital assets. Lose them, and it’s over. In Los Angeles, several investors saw their wealth disappear, due to a lack of external backup. This lack of preparation turns out to be dramatic.

While Ledger Nano wallets are practical and portable, they are not infallible. A recovery phrase engraved on a secure external medium – ideally away from your home – is insurance against the unexpected.

However, solidarity is being organized: platforms like The Giving Block or Givepact now accept crypto donations to help the affected.

Among the supported organizations:

• Los Angeles Fire Department Foundation;
• California Fire Foundation;
• Wildland Firefighter Foundation.

https://twitter.com/TheGivingBlock/status/1877065989289869760

These initiatives show that, even in turmoil, the crypto community can mobilize to turn losses into hope.

Finally, in the face of this Californian tragedy, one lesson stands out: the security of a crypto wallet also relies on solutions like metal wallets. In the event of a disaster, these private keys engraved on metal remain indestructible. A way to preserve your digital assets, even in the heart of the flames.