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One password, one person
As widely reported in 2021, programmer Stefan Thomas lost the paper with the password to a drive holding keys to 7,002 bitcoin. The drive allows ten guesses, and he had used eight.
Cointelegraph on the New York Times report, 2021
When only one person holds the keys, nobody can check
QuadrigaCX's customers were told only its late founder could reach their money. Ontario's regulator later found the collapse came from his fraud, with about C$169 million in client losses. A sole keyholder is also a place to hide.
Ontario Securities Commission staff review, 2020
The math is old and already trusted
Adi Shamir published secret sharing in 1979. Trezor uses it today so crypto owners can split a wallet backup. Almost nobody has made it simple enough for a family or for documents.
Trezor on Shamir backup
Your agents will outlive your attention
More of our lives now runs through accounts and AI agents acting for us. Someone will need a way to find their instructions and stop them, without one person or one company holding that power.
Our view, not a citation.