River Research analyzed that the losses caused by poor self custody management of Bitcoin have exceeded exchange related events, totaling approximately 1.6 million BTC (worth over $1.5 billion), higher than Mt The loss of 1.2 million BTC (over 1.1 billion US dollars) caused by Gox hackers and FTX bankruptcy. The study used a probability model to analyze wallet activity and found that wallets that have not been used for a long time (more than 10 years) account for the majority of losses, while wallets that are inactive in the short term have a lower probability of loss.