PANews reported on January 16 that River Research and Analysis stated that Bitcoin losses due to poor self-custody management have exceeded exchange-related incidents, totaling approximately 1.6 million BTC (worth over $1.5 billion), higher than the 1.2 million BTC (over $1.1 billion) lost due to the Mt. Gox hack and FTX bankruptcy.

The study used a probability model to analyze wallet activity and found that wallets that had not been used for a long time (more than 10 years) accounted for the majority of losses, while wallets that were inactive for a short period of time had a lower probability of loss.