John invested in crypto funds. I am not a crypto investor so this is my very basic understanding of the funds. If there are any crypto-knowledgeable readers here, please feel free to correct or add to this.
Crypto funds are purchased and can then be stored in a off-line cloud. In order to access your crypto funds, you need the key. A key is a series of numbers kind of like a secret code. Each bit has it's own key. So if you have 10 bits, you need 10 keys.
When a crypto owner dies, the asset goes through probate since it's considered an asset. Whoever inherits the crypto also needs to the keys to unlock the funds. If the inheritor doesn't have the key, the funds remain locked up for eternity. The inheritor will never get any financial gain from their inheritance.
My question is, who had/has access to John's keys? MOO Thinking of this as a possible motive to murder.
Without your private key, your heirs are locked out of your digital wallet. Being prepared, though, ensures they can gain access to your assets when the time comes.
www.kiplinger.com
Cryptocurrency is stored using a virtual wallet, and a private key is needed to open it. This private key is a string of random characters, essentially the password that gains access to the wallet contents. This is like a physical key to open a safe-deposit box. Of course, a bank can eventually access a safe-deposit box if the physical key is lost, but that is not true of a wallet with a missing virtual key.
Zimmerman explains, "If you die without leaving anyone the details of your private key, your cryptocurrency will become nearly impossible for your loved ones to access." While numbers are not available readily for many cryptocurrencies, Bitcoin estimates that approximately 4 million Bitcoins have been lost due to the deaths of owners and missing private keys. That is more than $240 billion today.