Millions of Americans have lost access to their crypto wallet or account permanently, according to a new study from Oobit, a crypto payments platform.

The numbers are staggering, 35% of U.S. crypto holders say that they have lost access to their wallet or account.

About 31% have never recovered their crypto, resulting in permanent loss, and those losses are not small: 12% of those locked out of their account lost $5,000 or more in a single incident. The median user lost on average 30% of their total crypto holdings.

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How could this happen?

From something as simple as forgetting their password and login, which is 31% of those who lost their account, to lost phrase or recovery phrase to platform…