CustodyStress
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Part of the CustodyStress archive of observed Bitcoin custody incidents

Documentation absent

Cases in this category involve custody arrangements where no documentation existed describing how to access or recover the Bitcoin.

Documentation absence is the custody failure mode most likely to affect heirs and executors rather than owners directly. The owner typically knows how to access their Bitcoin; the failure only becomes apparent when someone else must act. Cases in this category range from informal single-person setups to institutional arrangements where no documented procedure survived the individuals who built them.

193 observed cases
Blocked
105 (54%)
Constrained
29 (15%)
Survives
10 (5%)
Indeterminate
49 (25%)
Documentation absent — exchange 2016
Exchange custody
Blocked 2016
A Bitcoin investment fund that had raised BTC from retail investors in 2014 refused to publish audited accounts in 2016, instead providing only a PDF with no ve
A cloud mining operator dissolved in July 2016 after four years of operation.
Unknown custody system
Blocked 2016
A cloud mining operator dissolved in July 2016 after four years of operation. It had never published verifiable proof that it owned the mining hardware it claim
Documentation absent — Bitfinex (2016)
Exchange custody
Indeterminate 2016
Following the Bitfinex hack, several other exchanges published claims of proof-of-reserves but without specifying methodology or providing cryptographic proofs.
Documentation absent — exchange custody (2016)
Exchange custody
Blocked 2016
A Bitcoin high-yield investment program that had been paying daily returns for 18 months collapsed in August 2016. Investors who requested their principal back
Documentation absent 2016
Unknown custody system
Blocked 2016
A Bitcoin mining cooperative that had operated since 2012 dissolved in September 2016 after its three founding members had a dispute about the remaining hardwar
Documentation absent — exchange 2016
Exchange custody
Indeterminate 2016
A Bitcoin trading cooperative that had pooled members' funds since 2014 was wound down in October 2016 following a membership dispute. The cooperative had never
Documentation absent — Gatecoin (2016)
Exchange custody
Constrained 2016
Gatecoin's public statement on the May 2016 hack did not specify the technical attack vector. The exchange cited an 'operational error' that caused hot wallet f
Hidden wallet discovered — software wallet (2016)
Mobile or software wallet
Blocked 2016
A 2016 estate case involved a deceased Bitcoin holder who had left a typed letter describing 'multiple cold storage locations' but without specifying the locati
Documentation absent — exchange 2016
Exchange custody
Constrained 2016
A Bitcoin-denominated reward token program run by an online marketplace announced it was discontinuing the rewards program in July 2016. Customers who had accum
Neither Bitfinex nor BitGo published a full forensic report.
Exchange custody
Constrained 2016
The Bitfinex post-hack investigation never produced a definitive public account of how the attacker obtained Bitfinex's co-signing key or circumvented BitGo's t
The attorney found a Bitcoin-Qt installation on the laptop but no wallet file in
Mobile or software wallet
Blocked 2015
An estate attorney documented a December 2015 case where the deceased had left a note referencing 'coins on the laptop' and a hint: 'remember 2009'. The attorne
A thorough search of all known email accounts and devices yielded no evidence of any
Mobile or software wallet
Blocked 2015
A family discovered in late 2015 that their recently deceased relative had referenced 'digital gold' in several journal entries. An estate specialist determined
An estimated 2-5% of customer balances were never claimed.
Exchange custody
Blocked 2015
A Bitcoin-based remittance startup closed in September 2015 and transferred customer balances to a custodian. Several customers who had registered with only a m
The BTER cold wallet hack raised questions about the exchange's cold-storage practices.
Exchange custody
Indeterminate 2015
The BTER cold wallet hack raised questions about the exchange's cold-storage practices. Community members were sceptical that a properly air-gapped cold wallet
A series of Bitcoin-denominated promissory notes issued in 2013 matured in early 2015.
Exchange custody
Blocked 2015
A series of Bitcoin-denominated promissory notes issued in 2013 matured in early 2015. The notes had been issued as plain-text documents with no cryptographic s
Documentation absent — exchange 2015
Exchange custody
Blocked 2015
A Bitcoin bonds platform that had been issuing bonds denominated in BTC since 2013 ceased operations in April 2015. Bond certificates had been issued as text fi
Documentation absent 2015
Unknown custody system
Blocked 2015
A Bitcoin mining pool operator who had been running a private pool for friends and family since 2012 became unreachable in April 2015. The pool's mining rewards
Documentation absent — unknown (2015)
Unknown custody system
Blocked 2015
A cloud mining operator that had sold two-year hash rate contracts in 2013 closed in June 2015 when the contracts reached maturity. The operator retained a port
Documentation absent — unknown (2015)
Unknown custody system
Indeterminate 2015
A mining pool that had been paying rewards since 2012 updated its payout address management system in July 2015. The migration corrupted historical payout recor
Documentation absent — coinbase (2015)
Exchange custody
Blocked 2015
Following the Bitcoin XT controversy, a Bitcoin exchange that had been offering 'coinbase futures'—bets on the first output of each new Bitcoin block—suspended
Documentation absent — exchange 2015
Exchange custody
Blocked 2015
A Bitcoin-denominated hedge fund that had been accepting capital since 2013 refused to provide audited financial statements to investors who requested them in S
When it wound down in October 2015, merchants received settlement statements that could
Exchange custody
Indeterminate 2015
A Bitcoin merchant payment processor that had handled settlements for 200 online retailers over three years failed to maintain auditable records of float balanc
Neither the invoices nor the BTC were independently verifiable.
Exchange custody
Blocked 2015
A Bitcoin-based invoice financing platform that had advanced BTC against merchant invoices collapsed in November 2015. Merchant invoices pledged as collateral w
A later court-appointed receiver found that CEO Paul Vernon had also stolen
Exchange custody
Blocked 2015
The Cryptsy collapse in December 2015 revealed that the exchange had been operating for over a year without disclosing the July 2014 hack to its users. During t
Documentation absent — exchange custody (2015)
Exchange custody
Blocked 2015
A social trading network for Bitcoin that allowed users to mirror expert trader portfolios shut down in May 2015. Users had deposited BTC under a terms-of-servi
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Other stress categories
Terms guide
Survives
Access remained possible under the reported conditions.
Constrained
Access remained possible, but only with delay, dependence, or significant difficulty.
Blocked
Access was not possible under the reported conditions.
Indeterminate
There was not enough information to determine the outcome.
Single-person knowledge
Recovery depended on information or capability held by one individual who was unavailable.
Institutional dependence
Recovery depended on a third-party institution or service that was inaccessible or uncooperative.
Documentation gap
Recovery depended on instructions that were missing, incomplete, or unclear.
Authority mismatch
The person with legal authority to act did not have operational access, or vice versa.
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