The collapse of the cryptocurrency exchange FTX has sparked discussions about digital asset preservation. Legacy Suite, a leader in digital asset preservation, explains how its solutions can protect users from similar disasters and safeguard digital assets like cryptocurrency, NFTs, legal and health directives, and more.

FTX’s sister company, Alameda Research, held $14.6 billion in FTT tokens, causing concerns about asset commingling and solvency. FTX later filed for bankruptcy, contradicting previous statements by its CEO.

As investigations into FTX’s collapse continue, it’s clear that holding assets within a centralized exchange carries significant risks. Non-custodial wallets, like cold wallets, are considered more secure for storing cryptocurrency assets, but they come with their own risks, such as lost passwords and susceptibility to scams.

Operational security is crucial for digital asset holders. Best practices include using physical notebooks for security keys, limiting password-sharing, and spreading assets across multiple wallets and exchanges to mitigate risk. Storing cryptocurrencies on centralized exchanges for extended periods is not recommended, and trading pairs with high liquidity makes cashing out easier.

Legacy Suite offers solutions that support hardware and cold wallets. Its one-click backup feature, Legacy Lifeline, allows users to pre-authorize asset transfers and execute smart contracts, ensuring the security of their assets in distressing situations like hacks or security breaches. Additionally, Legacy Suite’s Crypto Will feature enables users to retain control of their assets by setting pre-approvals, even when using a hardware wallet.

Legacy Suite aims to promote the essence of decentralization and enhance digital asset protection capabilities through its innovative platform. By enabling a digital inheritance and recovery solution owned and operated by the assets’ owner, Legacy Suite is setting a new standard in programmable smart contracts.

To learn more about protecting cryptocurrencies and digital assets with Legacy Suite, visit their website at [link removed].

About Legacy Suite:
Legacy Suite is an end-to-end solution that supports digital estate planning. It provides secure crypto self-custody, allowing users to hold their own keys, set up directives, assign executors, and ensure the safe transfer of digital assets to their next of kin.