While technology makes it easier for bad actors to steal the retirement assets of plan participants, it’s far easier to steal from 401(k) plans with crypto investments. 401(k) plans that have Bitcoin investments would have a crypto wallet, rather than an ordinary custodian for mutual funds and stocks.
Hackers have stolen more than $3 billion in cryptocurrency in 2022, and that’s not even counting the FTX disaster. It seems stealing from wallets and crypto exchanges is far easier than stealing from 401(k) trusts.
Just another way that Bitcoin 401(k) is a bad idea.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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