NASHVILLE, Tenn. (WKRN) — Experts say cryptocurrency theft is rare compared to more traditional types of white collar crimes, but a case made headlines last week when it happened to Nancy Jones, the widow of late country music star George Jones.
Last month, when Nancy asked her granddaughter to check the safe in her home, her granddaughter reportedly discovered $400,000 in cash and a Ledger wallet containing millions of dollars in cryptocurrency were missing, according to court documents.
Campbell Harvey, Professor of Finance at Duke University, said cryptocurrency investors have two choices when it comes to storing their crypto, and Jones used a specialized self custody wallet.
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“If you’re going to self custody, that means that you actually have the ownership, you’ve got the password to be able to spend the crypto, then you need to be very careful with that password,” Harvey said. “If you share the password with somebody and you suspect the person is untrustworthy all of a sudden, then you change the password.”…