The fortune no one could unlock
Wei's crypto was technically secure. That security — designed to keep strangers out — also kept his family out. Without access instructions, nearly a quarter of his portfolio was lost forever.
The situation
Wei
29, Singaporean software developer and crypto investor, Ang Mo Kio
Wei started investing in cryptocurrency in 2020 and has built a portfolio worth S$220,000. He holds 2.4 BTC on Bybit (~S$145,000), various tokens on MetaMask (~S$38,000) with the seed phrase written on a sticky note 'somewhere safe', 0.3 BTC on a Ledger hardware wallet (~S$18,000), and ~S$19,000 in stablecoins on Binance.
His other assets: CPF (S$35,000, no nomination), a joint POSB account with his mother. He has no will and has never told anyone about his crypto, its value, or how to access it.
Wei's parents are retirees with no knowledge of cryptocurrency. His mother knows he 'invests in Bitcoin.' She does not know what a seed phrase, a hardware wallet, or a private key is.
What happened
Wei dies in a motorbike accident
His parents are notified. Unmarried, no children — under ISA, his parents are his heirs.
Phone is inaccessible
Wei's phone requires fingerprint or PIN to unlock. His Chrome browser — with MetaMask and exchange passwords saved — cannot be accessed.
Ledger hardware wallet found — seed phrase missing
Parents find the Ledger in a shoebox. Without the PIN or 24-word seed phrase, it cannot be unlocked. The seed phrase sticky note is never found.
MetaMask — permanently inaccessible
MetaMask has no account recovery. Without the seed phrase or device, the wallet cannot be recovered.
Bybit death claim process begins
Parents contact Bybit. Required: death certificate, Letters of Administration, government ID, proof of relationship. Process: 6–9 months.
Letters of Administration filed
Parents engage a lawyer to apply for Letters of Administration. Cost: S$3,500. Processing time: 2 months.
Binance releases stablecoins
After 6 months of documentation and follow-up, Binance releases S$19,000.
Bybit releases BTC holdings
After 9 months, Bybit releases the 2.4 BTC (~S$145,000). Total recovered: S$164,000. Total permanently lost: S$56,000.
The damage
Total financial impact
S$56,000
Time lost
9 months
How Keepsafe changes this
The legal procedures still take time. What changes is how quickly they start — and how much damage is prevented.
Without a plan
What actually happened
- 1Ledger seed phrase on a sticky note 'somewhere safe' — never found. S$18,000 lost permanently.
- 2MetaMask seed phrase not documented. S$38,000 lost permanently.
- 3Parents don't know which exchanges Wei used — discovery takes weeks
- 4Bybit and Binance: 6–9 months to recover due to death claim process
- 5No CPF nomination — S$35,000 to Public Trustee's Office
With Keepsafe
How it could have gone
- 1Seed phrase stored in Keepsafe encrypted vault, access granted to one trusted person — Ledger fully recoverable on day one
- 2All wallet seed phrases in encrypted vault — MetaMask balance fully recoverable
- 3Asset inventory lists all exchanges, account references, and contact emails — parents initiate claims on day one
- 4Exchanges still take time — but with account IDs ready, the process starts immediately and 2–3 months are saved
- 5CPF nomination names parents — paid directly, no PTO fees, within 60 days
“Wei's crypto was perfectly secure. That was the problem. Security that keeps strangers out will keep your family out too — unless you leave them the keys. A seed phrase in the vault, an asset list, and a trusted person who knows where to look: that is all it takes to turn a locked fortune into an inheritance.”
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