According to River Research, Bitcoin's losses due to self-custody mismanagement have exceeded exchange-related events, totaling about 1.60 million BTC (worth over $1.50 billion), higher than the 1.20 million BTC (over $1.10 billion) losses caused by the Mt. Gox hack and the FTX bankruptcy. The study used a probabilistic model to analyze wallet activity and found that long-term (more than 10 years) unused wallets account for the main share of losses, while short-term inactive wallets have a lower probability of losses.