LA Wildfires Threaten Crypto Companies, Residents Lose Hardware Wallets in Evacuation

Crypto firms scramble to protect assets as raging fires approach data centers and mining facilities

  • Major wildfires across Los Angeles have burned over 15,000 acres, forcing 100,000 residents to evacuate.
  • Multiple cryptocurrency companies and their employees face direct threats from the advancing fires.
  • Several crypto community members have reported losses of hardware wallets containing digital assets.
  • The Pacific Palisades fire has destroyed over 1,000 structures near prominent crypto business locations.
  • Betting platform Polymarket has drawn criticism for offering wagers on fire outcomes.

Devastating wildfires spreading across Los Angeles have placed several cryptocurrency businesses and their employees at risk, while some community members have already lost digital assets stored in hardware wallets. The fires have consumed more than 15,000 acres and prompted the evacuation of 100,000 residents.

- Advertisement -

Impact on Crypto Infrastructure

The Santa Monica Bitcoin Office sits directly in the path of the advancing Pacific Palisades and Sunset fires, which have already destroyed over 1,000 structures. BlockDaemon, a major blockchain infrastructure provider, maintains its headquarters in the affected Los Angeles area, while Spring Labs operates from nearby Marina del Ray.

Digital Asset Losses

Reports of cryptocurrency losses have emerged as residents flee their homes. One community member reported their elderly relative lost access to significant crypto holdings after evacuating without their hardware wallet and seed phrase backup. This incident highlights the importance of maintaining secure, off-site backups of critical wallet information.

Financial Impact and Response

Real estate insurance companies predict record-breaking losses from the disaster. Multiple fires, including the Eaton, Hurst, Lidia, Bridge, Turbine, and Viewline blazes, continue to spread across southern California. Fire departments report significant challenges, including depleted water supplies and overwhelming conditions.

The situation has sparked controversy as trading platform Polymarket began offering cryptocurrency-based bets on the fires’ outcomes, drawing criticism from community members and observers.

✅ Follow BITNEWSBOT on Facebook, LinkedIn, X.com, and Google News for instant updates.

Consider a small donation to support our journalism

Previous Articles:

- Advertisement -

Latest

Uniswap (UNI) Rebounds Above $6 After Brief Uptrend Breakdown

Uniswap's UNI token dropped below its key uptrend line following a failed hold above the $6.00 support level.High trading volumes accompanied the decline, including...

Michael Saylor Invites Joe Rogan to Discuss Bitcoin on Podcast

Michael Saylor has shown interest in discussing Bitcoin on The Joe Rogan Experience podcast.The idea has generated excitement in the Bitcoin community, with some...

Congress Debates Stablecoin Bill Amid Rising Bank and Crypto Tensions

U.S. lawmakers are moving forward with the Senate Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, with debates set to resume after...

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

Must Read

How to Check The Rarity of An NFT

Whenever you invest in an NFT collection, you might have noticed that some NFTs are more expensive than others. NFT collections are often made...