March 5, 2025—DevvDigital™ is redefining blockchain security with DevvProtect’s Loss Protection, an industry-first mechanism that allows users to recover assets even if they lose access to their private keys while still requiring no trust in the process.
For the first time, blockchain users can mitigate one of the greatest risks in crypto—irretrievable asset loss—without requiring centralized control or intermediaries. DevvProtect’s loss protections solves one of the biggest challenges that has plagued the blockchain industry since its inception.
Ethereum Founder Vitalik Buterin recently waded into the debate, sharing his thoughts on “X”
regarding his concerns with the current ecosystem in the form of “accidental loss”.
“Reminder: there’s also plenty of people who have lost huge amounts of crypto to loss rather than theft. Software bug, forgotten password, lost device, paper wallet burned down in LA fire, upgraded device without backing up data …. lots of ways for that to happen. Because there’s no attacker to go after, victims don’t have a strong need to talk about it. And often because they see no one to blame but themselves, victims will be too ashamed to talk about it. But it happens. Often. And the truly robust wallet security solutions that our ecosystem needs to build should take loss into account too.”
https://twitter.com/VitalikButerin/status/1895358841568506053
Losing access to a private key has long been one of the greatest fears in crypto. There have been countless examples of this phenomenon.
On an exchange level, only one person had the private keys for Canadian exchange QuadrigaCX, CEO Gerald Cotten. When he died unexpectedly in 2019, 26,350 BTC (now valued at over $2.6 billion), were forever locked away.
On an individual level, James Howells is one of the biggest losers in Bitcoin history. His wallet, which today has a value of $800 million in Bitcoin, was accidentally thrown away 12 years ago. He is currently trying to buy the landfill he believes it is located.
Such massive amounts of money being lost forever showcases the need for a loss protection mechanism. That’s where DevvProtect comes in.
How DevvProtect’s Loss Protection Works
DevvExchange’s loss protection mitigates these catastrophic risks by allowing users to predefine recovery mechanisms using an NFT stored in their wallet.
If a private key is lost, whether through a mistake, a technical problem, or through inheritance, users can initiate asset recovery to a new wallet, but with a built-in delay (e.g., 30 days). If the original key is found during this period, or importantly, if the key was never actually lost, the recovery can be reversed using the private key—eliminating the need for trust while ensuring lost assets can be recovered. The solution is a clever logical solution, implemented at the core validator level, where there is recourse for loss, but where no trust is required, given that if there actually was no loss, then the system cannot be used improperly.
Loss protections are desperately needed in blockchain, and DevvProtect provides for this critical feature. It becomes all the more important as TradFi companies expand into the blockchain space, as those companies will necessarily require that their customers cannot simply lose access to their assets. DevvX, which DevvExchange is built on, is the only blockchain with this clever, trustless recovery mechanism.
A Step Toward Mass Adoption
“Fear of losing access to crypto has been a major roadblock for mainstream adoption,” said Ray Quintana, CEO of DevvDigital. “With DevvProtect Loss Protection, we are solving one of the industry’s most persistent issues. Now, users can engage with blockchain assets without worrying about irretrievable losses. This is one of the foundational aspects of our solution, that truly will fully enable the global tokenization movement.”
About DevvExchange
DevvExchange is the first-ever instant-settlement, non-custodial digital asset exchange designed to meet institutional standards. Built on the DevvX blockchain, DevvExchange eliminates middlemen, reduces costs, and enables mathematically guaranteed settlement at T+0 speed. By integrating DevvProtect, DevvExchange becomes the first blockchain-powered trading platform that combines decentralized security with institutional protections. Learn more at www.devv.exchange.
This press release contains forward-looking statements, including but not limited to statements regarding the anticipated benefits and future operations of DevvExchange™ under the license agreement with Devvio. These statements are based on current expectations, projections, and assumptions and are subject to risks and uncertainties that could cause actual outcomes to differ materially. Factors that may cause such differences include, but are not limited to, market conditions, regulatory changes, technological developments, and other unknown risks. DevvDigital™ assumes no obligation to update or revise forward-looking statements to reflect new information, events, or circumstances, except as required by law.
