Most people wondering how did Luke lost bitcoins claiming he had a hot wallet but what you may be missing is that, by the time he got those bitcoins.. wallets did not have bip39.. you would normally get a flat file “wallet.db” with all your private keys one by one that you then needed to store carefully

He probably made a mistake of never migrating to a HW and thinking that he could manage those keys with PGP securely but clearly that was the wrong assumption