[hamiltonians]

and no encryption apparently too

[rufusroflpunch]

This is baffling. It would be remarkably easy to memorize 12 words, then keep no active wallet anywhere. When you want to send coins, start up a desktop wallet, enter the 12 words, send some Bitcoin, then delete the wallet.

[cesarb]

If this was a really old Bitcoin wallet, it could be from before the "12 words" thing. IIRC, older wallets randomly generated each key, instead of deriving them from a seed passphrase (which also meant you had to be really careful with your backups, since an old backup of the wallet wouldn't have its newer keys).

[323]

And one day you hit your head and can't remember the words anymore.

[Scoundreller]

Would he want to have all the funds in 1 wallet?

(I understand these hardware wallets let you load up as many as you want.)