Similar to a bank account for fiat currency, a crypto wallet is a personal interface for a cryptocurrency network that provides reliable storage and enables transactions. Whether a cryptocurrency is securely stored or not, much depends on the wallet, which is only as secure as its private keys. Wallets are generally either hot or cold. The funds in a hot wallet can be spent at any time, online. A cold wallet functions in contrast: not intended for regular cryptocurrency transactions, but funds can be received at any time. Wallets can also be divided into three groups: software, hardware and paper. …
Digital asset finance firm BitGo announced the launch of its off-chain clearance and settlement service in a press release published on May 14. Per the announcement, the service will be available to clients of qualified custodian BitGo Trust Company, and assets are not moved from custody while reportedly allowing fast, compliant and secure settlement. The company explains that — since the funds never leave the custodian’s wallet — this method eliminates counterparty risk: “Until now, in a digital asset trade, one party needed to assume all of the risk and act on the counterparty’s good faith, and this doesn’t really …
Blockchain security and cryptocurrency custody firm BitGo has appointed a veteran Wall Street trader as its head of financial services, according to a press release published on May 9. The new hire, Nick Carmi, joins BitGo after a reported 25 years of experience as a financial executive. His most recent role was as Global Head of FICC Business at the high-frequency trading firm Tower Research Capital — founded by former Credit Suisse proprietary trader Mark Gorton. According to a statement from BitGo CEO Mike Belshe, the hire was spurred by an intent to forge a stronger connection between technologically innovative …
Offline cold storage cryptocurrency wallet service provider GK8 is offering a bug bounty of up to $250,000 to the first person who can hack its product. GK8 — which presents its solution as a “hack-proof digital vault” that needs no direct or indirect connection to the internet — will place 14 Bitcoin (BTC) (over $125,000 at press time) in its wallet. Anyone who succeeds in breaking into the wallet will pocket its proceeds, plus an additional $125,000 prize. The bounty program will run from Feb. 3 (9:00 a.m EST) through February 4, 2020 (9:00 AM EST). Mitigating state-sponsored attacks and …
Major Slovakia-based antivirus software provider ESET has discovered a banking trojan that can steal cryptocurrencies and is especially widespread in Latin America. Primary targets Known as “Casbaneiro” or “Metamorfo,” the newly found malware family targets banks and cryptocurrency services located in Brazil and Mexico, ESET’s editorial arm WeLiveSecurity reports Oct. 3. According to the report, Casbaneiro uses a social engineering execution method, which displays fake pop-up windows misleading potential victims to enter sensitive information. The capabilities of the malware are typical of Latin American banking trojans that can take screenshots and send them to command and control server, simulate keyboard …