CryptoCurrency Exchange Security

Unauthorized outflow incident at a major Japanese exchange bit point.

This incident may have brought the importance of security to even more.

Generally, hot wallets and cold wallets are often not correctly understood.

Even though the exchange side also states that customer assets are stored in cold wallets, it is a black box specifically how they are stored.

A hot wallet is defined as "a wallet whose private key is stored where it is always connected to the Internet".

If you usually know the secret key, it means that the wallet can be accessed, but the key is stored in an environment that is always connected to the Internet.

Cold wallets, on the other hand, are wallets where private keys are stored in places not connected to the Internet.

Is Cold Wallet absolutely safe?

Actually it is not 100% safe.

And I mention the need to think about two security, digital security and physical security.

Physical security refers to the risk of physically losing the wallet itself and its secret key, and the risk of the administrator being killed or the company being targeted by terrorists.

Earlier this year, there were cases where the exchange wallet could not be accessed due to the death of the CEO on a Canadian exchange.

It is not difficult to imagine that the risks targeted by crime are particularly high for exchanges.

In fact, in Bitbank, persons holding private keys carry out risk hedges such as riding separate planes.

It turned out that the person who holds the exchange's private key is always next to danger!

・ Hot wallet

・ Cold wallet

Neither is 100% safe!

Let's reevaluate the treatment of your own assets with the recognition that

Of course the risk aversion mentioned in Amanpuri is, of course,

Store 95% of +24 hours in a cold wallet using multisig

Partnering with major custodians for segregated management and safe storage of your assets

+ Pool 5% of monthly sales for possible theft

→ We aim to protect 100% of your assets!

■■■

Our information links.

HP

https://amanpuri.io/

Telegram

https://t.me/amanpurichat

Twitter

https://twitter.com/amanpuri_ex

Facebook

https://www.facebook.com/amanpuriexchange/