In 2013, one relatively new project safeguarded by blockchain security provider BitGo held about $10 million worth of cryptocurrency. Later on, the cryptocurrency use crept up to around $100 million. In 2017, BitGo reached a $1 billion mark. In today’s cryptocurrency news, BitGo is among the largest crypto wallets and has big ambitions to secure the $1 trillion mark.
The CEO of BitGo, Mike Belshe, is still looking ahead to the next milestone. He will exclusively give a talk at the Stanford University next month titled “Securing the Trillion Dollar Wallet.”
In a world where everything seems tokenized, this is certainly a realistic proposition. According to Belshe:
“Now we are really thinking, what’s it going to take to secure a trillion dollars? It may be a little far away, but we have to start thinking about it now; we have to start designing it now in order to get there.”
Obviously, designing a system that is as complex as BitGo’s wallet requires a lot of hardware and software, regulation procedures and fulfillment of policies. However, the main thing that keeps BitGo away from becoming the most secure vault for a large sum of money, according to one security consultant in Belshe’s team, are two things: kids and fingers.
As he explained:
“Some of the technology guys out there are saying, ‘hey we can get you out of cold storage in 10 minutes.’ I’m sorry, but if you can get a billion dollars out of cold storage in 10 minutes, that means there’s somebody’s finger that you can threaten.”
Belshe also acknowledged the fact that underwriters are there to provide a service and don’t want to be used as marketing. However, he also pointed out to the fact that full transparency has to be made available for customers, concluding:
“If they are not willing to talk to you about it, it’s a red flag. I guarantee you, if it’s in secret, there’s a reason it’s in secret.”
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“We are not involved, and the movement is not tied to the procedure outlined in the UNUS SED LEO white paper,” she said.The anonymous nature of Bitcoin wallets is still a mystery for many - which is why moves like this one by the stolen Bitfinex Bitcoin are only evidence of hacker activity after the theft. As such, they can only be used for forensic analysis by blockchain sleuths - but often result in money laundering activity and hide the funds' ultimate destination. For those of you who don't know or haven't been following the best cryptocurrency news sites, the Bitfinex theft was the largest loss of Bitcoins by an exchange since the Mt. Gox hack in early 2014 which wiped away $350 million. In February this year, law enforcement in the United States managed to retrieve 27.66270285 of the stolen Bitfinex Bitcoin (BTC) which had been taken in the hack. Right now, we are all far from even thinking about retrieving the stolen Bitfinex Bitcoin. However, it is good that accounts like Whale_Alert exist and show some activity on the wallets following their hack.
FBI Investigation On The QuadrigaCX Case Emerges In The US
The Federal Bureau of Investigation (FBI) has officially expanded the QuadrigaCX case where the founder suspiciously died, with more than $100 million in cryptocurrency vanishing. Because of these reasons, the FBI investigation was relocated to the United States today, and the agency took to Twitter to ask for US-based victims of the crime to come forward.
This is actually a good thing for the market, as the ongoing trend of government intervention is either part of an evolution or a new pattern showing anti-crypto activity. It is all based on how you see things from your perspective.
However, the FBI investigation definitely shows serious attitude towards resolving the QuadrigaCX case, which is particularly interesting because of the mysterious activities and elements to it. One of them is the death of its CEO a month after the exchange closing, to then blame on a lack of access to wallets held by the deceased. As if this issue was not crazy enough, the QuadrigaCX funds were later mysteriously sent to the addresses in question.
A lot of questions linger, as the FBI investigation shows, and are subject to many mysteries. In our coming altcoin news, we have been reporting updates on the QuadrigaCX case - up until now where it seems like the case will go beyond a procedural bankruptcy court in Canada. From this, we can see that the exchange will probably be put under criminal investigation for its services rendered to US citizens.
As a result of this, whoever is left of the executive staff may be off the hook. In cases like these (picked up by the media and the best cryptocurrency news sites), it is often a question whether or not the government can recoup anything. However, the FBI investigation must determine if there are assets with value and to this date, no significant assets like that have emerged.
As a final note, many analysts believe that the actual problem for QuadrigaCX are actually its business decisions and relationships, which were the backbone of the struggle when the Canadian bank froze the exchange's assets.
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