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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“CPCS’s computer systems have been attacked and are not working properly. We are still representing clients. In addition, there is no evidence that confidential information from clients has been released as a result of these attacks.”Initially, the attack happened on February 27. The organization believed that paying the ransom means a waste of money so they decided to restore the systems manually. Two weeks after, the entire justice system in Boston can feel the damaging effects. The agency cannot really say how long the delay will last or when they will get back online. In the meantime, people working in the agency cannot use their email or enter the agency’s website. Ransomware attacks became popular in 2015. The attackers mainly targeted police agencies that end up paying the ransom. The public infrastructure is always a target of ransomware attackers since the offer public services and cannot end up being crippled because the people are the ones who pay the higher price. The public defenders didn’t say how much money the attackers demanded. However, the cost to unlock a computer could start from $100 up to thousands of dollars. The attackers usually target victims individually but law enforcement agencies or other government agencies are not excluded. Last year, a couple of Dutch hackers were sentenced to community service after attacking more than 1,000 computer systems and gathering over $11,000.
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“As alleged, these defendants created a multibillion-dollar ‘cryptocurrency’ company based completely on lies and deceit. They promised big returns and minimal risk, but, as alleged, this business was a pyramid scheme based on smoke and mirrors more than zeroes and ones. Investors were victimized while the defendants got rich. Our Office has a history of successfully targeting, arresting, and convicting financial fraudsters, and this case is no different.”The New York County District Attorney Cyrus R. Vance Jr. claimed that the defendants created an old-school pyramid scheme compromising the integrity of the entire financial system in New York by defrauding investors for billions of dollars.
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