Company Builds Bunker For Your Crypto, Says It “Prevents Any Possibility” Of Attack

[ad_1]

Prosegur built a castle for your crypto. The company announced that it had built what it described as “the first bunker for the safekeeping of digital assets, consisting of a physically and digitally inaccessible environment”, in one of the 550 vaults it previously dedicated to hosting “more than 400 billion euros in fund clients.”

This bunker “brings together all the infrastructure, facilities, technologies and security protocols necessary to minimize all the risk areas identified in the chain of custody of digital assets,” the company said, and “prevents any possibility of physical or cybernetic attack “. (Which is the kind of statement that makes people want to attack something.)

Prosegur said some of these security measures include “closed circuit cameras, biometric access, secure controlled rooms as well as permanent surveillance by armed personnel in all facilities” as well as “specially designed firewalls. to keep the installation completely isolated from any exterior communication. “

The actual cryptographic assets will be stored on a Hardware Security Module (HSM) which “generates, stores and protects cryptographic keys” and is housed in “a military protected case in the high security vault”. If anyone attempts to access the HSM without permission, its content will be removed, the company said.

There is more, but suffice it to say that Prosegur is confident in his ability to protect the assets of this bunker. Regarding these assets: The company said it “supports a wide range of cryptocurrencies and tokens such as Bitcoin, Ethereum, and Ripple, among others, with new protocols being phased in.”

It might seem strange to devote so many security measures to protecting crypto assets, but the reality is that properly securing these assets has been an issue since their introduction. This is true on a smaller scale, such as hackers trying to access an individual crypto wallet, as well as a larger one.

We have covered large scale thefts involving cryptocurrencies several times over the years. Consider Coincheck’s $ 500 million NEM theft in 2018, for example, or the $ 200,000 crypto theft from a professional League of Legends player in the same year. Both appeared to be massive crimes at the time.

But then we got to 2021. In April, the founder of an exchange disappeared with $ 2 billion worth of crypto, and in June the founders of Africrypt took away $ 3.6 billion worth of Bitcoin. For reference, the biggest theft in recent history was the billion dollars that one of Saddam Hussein’s sons took from the Central Bank of Iraq in 2003.

The Prosegur bunker is starting to make a little more sense in this context, but it’s still worth remembering a few things. The first is that nothing is ever completely certain; there will always be vulnerabilities. The second is that introducing a single point of failure – in this case, Prosegur – requires a significant amount of faith.

The third is that the company basically offers a service that charges you for deleting all of your cryptos, and therefore your funds, if someone is savvy enough to get through the final layer of security.

[ad_2]