| operations |
| comment | | "parent_author":"",<br>"parent_permlink":"bitfinex",<br>"author":"gapil",<br>"permlink":"a4ors-a-single-usd99-trezor-could-have-prevented-the-usd70-000-000-bitfinex-hack",<br>"title":"A Single $99 Trezor Could Have Prevented the $70.000.000 Bitfinex Hack",<br>"body":"http:\/\/satoshilabs.com\/wp-content\/uploads\/2016\/01\/IMG_2471-2.png\n\nAfter the gigantic Bitfinex hack,<br> Trezor and Ledger,<br> both hardware wallet vendors,<br> published medium posts about how their products could have prevented the $70M bitfinex hack.\n\nSatoshilabs wrote an article called \"TREZOR: Mitigating Risk For Bitcoin Exchanges\" explaining how a $99 Trezor could have prevented the security breach.\n\nWith the recent Bitfinex hack,<br> it came to light that all of the exchange\u2019s bitcoins were stored in a 2-of-3 multisig hot wallet. With a full automation though,<br> multisig loses its security advantage. It was sufficient to compromise one signature in order to empty the wallets. A good portfolio analysis would determine an appropriate percentage of the liquidity to be withdrawn to the safety of a Trezor (also capable of multisig). However,<br> for the best security,<br> Trezor allows no automation. Instead,<br> it requires the responsible fund manager to verify each transfer between cold and hot wallet with their own eyes and a physical button press \u2014 something a hacker could never do.\n\nHow a Trezor Hardware Wallet Works?\n\nhttps:\/\/upload.wikimedia.org\/wikipedia\/commons\/d\/dc\/RubberStamp_blank.jpg\n\nIn short,<br> the fastest way to explain how a Trezor works is comparing it with a stamp,<br> a $99 stamp. It has your private keys locked in the device and thus,<br> only the Trezor can assign your bitcoin transactions,<br> with the private keys and a visual confirmation on the screen of the device.\n\nhttps:\/\/doc.satoshilabs.com\/trezor-user\/_images\/trezor-tx1.jpg\n\nEven if your computer is compromised,<br> there is no way a hacker could steal your private keys,<br> since they are locked into the hardware wallet.\n\nSo next time,<br> be smart and use a Trezor,<br> Bitfinex :)",<br>"json_metadata":" \"tags\":[\"bitfinex\",<br>\"hack\",<br>\"security\",<br>\"trezor\",<br>\"bitcoin\" ,<br>\"image\":[\"http:\/\/satoshilabs.com\/wp-content\/uploads\/2016\/01\/IMG_2471-2.png\" " | | vote | "voter":"gapil",
"author":"gapil",
"permlink":"a4ors-a-single-usd99-trezor-could-have-prevented-the-usd70-000-000-bitfinex-hack",
"weight":10000 |
|