Private keys are a crucial part of the cryptocurrency ecosystem. However, in recent times, some of those have been compromised. Qredo CEO Anthony Foy shared his suggestions on how to protect them.
Bitcoin lets you be your own bank by holding your private keys, but as the cryptocurrency industry has developed, this idea has become diluted. Many cryptocurrency users now choose to surrender their private keys to third party custodians. This has brought trust back into a trustless system—with fatal effects. Cryptocurrency’s short history is littered with massive losses, where the private keys controlling millions have been stolen from exchange wallets, pilfered by scam artists, and embezzled by trusted custodians. Even those individuals who have stayed true to the spirit of Bitcoin and kept their own private keys have still suffered, with dodgy wallets, silly mistakes, and even a series of ‘horrible boating accidents’ all leading people to lose their cryptocurrency.
Check It Out: How to Protect Compromised Private Keys