Many billions worth of crypto assets have evaporated on FTX, the world’s third-largest exchange. But history repeats itself. As of 2014, it was Mt. Gox, the world’s largest Bitcoin broker and the world’s leading Bitcoin exchange, handling more than 70% of all Bitcoin transactions worldwide in February 2014, exchange was hacked and 850,000 bitcoins were stolen. This was a systematic and infrastructure failure.
There is low education on handling private keys and personal wallets. Challenges for crypto investors seem to be more about how not to “lose” than “make a profit.”
Therefore, to keep it safe, you should keep it in own wallet and private key or mnemonic that allows access to the generated wallet which must also be protected.
Private key or recovery word phrase cannot be recovered once it’s lost. It gives access to different tokens. In most cases, combinations of 12 to 36 characters is kept insecurely. This also causes a risk of loss or getting hacked. Cold wallets (hardware) are an alternative but fall under the same circumstances.
Master Key 2.0 has been released to protect crypto assets and private keys. The advantage is that it allows protection of wallet and crypto assets by securing private key in random incidents. Moreover, 3FA of personal authentication info can only be the access to protect and retrieve the private keys.
In particular, one can manage multiple wallets and private keys of various crypto assets at once. Only owners can utilize their personal information to manage the keys that allow them to access assets on the blockchain. All private keys protected by 3FA are algorithmically encrypted and kept segregated in secure storage in the Microsoft cloud. Restoration and Recovery follows the same procedure. It’s easy and convenient, but it also provides very strong encryption and a reliable cloud architecture. MasterKey’s encryption and algorithm services are provided as API to partner with B2B. It servers wallet provider and Defi exchanges. You can access and download at: https://www.the-masterkey.com
MasterKey 2.0, is offered by Digifinance Pte. Ltd. in Singapore. Digifinance aims to build the premier digital wealth technology platform offering holistic investment and security services across the full digital assets spectrum. The company has partnership with Samsung, UNESCO, r3, KOSCOM(Korea Exchange) and others, and has been awarded by Microsoft Startup.