Problem of Crypto Assets
Hacks: The frequency, amount, and type of hacks have only increased.
In 2019, the largest exchanges, Binance, UPbit and Bithumb were hacked
Private Key Losses: 2018/12/09, the sudden death of QuadrigaCX’s founder resulted in a loss of $135M.
Most people aren’t backed up for unexpected events such as fire, death, car accident that could cause their private keys to be lost forever
- Funds are safely transferred to user’s Safe Wallet before the block containing the hacker’s transaction is confirmed
- This can be done without delegating your private keys
- Hundreds of millions of dollars can be secured annually
- Lost Key Recovery: Asset restoration in the case of private key loss
- In the process of 4 patent applications