4 ms·
Maybe create a new address type on protocol level, where transactions from that address can be reversed within 36 hours with backup key(s)? Normal users wouldn'
by vamur 10y ago
Maybe create a new address type on protocol level, where transactions from that address can be reversed within 36 hours with backup key(s)? Normal users wouldn't accept from these addresses but should be good enough for most exchanges for purposes of cold storage.
Though in this case it looks like it was a hack on a third party provider, which is why relying on third parties for core functions is not a good idea. Why would Bitfinex use that provider instead of a multi-sig cold storage is anybody's idea.
- vamur 10y agoAlso, looking at reddit, they moved to a new datacenter recently. So could be that a datacenter employee stole code and database and then submitted the withdrawal requests from the stolen code to Bitgo. Not even sure how to protect against that.
- robryk 10y agoSee http://hackingdistributed.com/2016/02/26/how-to-implement-secure-bitcoin-vaults/ http://hackingdistributed.com/2016/02/26/how-to-implement-se... for a write-up on (I think) the exact thing you propose.