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The company, which presumably has more employees than this one dude, never considered the fact that he was the only person who held the keys? C’mon. I’m smart
by jen729w 8y ago
The company, which presumably has more employees than this one dude, never considered the fact that he was the only person who held the keys? C’mon.
I’m smart enough to have given a friend my 1Password emergency recovery kit and, I tell you now, that ain’t worth $200m.
- solotronics 8y agowho would you trust enough to give the private keys to $200m?
- y4mi 8y agoYou don't have to trust one person with a key for everything. You can use several keys, and even add a paid dead man's trigger from an unrelated website.
- GordonS 8y agoYou can break the key up into pieces, so no one person holds the whole key, or use something like Shamir's Secret Sharing algorithm.
- patio11 8y agoThis was also true at Mt. Gox, FWIW, as reported by an employee that I find credible. The sector is clownshoes. We should not be surprised by clownshoes behavior in it. There is a spirited debate on whether a putative financial firm with 9 figures under management perpetuated a nine figure control fraud or was merely markedly less sophisticated at accounting controls than the bookkeeper at my daughter’s kindergarten, that being the plausibly exculpatory option in crypto.
- alain94040 8y agoI don't think the company had that many employees. From the legal filing: Most of the business of the Companies was being conducted by Gerry wherever he and his computer was located. This was most often at our house