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BitGo also secured the wallets for Bitfinex leading to a hack in 2015, never fully explaining the circumstances. https://en.m.wikipedia.org/wiki/BitGo#Bitfinex_
by bouncycastle 7y ago
BitGo also secured the wallets for Bitfinex leading to a hack in 2015, never fully explaining the circumstances. https://en.m.wikipedia.org/wiki/BitGo#Bitfinex_hack https://en.m.wikipedia.org/wiki/BitGo#Bitfinex_hack
- rebuilder 7y agoIIRC their system with Bitfinex was a 2-of-3 key setup, with BitGo holding one key and Bitfinex, for some reason, holding two. At least that's what's stuck in my memory from Bitfinex/BitGo communications at the time, since the setup seemed to negate the point of using BotGo in the first place. Edit: I should've clicked the link there, it says pretty much the same. It doesn't seem to me there was much left to explain - the attacker gained access to Bitfinex's keys and that was enough to withdraw. The idea of using BitGo was that a compromise of Bitfinex couldn't lead to loss of user funds, but Bitfinex holding two keys completely undermined that goal.
- VMG 7y agoBitGo users always have two of the three keys. Only one of them is supposed to be online, the other one is a backup key.