4th March, 2024
Anyone who knows anything about Cryptocurrency has probably heard of James Howells of Newport, United Kingdom, who mistakenly threw away a hard drive containing £4 million pounds worth of Bitcoin. This Bitcoin is now worth roughly £227 million pounds, and Howells has spent the last 10 years trying to locate the hard drive! Storing Bitcoin on a hard drive was an act that was vulnerable to human error, but even utilising custody services can be fraught with risk.
Backing up private data associated with Cryptocurrency assets is pertinent to the security and recovery of Cryptocurrency assets. Howells is not alone in his plights with lost assets and wealth; a number of institutions, following the conception of digital assets, have been subject to hacks and security failings. These events have lead to the loss of millions of pounds worth of Cryptocurrency. In 2019, Binance was hacked for the sum of 7000 Bitcoins. Crypto powerhouses like Binance are often targeted and on occasion, the hackers successfully breach their security protocols and make away with funds.
Repeated breaches, hacks and loss of assets tarnish the credibility of the Crypto industry, hindering adoption and stalling trading, exchanging and subsequent profiting from this exciting industry. There is no full-proof way to protect Cryptocurrency, but cold storage is standout in its impenetrability. Arguably, Multi-Party Computation, in conjunction with cold storage, remains the safest security protocol in protecting data and assets.
Nemean Services are well drilled in asset recovery, and primed for disaster recovery. Since our conception, we have conducted numerous asset recoveries, rapidly changing wallet blockchain addresses on behalf of clients. As a result, in the event of lost data associated with Cryptocurrency assets, our clients have never been successfully hacked or lost their funds as a result of private key shard misplacement. Our services operate 24/7 to facilitate our international clients, and we have completed recoveries in as little as 2 hours.
Cold storage in conjunction with Multi-Party Computation remains the safest security mechanism when storing digital assets. Nemean also offers our clients the opportunity to storage encrypted seed phrase files, matching our private key shard storage in impenetrability and recovery times. Our private key shard storage protocols are insured against collusion risk; already a minimum risk when choosing Nemean as a trusted third-party.
Cryptocurrency remains an exciting investment opportunity, and the industry has moved on leaps and bounds in its regulation and security protocols. This allows investors and traders to safely trade, exchange and store assets with reduced risk of hacking and loss of assets. Nemean remains at the forefront of security protocols and remains ready to recover assets for its clients, best time.
