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An overview of the state of bitcoin security. From the early hacks of Mt.Gox to todays adoption of hardware wallets and multi-signature bitcoin wallets.
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CrowdCurity
Bitcoin Security From cold storage to hot wallets
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Bitcoin Startups Berlin Oct 2014
Christian Hansen
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Agenda
• Bitcoin web apps 1.0• Bitcoin wallet security trends • Web applications critical for mass adoption• Crowdsourced web security
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Lost Bitcoins – 3rd Party RiskDate Service Type BTC USD Value
June 2011 Mt. Gox Exchange 2,000 $47,000
June 2011 MyBitcoin Wallet 79,000 $1,000,000
May 2012 Bitcoinica (#1) Exchange 38,000 $91,000
July 2012 Bitcoinica (#2) Exchange 40,000 $305,000
Sep 2012 Bitfloor Exchange 24,000 $250,000
Oct 2013 Inputs.io Wallet 4,100 $1,200,000
Nov 2013 GBL (China) Exchange 4,100 $4,100,000
Feb 2014 Mt. Gox Exchange 650,000 $380,000,000
Mar 2014 Flexcoin Wallet 900 $600,000
Source: Armory / Bitcointalk
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Bitcoin web apps 1.0
Tradeoff between speed of innovation and security
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Evolution of Security
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Cold Storage as-a-service
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Hardware Specific Devices
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Multi-signature Wallets
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Path to mass adoption
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Old solutions fail!CrowdCurity
÷ High cost ÷ Scaleable + Quality
+ Low cost + Scaleable ÷ Quality
Automatic scannersSecurity consultants
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Crowdsourced Web Security
Web Sec 2.0
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Security Community
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1000+ Vetted Security Testers
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How it works
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$ - Bounty
Bug Reports
Business Researchers
Service fee
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150 Businesses
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Decentralised security innovations
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Don’t wait for the bad guys!
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Thank you!
@crowdcurity
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