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CrowdCurity Bitcoin Security From cold storage to hot wallets CrowdCurity Bitcoin Startups Berlin Oct 2014 Christian Hansen

Bitcoin Security, Bitcoin Startups Berlin

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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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Page 1: Bitcoin Security, Bitcoin Startups Berlin

CrowdCurity

Bitcoin Security From cold storage to hot wallets

CrowdCurity

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