Why are private keys crucial for blockchain? Back to list

Member SinceJul 08, 2021

Posts 541

Kihn

May 17, 2022 a 12:32
Cryptographic keys are sometimes acquired by centralized exchanges for customers who are unable to comprehend the process themselves. A trader should conduct due diligence, just as they should do with hardware wallets, to ensure that the firm can be trusted with their assets. Cold storage systems must be ready to handle any scenario, as well as effective security measures to protect data worth hundreds of millions of dollars from hacking attacks.
Consider the Canadian exchange QuadrigaCX as an example. Gerard Cotten, its chairman, passed away unexpectedly in India in December 2018 due to complications from Crohn's disease at the age of 30. Mr. Cotten was the only employee with access to the cold wallet, making it inaccessible to users. As a result, there have been accusations of unorthodox business practices, and some have even questioned whether the boss has actually died.

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