Cold Wallet Solution Prevents Cryptocurrency Theft

Theft of cryptocurrencies on the rise – growing demand for safe storage solutions – Chainlock protects and secures assets

VIENNA, July 29, 2019 /PRNewswire/ — The US cybersecurity company CipherTrace reports that digital currencies amounting to 1.2 billion USD were stolen in the period of January to March 2019 alone. To combat this rise in cryptocurrency theft, secure technologies for storing cryptocurrencies are just as much required as effective regulations. So-called hot wallets are a great security risk: the private key used for such cryptocurrency accounts is stored at exchanges or connected to the internet in another way.

With Chainlock, YOUNIQX Identity AG, a subsidiary of the Austrian State Printing House (OeSD), has developed a highly secure and forgery-proof cold wallet solution. It enables secure offline storage of digital currencies such as bitcoins. The cryptographic key is only known to the user where necessary.

This highly secure solution has been met with…