
Days Since a Cryptocurrency Exchange Has Lost More Than $100M - kick
http://dayssinceacryptocurrencyexchangehaslostmorethan100million.com/
======
anm89
I would not call the Bitfinex issues "losing more than 100m". AFAIK this
wasn't an issue of money being lost.

So kinda seems like they are cooking the books here.

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crtlaltdel
that is quite the url!!

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JMTQp8lwXL
Keeping digital assets in exchanges, long term, seems unwise. There's cold
storage options.

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philips
I researched the state of the art of self-custody cold storage and it seems
both complex and fraught with places where workflow accidents could lose a
wallet.

The safest most reasonable thing I could find was Smart Custody but phew there
are a lot of moving parts:
[https://github.com/BlockchainCommons/SmartCustodyWhitePapers...](https://github.com/BlockchainCommons/SmartCustodyWhitePapers/blob/master/%23SmartCustody-
_Simple_Self-Custody_Cold_Storage_Scenario.md)

What is your recommended cold storage option?

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StavrosK
A Ledger/Trezor.

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philips
What happens if the device breaks or the place it is stored is destroyed?

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xiphias2
You can create multiple backup paper copies, and also 2-of-3 or 2-of-4
multisig helps you in the second case. You can also have multisig between
different devices.

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philips
Is there any automation or tooling to help you do inventory management on
devices and integrity checking on wallets?

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xiphias2
Can you be more specific?

You can check the recovery seed that you are creating (what you write on the
paper).

Trezor's software and hardware is open source, so you can check any part of
it.

There are different things you can do to prepare for different failure
scenarios, though not everything is automated, it's better to test some things
by hand.

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philips
Essentially, I am looking for a guide I could hand to someone who is
moderately technical that would describe:

1\. Failure scenarios a scheme can/can't protect against

2\. How to setup the system for that scenario

3\. Recommendation on how often to confirm system and backups

3a. How to recover from failed hardware

4\. Recommendations on lifetime of system until replacement

4a. Recommendation on recovery if system is compromised (physical theft)

Essentially where is the best practices guide?

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xiphias2
[https://wiki.trezor.io/User_manual-
Security_best_practices](https://wiki.trezor.io/User_manual-
Security_best_practices)

This is the best Trezor has, it's quite limited though, but good for
koderately technical user.

For storing large amount of money you can hire experts.

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senectus1
$100 Million what?

Yen? AUD? BTC? USD? (probably... but the irony is thick here)

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bashallah
The $ implies it

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kube-system
$ is used as a symbol for dozens of currencies.

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forgot-my-pw
Obviously 2008 Zimbabwean dollar.

