Trezor Founder and Casa Crypto Storage Head Alena Vranova Talks on the State of Crypto Security
In a recent interview with a respected media outlet, a data-forensics specialist at Casa and Trezor Founder, Alena Vranova spoke at length about the state of crypto security today as well as the recent QuadrigaCX scandal that resulted in thousands of users being locked out from their accounts.
Starting off the conversation, Vranova made it explicitly clear that Casa’s first service offering, Casa Diamond, had primarily been devised for users who were in possession of large amounts of Bitcoin.
“First of all, what we basically do is help our clients keep complete control over their funds–[they don’t] give away their keys, because I think that’s one of the biggest sins that you can commit when you invest in cryptocurrencies.”
She then elaborated on how Casa helps provide clients with better “physical security” through the use of a multi-sig app as well as three unique hardware wallets that are to be kept in separate locations (by the owner) at all times.
Following this, she went on to expound on the infrastructure of the traditional banking sector and how it was ridden with a host of issues that did not favor the common man at all. On the subject, Varnova was quoted as saying:
“”We are the exact opposite of what banking institutions stand for. We make sure that your or team members or family has access when the time is right in a secure way.”
In a madhouse,
you'll know the sane
for they have the keys.
Happy 2019, Bitcoiners!#ProofOfKeys
— Alena Satoshi Vranova (@AlenaSatoshi) December 31, 2018
Here's How Casa Can Help Reduce Crypto-Related Crime
Elaborating on the usefulness of the aforementioned multisig setup that has currently been deployed by Casa, Alena stated that owing to her firm's new security protocols, issues of extortion and kidnappings associated with the cryptoverse can be reduced by a large degree.
“Imagine there’s a criminal that holds me at gunpoint and says, ‘Alena, give me all your Bitcoin,’ and I say, ‘well, I would like to, but in order to do so, I need to go (for example) to my office, where one of the keys is (and [many people are]), and I need to go see my lawyer, because I’ve decided [to leave one of the keys] with my lawyer. The cost for the criminal just went through the roof. It’s very unlikely that they will go ahead.”
Varnove: “Crypto Insurance Companies Are Simply There To Hustle You”.
On the subject of insurance, Alena stated that while her firm did not offer customers with a formal policy in regards to the matter, the company's security setup in itself was a fool-proof insurance declaration.
“We have many, many checks–even the builds that we do on the software, we have a lot of safety mechanisms built in.”
She then went on to say that she had previously worked for a number of insurance providers and thus knew exactly how their business models worked.
“They will probably find limitations to the coverage; they would say, ‘but we only cover a certain amount’, so with volatile markets, you may find yourself not covered, or just partially [covered]. Or they will find some footprint in the insurance conditions that will allow them not to fulfill their obligations,”
We agree with @_jillruth 👍👍
Personal sovereignty =
monetary and data freedom! https://t.co/APK9VJkJnx
— Casa (@CasaHODL) February 26, 2019
On The Quadriga CX Saga
Talking about the recent Quadriga CX scandal, Alena was of the opinion that the entire episode could have been easily avoided if the exchange had employed Casa or a similar service to look after its liquidity pools.
She then doled out more pertinent advice to crypto investors by telling them not to store their holdings on a third-party platform. In her opinion, wherever an investor is not formally trading his/her tokens, they should keep their alt-assets in a safe, cold storage solution.
“Trusting your investment to a third party… is a sin. It’s very normal that tend toward these solutions because until Casa, it was really difficult to maintain a good security setup that’s not [your own business].”
In rounding off her interview, Alena stated that as we move into the future, cryptocurrency storage solutions will continue to evolve— as a result of which altcoin-wallets will become more and more sophisticated.