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A little-known issue with wallet security came to light after a hack on one of the most well-known cryptocurrency wallet security companies lost around $30 million dollars in July, 2017.
The funds, totaling approximately 150,000 Ethereum (ETH) were stolen from the wallets of a few large initial coin offerings (ICOs) that utilised parity based wallets as storage for their fundraising.
What allowed the theft to take place was an issue within the Parity coding; their Multi-signature wallets were designed to be secure as they require multiple verifications to confirm a transaction, which meant Parity was favoured by businesses and individuals. For that very reason, the bug however put almost $75 million dollars at risk and given that ICO’s made nearly $1.3 billion during the first half of 2017, the call for action to be taken could not be any louder.
About Ambisafe
Ambisafe, a San Francisco financial/blockchain services startup has since been making sturdy strides to bringing reassurance and further security to multi-sig wallets. Having followed the events, Ambisafe Ethereum engineer, Oleksii Matiiasevych chimed in, stating:
“We take this as an opportunity to exercise perspective-taking.”
Which is exactly what they have done, and have come back to the world with a solution; Ambisafe is currently one of the few multisig wallet providers that can be safely used to store Ethereum and other ERC20 based tokens. But how can they be so sure?
The Importance of ICOs
It’s important to note Ambisafe’s focus on creating something resilient and sturdy which was then backed upon announcing that ICOs using Ambisafe wallets were unaffected and that all coins were still accessible. The Ethereum token platform the company provides is one that offers ICOs a huge variety of services which includes marketing, design, and engineering.
But their multi-sig wallets are the hottest cake on the Ambisafe shelf, web based and mobile-ready with an application programming interface (api) allowing for easy integration with other mobile apps and amongst this ICOs with Ambisafe wallets are visible on their custom blockchain explorer.
Their branded wallet for instance, offers second factor authentication, secure password recover and multi-sig authorisation. Featuring customisable design and branding, Ambisafe’s branded wallets focus heavily on security and give users the ability to store multiple tokens in each user’s wallet, an internal BTC (Bitcoin) exchange as well as exciting merchant tools for online payments.
ICOs are an exercise in trust and should be treated to the appropriate measures of security they need to survive as a way for new blockchain technologies and services to emerge. If the world is to look at the blockchain, the cryptocurrency world and its’ many marvels in full confidence then it is absolutely essential that the companies coming up into the crypto world through ICOs are able to do so safely, securely and transparently.
The money that these ICOs make, backed by public and regulatory confidence demonstrates the hunger to see this bold new world to succeed, and what Ambisafe offers is an absolute means to do so.
For more information, visit the Website at www.ambisafe-financial.com