BitGo Insurance Blog Taken down as Bitfinex Fiasco Continues
BitGo has allegedly removed a previous blog post about its Bitcoin insurance policy following the recent Bitfinex incident where bitcoins were stolen from BitGo powered wallets. Since Bitfinex lost over $72 million worth of bitcoins in the recent security breach, the focus is now being turned towards its wallet provider as well. BitGo, the Palo Alto-based Bitcoin security firm is responsible for offering Bitcoin wallet services to the affected platform. While Bitfinex continues to investigate the origin of the hacking attack, disgruntled customers have found BitGo making few changes on its....
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BitGo has declared that its systems were not breached, and its software functioned correctly during the Bitfinex hack. Co-founder and CEO at BitGo, Mike Belshe, wrote on the company’s blog saying: Our job is to protect your Bitcoin and continue to improve the security of the service. BitGo systems were not breached in this attack and our software functioned correctly. This may seem like an inadequate explanation, because everyone wants to know “what needs to change to avoid what happened in this case,” and we understand that. Fortunately, the Bitfinex configuration was unique and other....
BitGo, a leader in Bitcoin security, announced Tuesday it had secured first-of-its-kind insurance coverage for bitcoin theft from the global, A-rated XL Group insurance companies. With this announcement, BitGo joins the list of industry leaders including Xapo and Coinbase that offer insurance for bitcoin stored using their services. All of BitGo's paying customers are eligible for protection under the XL policy for up to $250,000 in covered theft claims, just by signing up for BitGo services. Customers can increase the amount of protection available to them for an annual fee. "We are proud....
Following the hack of exchange Bitfinex and the theft of almost 120,000 BTC ($60 million), suggestions are surfacing that regulation prevented its funds from being placed in cold storage wallets. Fingers Point at BitGo, Regulators. As the investigation into the sequence of events and their cause continues, blame is being shifted between Bitfinex, its....
BitGo’s Mike Belshe has said that questions raised about the security of bitcoin with some suggesting that digital currencies can never be secure are wrong. After Mt. Gox, the second biggest security breach of a bitcoin exchange took place earlier this month when the Hong Kong-based Bitfinex halted trading after hackers stole around $70 million worth of users’ bitcoins. As a result, questions about the safety of blockchain technology and the future of bitcoin quickly arose. As the company that is the leading security platform for bitcoin and blockchain technologies that was delegated to....
BitGo is a company known for its industry-leading security practices, such as its mult-signature technology. BitGo has made several partnerships due to their reputation of being able to easily secure holdings of Bitcoin, thanks to their technology. I was able to talk to Mike Belshe, the CEO at BitGo, regarding operations at BitGo and their recent announcement about partnering with Bitfinex. How are things over at BitGo currently? Things are going great! We are continuing our mission to secure the world’s Bitcoin and seeing significant progress. How are the partnerships between TradeBlock....