CRYPTO

Submitted by Nic Carter

• New bankruptcy filings and exclusive interviews with confidential sources suggest Silvergate could have survived if not for pressure from regulators, which allegedly included an informal mandate to cap its crypto deposits at 15 percent
• Sen. Elizabeth Warren all but accused Silvergate of aiding and abetting FTX’s crimes, creating an “atmosphere of concern” around Silvergate that possibly contributed to a run on the bank
• Sources told us the FHLB (more…)

Authored by Gareth Jenkinson via CoinTelegraph.com,

It sounds far-fetched, but it’s true. A vault in a secret nuclear bunker in the Swiss Alps protects a significant amount of Bitcoin. 

Cointelegraph visited the facility to see how multiparty computation (MPC) shards stored in bunkers are used to provide bleeding-edge security to one of the world’s first Bitcoin banks. 

Every Bitcoiner knows the phrase “not your keys, not your coins,” but you can’t keep hiding your hardware wallet or seed phrase under your mattress forever. With an estimated 2 million BTC irrevocably lost, how and where you store your BTC remains one of the most challenging aspects of owning the digital asset.

For some, holding their BTC on an exchange is a risk they’re willing to take. Others move their Bitcoin into cold storage. 

Those comfortable enough to entrust their BTC to a third party can choose the services of industry first-movers such as Xapo Bank, which uses a series of underground bunkers to safeguard their clients’ Bitcoin. 

The “Fort Knox” of Bitcoin 

“You’ve got another five minutes, then I need you to hand over your phone,” said Albert Rocca, Xapo’s senior HQ account manager.

The former career detective slipped our smartphones into an inconspicuous backpack as our helicopter chopped its way into the Swiss mountains. The bag’s inner compartment is a Faraday cage, cutting off our devices from any connectivity and making our location untraceable. 

The helicopter touched down at a small landing strip nestled under the shadow of a steeply ascending vista. At its base is a smoothed-out granite surface with a single, military-style bunker door. It’s the first of many hermetic vault doors barricading the unknown mysteries inside. 

Entering this bunker involves an exhaustive security check. After an ID check and pat-down, visitors are given a magnetic card that they must use to enter various points throughout the facility. 

The first major barrier to entry is the six-ton vault door designed to withstand a nuclear blast. The guard scanned his retina and entered a code updated every minute before the massive door gradually swung open.

The most significant vault door leading into the facility weighs six tonnes. Source: Xapo Bank

Our group then moved into a smaller space with another barrier. This time, a man-trap enclosure with bulletproof glass on either side is used to measure visitors’ weight and height. This (more…)

Authored by Kane McGukin via BombThrower.com,

As human civilization has evolved, one thing has remained constant; change…

During major shifts, the root desire for change is typically ignored. I believe that these generational shifts, our societal shifts, are tied to a mismatch in the speed with which people and money need to move. Let’s take a moment to look at our major revolutions.

• Agrarian Revolution: a move from hunter-gatherer to farmers.

  

• Industrial (more…)