Crypto security experts from Casa recommended how to set up security for every BTC holder based on the amount they own to prevent theft.

The company’s Chief Technology Officer (CTO), Jameson Lopp, and its Product Lead, Brian Lockhart, recommend the following security setup:

Securing amounts worth more than USD 1,000

The absolute minimum for buying a hardware wallet. They recommend ColdCard wallet, although any similar wallet should be fine.

Securing amounts worth more than USD 10,000

Use multisignature (multisig), i.e. more keys for the authorization of a single bitcoin transaction. The best is if the keys are by different brands of hardware wallets.

Securing amounts worth more than USD 100,000

Think about how to geographically distribute the different devices, and possibly use a higher form of security setup for increased immunity - the current implementation of the NEM “M-of-N” multisig. This requires signatures from multiple entities before transferring funds.

In brief: The higher amount you have, the higher number of keys you should use before signing a transaction. Experts also recommend a combination of mobile key and one or more hardware wallets. The use of different brands of hardware wallet “is not a bad idea and can protect against possible issues with a specific manufacturer.”

Within online security, the annual Internet Organized Crime Threat Assessment (IOCTA) for 2019 by Europol is also out. The report states that “while cryptocurrencies continue to facilitate cybercrime, hackers and fraudsters now routinely target crypto-assets and enterprise.” The main conclusions of the report are:

• Cryptocurrency exchanges are still a magnet for hacking groups, and last year, over USD 1 billion in cryptocurrencies were stolen from exchanges and other platforms worldwide.

• Gangs use Advanced Persistent Threat (APT)-style tactics to take control over certain aspects of a bank’s internal network, and nation states are sometimes involved; for example the Lazarus group, which has ties to North Korea, was allegedly responsible for over half a billion USD in cryptocurrency thefts since 2017.