Brazil Cryptocurrency Whales Turning To Physical Vaults/Safes

For those that are cryptocurrency “whales”, meaning investors with a significant amount of cryptocurrency holdings – there is always the question surrounding whether their funds are completely safe or not. When you consider that over $1 billion in cryptocurrency was stolen in 2018 – the concern is understandable.=

Brazilian “whales” are no longer viewing a secure password as enough protection for their digital assets. It appears as though they are now turning to private companies that have actual physical vaults in order to secure their cryptocurrency holdings.

Vault Features

For those wondering about why they might turn to private companies for additional security; it’s important to note that there are some features that are quite technologically advanced. For example, one vault boasts seven armed – and reinforced – steel doors.

While the world might be used to fingerprint scanning, there is another company that is able to take it to a whole new level. For example, another private company offers palm scanners that read millions of individual points on the user’s hand, and also even examines the blood flow through the hand, as well.

Crime Context

For those that are unaware, Brazil has experienced some high-profile cryptocurrency hacks and data breaches last year. The most infamous data breach was that of Atlas Quantum, where the personal information of over thousands of users were revealed thanks to hackers. Regardless of the personal data leak, no funds were compromised.

Of course, it should be noted that in some cases, cryptocurrency whales are targeted in cases that actually use real-life violence rather than cryptocurrency hacking. For example, in one of the more tragic cases of cryptocurrency crime; kidnappers are demanding 5 Bitcoin to return a nine year-old girl in South Africa. The ransom was communicated in an anonymous message through e-mail and it is still unclear what crime syndicate is behind the kidnapping, if any.

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