This announcement by second largest bank in the country, Shinhan Bank, comes after Bithumb servers crashed in November,in which about 30,000 users private data was leaked in June. The new service would be more secure than outside services, according to the bank’s spokesman while listing the challenges facing the storage of cryptocurrency he explains;
Normally, when purchasing bitcoin, the customer stores the bit coin key value as evidence. This is done primarily through the online wallet app. However, if a smartphone that has an app installed is lost or a key value is leaked, the bit coin user is likely to lose the principal. This is because it is difficult to duplicate the evidence of bit coin ownership due to the nature of the virtual money that does not depend on central trust institutions.
When using virtual currency, the participant’s private key is a legitimate participant and a means of approving and certifying activity. If a private key is stolen by an attacker, it can be exposed to various attacks of an attacker who is disguised as a normal participant.
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