Cyber attacks and hacking have been a blight upon the crypto and blockchain world. In 2018, an astonishing $1.7 billion was stolen in cryptocurrency thefts. High profile crypto exchange hacks like that of Coincheck whose estimated loss was put at an incredible 58 billion yen (approximately $533 million), dominated the crypto news.
According to CipherTrace, a cryptocurrency intelligence firm located in Silicon Valley, approximately $4.26 billion worth of cryptocurrencies were stolen in the first half of the year. This, despite heightened security measures being implemented. The company’s latest Cryptocurrency Anti-Money Laundering (AML) report for Q2 2019, provides a detailed overlook of the major global cryptocurrency scams, thefts, and frauds. It revealed that cyberattacks had landed criminals $287 million during the first half of the year, whilst on average, $2.7 million is stolen from crypto exchanges every single day.
Despite exchanges, wallets, and other cryptocurrency custody services strengthening their security in 2019, hackers are continuing to innovate to try and outpace the latest developments in cybersecurity. However, one such development looks set to make it much harder for the crypto hackers and thieves.
MagicSeed Launches
The launch of the Magicseed.io Indiegogo crowdfunding campaign this week has created quite a buzz amongst crypto enthusiasts. Most people would agree that a hardware wallet, or cold storage wallet, is more secure than a desktop wallet or keeping your crypto in an exchange. However, hard wallets are not without its problems. Having to remember the seedphrase – a list of 24 random words used as a backup code for your cryptocurrencies creates its own difficulties. Would you remember yours whilst on holiday? Then there are the problems associated with writing the 24 words seedphrase down and storing it in a hidden or safe place. Is the place really safe? Are the pen and paper methods really compatible with 21st-century technology? Remember, who owns the seed, owns the coin.
Well, Magicseed offers answers to those questions. The device launched provides the ability to turn your 24-word seedphrase into something you can remember.
How Does MagicSeed Work?
First, you insert your seedphrase into Magic Seed device. No WiFi or internet connection is needed as the device works 100% offline. You then type in your secret key which can be anything you like; something simple to remember like a pet’s name or a loved one’s birthday. MagicSeed then encrypts your seedphrase and generates a QWR code linked to your secret key. The QR code does not need to be hidden as without the secret key; it is useless. Your secret key and QR code will instantly retrieve your 24-word seedphrase, giving you and you alone, access to your cryptocurrencies.
MagicSeed is compatible with any hardware wallet and works with just about all the significant cryptocurrencies. The simple-to-use device can be set up using clear on-screen instructions in less than five minutes. Fully functional without the need of the internet, and with no monthly/yearly subscription costs, your seeds will be 100% encrypted and 100% available to only you cost-effectively and securely.
Early interest in the MagicSeed Indiegogo launch has been keen, boosted by the availability of 150 MagicSeed devices being made available with a 50% discount. If you want to reserve your MagicSeed or would like further information, you can visit here.
