Here is where big banks and crypto exchanges are hiding their bitcoin billions

Here is where big banks and crypto exchanges are hiding their bitcoin billions.

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Tim Haldorsson

tim.haldorsson@trijo.co

Vo1t is a security company that stores other people's private keys in secret bunkers underground. The bunkers are rigged with hidden alarms which, if triggered, deletes all data.

Managing your cryptocurrencies through the so-called private keys can pose risks. For quite some time in the crypto industry, there have been thefts, frauds and kidnappings to get other people’s cryptocurrencies. According to a study from the security company Carbon Black, these phenomena amounted to over $1.1 billion during the first half of 2018.

Because it may be risky to handle your own private keys, especially when it comes to large sums of money, companies that help protect these assets have emerged. One such security company is Vo1t. They take security of cryptocurrencies in the utmost care and work to make companies and organizations that own crypto assets feel safe at night.

Vo1t keep client’s crypto assets (private keys) in different military bunkers underground. These bunkers are located in secret locations around the world, Forbes reports.

“What happens if you have a gun held to your head?”

Some have called these bunkers modern Swiss bank vaults because the security is so high. Customers range from banks and crypto exchanges to hedge fund managers and big companies. Exactly who the clients are the company won’t disclose.

“This is a different world. What you really need to be asking is: what happens if you have a gun held to your head?”, said Miles Parry, CEO at Vo1t.

To make the bunkers safe, the company has former military personnel guarding the bunkers outside. If you want to get into one of these bunkers you need to go through a security system that requires an eight-step long verification process.

The bunkers have hidden alarms

Vo1t’s bunkers are rigged with hidden alarms which, if triggered, deletes all private keys and data contained in the bunker. However, the private keys only disappear from one bunker, while they are still backed up in other bunkers around the world.

For this service, the crypto-security company charges a setup fee of $25,000, and then another $25,000 annually in management fee to store cryptocurrencies in their secret bunkers, Forbes reports.

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