Nunchuk provides Bitcoin wallets and multi-sig wallets to anyone who wants one (multisig is a wallet that requires more than 1 person to unlock). Their apps are free, their code is open source – and they’re never in possession of anyone’s funds.
So when the Canadian Government ordered the wallet provider to freeze funds and turn over all personal information on a user, they instead got a lesson on crypto custody…
The upside – no one has ever cracked a bitcoin wallet, not even the most powerful governments can take funds from a wallet without the key to get in.
The downside, you better write down or otherwise somehow save that key somewhere that you will always be able to find – there’s horror stories of people forgetting or losing theirs, and unlike an exchange there’s no ‘password reset’ or customer support to help.
———
By: Michael Cobb
Toronto Newsroom
Global Crypto Press Association
