You may decide not to cash out a fiat currency and need to decide the best way to store those funds. Since cryptocurrency coins only exist on the blockchain, the private key is crucial to storage. Do not save the file, as each recovery seed address needs to be exported. The computer used must be secured in the event it would be needed later for forensic recovery, and it is recommended that you print out the document twice. Multisignature keys need to be stored separately, and the printer should be located in a secure area.

One way to store the document would be to write two encrypted hard drives and store them separately. Although this is not the preferred method and the saved file can be recovered easily from the computer, hard drives can be notorious for failing when you need them the most.

The issue is the easy access of millions of dollars of hard-to-trace cryptocurrency and the temptation for some to steal it. Although it is possible to export the raw private keys, it is recommended not to do so for the reasons previously mentioned.

Cold or paper storage serves as a better safety mechanism and is a much better solution for safekeeping.

The last thing to do would be to delete the wallet from the backup computer. Be careful not to delete the suspect’s wallet and destroy any forensic evidence but delete the storage wallets you just made.

If the wallets were to remain on the computers, you leave open the possibility that someone else may transfer the coins.


Was this helpful?

Yes No
You indicated this topic was not helpful to you ...
Could you please leave a comment telling us why? Thank you!
Thanks for your feedback.

Post your comment on this topic.

Post Comment