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The mere existence of a secret backup code, in whatever form it may take, whether it’s written down on a piece of paper or otherwise, means you may have already displaced the physical existence of keys.
If private keys are lost, there is no way ever to retrieve the cryptoassets associated with that key pair.
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A wallet can have multiple private/public key pairs and therefore multiple amounts of funds associated with it already creating ambiguity.Īdditionally, even cold wallets provide a secret backup code to retrieve the keys and funds in the event the cold wallet is lost. We need to be careful about these terms and what exactly is meant by “ … any single wallet … ”. Single cold storage wallet on premises.We should start shifting the logic away from custodianship when dealing with crpytoassets. It’s a few lines of code marking attributes associated with a transaction (i.e., the amount of Bitcoin signed against a public key). Cryptoassets exist only as records signed on a ledger. This part also seems rooted in traditional custodian style thinking. This makes the transaction more secure and safe because the private key does not come into contact with a live server. Rather than signing transactions in an online environment (which may expose the private key to hackers/malicious software), the transaction is temporarily moved offline, signed, and then transmitted to the network.
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The benefit of cold storage wallets (as opposed to “hot wallets”) comes from signing transactions in an offline environment. “I’m holding the wallet, therefore I’m holding the assets”) to digital assets which, at a fundamental level, is probably incorrect. It seems there is a trend towards attributing traditional custodian-style thinking (i.e. After all, crypto is still just digital internet money with no physical asset to point to. Wallets hold public/private keys to enable users to sign transactions on a blockchain. Cryptoassets are not “stored” in wallets. There appears to be a misunderstanding about the role of cold storage wallets and the “housing” of assets. There’s little indication here of timing when valuing the assets and if at any point in time the value surpasses $100,000 is there liability? To draft a clause like this, at least a macro-level understanding of token economics and theory should be present and additional guardrails put in place for valuation methods and timing.
We’ve already seen Bitcoin swings of up to +35% in less than 24 hours. We all recognize that cryptoassets are notoriously volatile.
This is a clause I read recently in a commercial agreement between two financial service providers. “ … shall not retain more than $100,000 worth of Bitcoin or other like-assets in any single cold storage wallet on premise at location. Many of my colleagues today are being asked difficult questions about cryptoassets and frankly the level of industry knowledge and understanding isn’t quite there yet. When I say cryptoassets I’m referring to any cryptographically secured asset or currency residing on a blockchain (or similar data structure) such as Bitcoin, Ether, Ripple, and many others. One of the biggest grey areas are cryptoassets. Lawyers need access to consultants accountants should be working with technologists, and financial planners should be engaging entrepreneurs and developers to truly understand client’s needs and offer innovative solutions. We’re in an age where industries are converging and lawyers, accountants and financial planners need to have a far broader understanding of technology, economics and global trends. Legal finesse or commercial acumen on their own are no longer enough.
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Professional services now demand multidisciplinary teams.
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