Recently, Brian Armstrong, the CEO of Coinbase said that scams, scams and hacks are holding back the development of crypto. Indeed, wallet security issues are a critical issue that developers are trying to address. There is a race to who will develop the safest crypto wallet. Some time ago, Input Output Hong Kong (IOHK), the company behind Cardano, announced the launch of its Lace wallet. Charles Hoskinson, co-founder of Cardano found a rather surprising way to boast about the level of security of this wallet.
Cardano founder relies on LastPass hack
In a new Youtube live, Charles Hoskinson, the founder of Cardano, talked about IOHK’s Lace crypto wallet. He has long extolled the merits of the wallet.
In his development, he also touched on the recent hack of password management company LastPass. The latter was supposed to be one of the strongest players in the ecosystem. For Charles Hoskinson, what happened with the company raises the issue of security in the crypto space.
Karim Toubba, CEO of LastPass, had Explain that the hacker obtained basic customer account information and related metadata, including company names, end-user names, billing addresses, email addresses, phone numbers, and IP addresses to from which customers accessed the LastPass service.
Charles Hoskinson said it is a ” shame “ Pretty Good Pivacy (PGP) encryption software was not used by LastPass. According to him, the use of PGP must be the standard for companies that provide this type of service. You should know that Lace will work with PGP.
The crazy bet of Charles Hoskinson
To test the level of security of his crypto wallet, Charles Hoskinson has issued a challenge to hackers.
“When Lace starts supporting PGP encryption for wallets, I’ll take some ADA, probably for a million dollars, put it in a wallet encrypted with PGP and post it publicly on my Twitter so you can try it. To hack. I am very confident in these standards”said Charles Hoskinson.
Recall that Lace is a multi-blockchain crypto wallet that aims to seamlessly connect everything on Web2 and Web3 to a single interface.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service ofdaily and weekly so you don’t miss any of the essential Tremplin.io!