by Gareth Jenkinson, Coin Telegraph:
It sounds far-fetched, but it’s true. A vault in a secret nuclear bunker in the Swiss Alps protects a significant amount of Bitcoin.
Cointelegraph visited the facility to see how multiparty computation (MPC) shards stored in bunkers are used to provide bleeding-edge security to one of the world’s first Bitcoin BTC $65,733.62 banks.
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Every Bitcoiner knows the phrase “not your keys, not your coins,” but you can’t keep hiding your hardware wallet or seed phrase under your mattress forever. With an estimated 2 million BTC irrevocably lost, how and where you store your BTC remains one of the most challenging aspects of owning the digital asset.
It sounds far-fetched, but it’s true. A secret nuclear bunker in the Swiss Alps houses a vault safeguarding #Bitcoin worth more than $100M 💵💵💵
I visited the site firsthand on a personal invitation by @xapobankapp. Here’s what I learned 👇
🔒 The vault is protected by layers… pic.twitter.com/B8vTIfwtaf
— Gareth Jenkinson (@gazza_jenks) September 26, 2024
For some, holding their BTC on an exchange is a risk they’re willing to take. Others move their Bitcoin into cold storage.
Those comfortable enough to entrust their BTC to a third party can choose the services of industry first-movers such as Xapo Bank, which uses a series of underground bunkers to safeguard their clients’ Bitcoin.
The “Fort Knox” of Bitcoin
“You’ve got another five minutes, then I need you to hand over your phone,” said Albert Rocca, Xapo’s senior HQ account manager.
The former career detective slipped our smartphones into an inconspicuous backpack as our helicopter chopped its way into the Swiss mountains. The bag’s inner compartment is a Faraday cage, cutting off our devices from any connectivity and making our location untraceable.
The helicopter touched down at a small landing strip nestled under the shadow of a steeply ascending vista. At its base is a smoothed-out granite surface with a single military-style bunker door. It’s the first of many hermetic vault doors barricading the unknown mysteries inside.
