BetKing secure thousands of bitcoin using Trezor and encrypted seeds

Discussion in 'General Bitcoin Gambling Discussion' started by Humble Servant, Sep 28, 2016.

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  1. Humble Servant

    Humble Servant Active Member Staff Member

    BetKing is a popular bitcoin dice site that has revealed how they keep over 5000 of their players bitcoin secure from hackers. The main feature in their armour is the popular Trezor hardware wallet that you can buy for about $99 dollars from the Trezor website. Here's a quick summary of the precautions that they take...
    • BetKing prefer Trezor over using air gapped computers because Trezors can't be hacked or infected with malware.
    • BetKing create multiple wallets and divide the BTC between wallets so if one wallet is compromised only a portion of player funds will be lost.
    • They use cold, intermediate and hot wallets to limit exposure.
    • A computer with no Wifi, internet, bluetooth or sound is used to encrypt the Trezor seed.
    • The encrypted seed is then split into 9 parts. Any 6 will allow you to fully recover the seed.
    • The 9 parts are copied onto a USB key and printed out.
    • The computer used to print the seed is then destroyed.
     
    Last edited: Feb 9, 2017
    Humble Servant, Sep 28, 2016
    #1
  2. SuckIt

    SuckIt Member

    Why would they divulge their security information to hackers? Shouldn't this type of thing be kept a secret?
     
    SuckIt, Oct 4, 2016
    #2
  3. 4TheWin

    4TheWin Member

    I guess their aim is to deter hackers from continually trying to hack into their system. If the private keys aren't stored on their office network then Hackers are just wasting their time.
     
    4TheWin, Oct 12, 2016
    #3
  4. EvilK

    EvilK Member

    it may deter hackers but it may also encourage DDOS attacks to extort them because they now know they are in possession of thousands of btc.
     
    EvilK, Nov 19, 2016
    #4
  5. Header

    Header Member

    So basically if a flaw is every found in the Trezor system all the bitcoin are gone. Why not spread the risk by also using KeepKey and Ledger Wallets also.
     
    Header, Feb 9, 2017
    #5
  6. 2damoon

    2damoon Member

    Agree 100%. I use a number of different devices to keep my btc in cold storage.
     
    2damoon, Feb 21, 2017
    #6
  7. Freddy

    Freddy Member

    what hardware wallets are you guys using?
     
    Freddy, Jun 23, 2017
    #7
  8. Doyle

    Doyle Member

    Trezor and Ledger Nano S.

    Didn't I read recently that Trezor wallets aren't that secure and they can be cracked in about 15 seconds?
     
    Doyle, Aug 30, 2017
    #8
  9. Humble Servant

    Humble Servant Active Member Staff Member

    Good news for BetKing Dice gamers. You can now also play Ethereum and Bitcoin poker at BetKing. They've recently added both Texas Hold'em and Omaha games games with tournaments and Sit N Go's in the pipeline.
     
    Humble Servant, Apr 18, 2018
    #9

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