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Encryption Firm Evervault Launches Service to Protect Crypto Seed Phrases
The company’s 121824 subscription service allows users to securely store the keys to their digital wallets.
By Brandy Betz
Updated May 11, 2023, 7:10 p.m. Published Feb 16, 2022, 2:00 p.m.
Encryption technology firm Evervault has launched a new subscription service that securely stores cryptocurrency wallet seed phrases to prevent theft and loss.
- Seed phrases are a series of words that give users access to the cryptocurrency in their digital wallet. The phrases usually contain 12, 18 or 24 words, leading Evervault to name its service 121824.
- The 121824 service is secured by the same encryption technology that Dublin-based Evervault offers to financial and health information companies.
- User data remains encrypted at all times, though it can still be processed and shared. Evervault never stores the data and developers don’t configure crypto algorithms or manage keys.
- Access to 121824 costs $1 per wallet per month, or $10 per wallet per year. Users access the service through the website, which currently has the waitlist open with a full launch expected in the coming weeks.
- Seed phrase security became a plot point in the headline-grabbing arrest of a couple that allegedly laundered billions of dollars in bitcoin from the 2016 Bitfinex hack.
- When the arrest was announced on Feb. 8, U.S. authorities said they were able to access wallets controlled by Ilya Lichtenstein and Heather Morgan after decrypting a spreadsheet of seed phrases saved to a cloud storage service.
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