Security in the crypto industry is still an ongoing issue that needs to be addressed as soon as possible. Between January 2021 and March 2022, over 46,000 people reported losing over $1 billion due to hacks and scams.
Related Reading: SEC To Step Up Probe On Firms And Brokers Pitching Crypto
Having their computer hacked has always been a fear among cryptocurrency users and business owners, which can lead to all the essential information of the user being stolen by scammers and hackers. A team of crypto and cyber security experts want to build a solution via their social media account; they asked their followers:
(…) What if we could get you a computer set up just like ours for security? One that was put together by our security expert Iguana?
Stop Worrying About Crypto Scams?
The BowTiedBull team, which implements an in-depth approach to security backed by over a decade of IT security experience, has released a recent newsletter proposing the “Ultimate Laptop” for crypto privacy, security, and avoiding scams.
The solution will be put together by security chief BowTiedIguana of the BowTiedBull team for developers, business owners, operators and executives, and anyone responsible for other people’s funds.
How can the BowTiedBull team nail this proposal?
According to the security experts, the customization of the customer’s Qubes security operating system, which allows users to run their security-hardened instances of Windows and Linux while keeping data securely stored in separate virtual containers, will provide the solution for users worried about scams, malware, and bad actors.
The project recommends user-upgradeable laptops to ensure that the system works for crypto users and anyone worried about losing their money.
For developers, this project proposes the following:
- Efficiently run multiple operating systems and diverse build environments
- Securely separate different projects, reducing the risk of data breaches
- Access copy-on-write OS templates, quickly revert to a known good config
- Career development – knowledge of virtualization & security is in high demand
How does it run?
A modular laptop will be the core and the facilitator for the setup, meaning that the components can be easily repaired and upgraded. QubesOs can work as a highly secure yet user-friendly operating system endorsed by experts like Edward Snowden.
A Fail-closed VPN tunnel can protect the user’s privacy and security by preventing sensitive information from being transmitted over the internet unencrypted. And the computer would be able to work if malicious software in one virtual machine is actively trying to unveil the user’s IP address.
Whonix, a highly secure privacy software that runs inside QubesOs, and Tor, a private network designed by the Navy that can replace the VPNs, are features of the setup proposed by the BowTiedBull team.
In addition, offline virtual machines will allow users to create and run virtual machines that are isolated from the internet and network connections and will protect sensitive information, such as private keys, from being stolen or leaked over the internet.
Automatic encrypted backups are the last feature of this setup. Qubes supports backing up individual virtual machines, templates, and the entire installation, data, and applications, in an automatically encrypted format. The BowTiedBull team suggests:
(…) These technologies are ideal for people who are concerned about online surveillance, data breaches, wallet tracking, phishing or other privacy and security threats.
Can anyone install these features? The BowTiedBull team stated:
(…) Advanced users who understand IT security and are familiar with administration of Linux, can do this. QubesOS takes hours to customize for crypto, even for advanced users familiar with the environment.
Since crypto hacks and scams are so profitable and have been over the years, especially in 2022, crypto users and business owners are at risk of having their computers compromised, this may provide a solution to the crypto ecosystem and thousands of users.
Featured Image from Unsplash, Image from Defi Education.