Big Wind target files patent for crypto security app
BIG WIND Capital Inc. target Hill Top Security Inc. has filed a patent for a biometric security application designed to protect bitcoin and other cryptocurrencies from theft and loss. Missing passwords and theft have become the biggest issues plaguing the cryptocurrency industry, with more than 35 major reported hacks of bitcoin exchanges alone since 2011, leading to the theft of over 980,000 bitcoins. In total, as much as 23 per cent of Bitcoins mined to date are estimated lost forever (1) (approximately $30-billion (U.S.) at current market value). Hill Top’s biometric cryptocurrency application helps solve this issue by adding a new, high level of personalized security for cryptocurrency users worldwide. Hill Top recently signed a letter of intent with Big Wind, pursuant to which Big Wind intends to acquire various interests in HTSI and its assets.
The patent filing covers UxToken: biometric-enabled, GPS trackable cryptocurrency private key safe storage. The new application was developed by Hill Top’s in-house team, which comprises former U.S. military officers and personnel. Importantly, this new cryptocurrency security helps bridge the divide between completely anonymous transactional parties and a reasonable assurance of participant identity,
that is aligned with compliance requirements in standard, market-based asset transactions.
Corby Marshall, chief executive officer of Hill Top Security, said: “The potential of Bitcoin and other cryptocurrencies is vast, however, it is becoming constrained by cybercrime, as well as missing passwords, which can render coins irretrievable. In fact, as many as 3.79 million Bitcoins are estimated as lost forever — that’s nearly 23 per cent of all Bitcoins in circulation, which is close to $30-billion [U.S.] at current market value. This patent application covers our new biometric cryptocurrency security app, which will provide biometric protection of these currencies, in particular, with off-line (cold) storage and the recovery of lost passwords.”
Completion of the transaction is subject to a number of other conditions, including, but not limited to, acceptance by the Canadian Securities Exchange and entering into a formal definitive agreement. Further details regarding the proposed transaction will be provided in a news release, when the parties enter into a definitive agreement.
(1) Chainalysis, November, 2017.
We seek Safe Harbor.
Gregory J Downey, William Victor Marsh, Richard Mathews, Devinder Singh Randhawa
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