bitcoincuracao on Nostr: El Salvador's Bitcoin Multisig Wallet Address El Salvador has recently transferred a ...
El Salvador's Bitcoin Multisig Wallet Address
El Salvador has recently transferred a large portion of its Bitcoin holdings, around 5,689 BTC worth $388 million, to a new physically secured cold wallet stored in a vault within the country's territory.
The process of transferring the Bitcoin to this new cold wallet involved using a multisignature (multisig) setup, where multiple private keys are required to authorize transactions. Specifically:
- The first transfer of 1,120 BTC ($76.5 million) was made on March 13 via a 3-of-5 multisig authorization, where 4 out of 5 signatories approved the transaction.
- The largest transfer of 4,000 BTC ($273 million) occurred on March 14, about 2 hours after the announcement.
The multisig setup helps increase the security of the Bitcoin holdings by eliminating "key person risk" and requiring multiple parties to authorize transactions, rather than relying on a single individual.
Here is the Link to the address:
https://mempool.space/address/32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzoOverall, El Salvador's use of a multisig cold wallet setup demonstrates their commitment to securely storing their growing Bitcoin reserves within the country's territory.
Published at
2024-03-23 14:08:08Event JSON
{
"id": "6b546af4ef32d704c727e578ed7b1785cd1b4051332b8f88422b58b01b3d8aa3",
"pubkey": "d62e8d042e08ea1dd8c22a9879481612d97241b852ff1b20ca2983d2569fa79c",
"created_at": 1711199288,
"kind": 1,
"tags": [],
"content": "El Salvador's Bitcoin Multisig Wallet Address\n\nEl Salvador has recently transferred a large portion of its Bitcoin holdings, around 5,689 BTC worth $388 million, to a new physically secured cold wallet stored in a vault within the country's territory.\n\nThe process of transferring the Bitcoin to this new cold wallet involved using a multisignature (multisig) setup, where multiple private keys are required to authorize transactions. Specifically:\n\n- The first transfer of 1,120 BTC ($76.5 million) was made on March 13 via a 3-of-5 multisig authorization, where 4 out of 5 signatories approved the transaction. \n- The largest transfer of 4,000 BTC ($273 million) occurred on March 14, about 2 hours after the announcement. \n\nThe multisig setup helps increase the security of the Bitcoin holdings by eliminating \"key person risk\" and requiring multiple parties to authorize transactions, rather than relying on a single individual. \n\nHere is the Link to the address:\nhttps://mempool.space/address/32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo\n\nOverall, El Salvador's use of a multisig cold wallet setup demonstrates their commitment to securely storing their growing Bitcoin reserves within the country's territory. https://image.nostr.build/a22ecc22ee17c3b70ae75c145194965a2974ed7a9eff3874b4fe3730b3d37782.jpg",
"sig": "63764c055052aaa3c4e5fd0fe279a369068a578808a27b347c78e2c96671d0c51966f41368a1f3376884591e3f1f827fabc08e747878cb013e410d729d821e27"
}
