#VietnamCryptoPolicy .New Bitcoin wallet freezes funds to prevent theft

RewindBitcoin allows sending BTC to a vault where the funds are protected.

Bitcoin developer José Luis Landabaso presented RewindBitcoin, a bitcoin (BTC) wallet that introduces vaults with a lock time to freeze assets and revert unauthorized access. Launched on June 12, it is a self-custody wallet from a mobile application (hot wallet) and is already available for iOS and Android.

To safeguard at-risk bitcoins, the funds are transferred to one of those vaults (vault in English) within the wallet, where they remain frozen and protected against immediate movements as explained by Landabaso.

When a user needs to use the bitcoins stored in a vault, they must unlock those funds. This process starts with a waiting period of, for example, 24 hours, during which the user or a delegate can cancel the operation if they detect unauthorized access, such as hacking or external coercion.

This window provides a timeframe to assess the situation and stop the operation before the funds become available.

For example, if a third party forces the unlocking, the user or a designated delegate can cancel the operation before the established period ends, offering a critical response window.

Another highlighted functionality is the panic address, which allows transferring frozen funds to external storage with a single command. This transfer to another address unknown to the attacker ensures that the assets are out of their reach, all in real time.