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Review the full path from key generation to recovery.

We review signing, custody architecture, and operating procedures, including emergency access and vendor dependencies.

Technology coverage

Signing and custody systems we review.

We follow keys from generation through signing, backup, and recovery, checking who can authorize each operation.

Signing systems

  • MPC signing
  • HSMs
  • Multisig

Key lifecycle

  • Key generation
  • Key storage & backups
  • Key rotation
  • Key recovery

Operational controls

  • Approval policies
  • Key ceremonies
  • Emergency access
  • Vendor integrations

This list is not exhaustive.

Discuss your custody setup.

Describe how you store keys, approve signing, and recover access.

Discuss your custody setup

What we review

Follow authority from creation to recovery.

01

1. Generate

Entropy, ceremonies, share or key creation, devices, participants, and evidence.

02

2. Store & distribute

HSMs, MPC shares, backups, physical controls, cloud dependencies, and separation.

03

3. Request

Transaction origination, policy inputs, destination controls, limits, screening, and integrity.

04

4. Approve

Identity, role separation, quorum, out-of-band checks, escalation, and exceptions.

05

5. Sign & broadcast

Signer behavior, transaction verification, tamper resistance, endpoint trust, and submission.

06

6. Monitor & reconcile

Alerts, logs, chain monitoring, settlement, reconciliation, and investigation.

07

7. Recover & break glass

Backup restoration, compromised devices, disaster recovery, emergency access, and post-event control.

Timing

When this work fits

Review an existing model

Challenge the architecture, implementation, procedures, and production controls around an operating stack.

Design or integrate a model

Support vendor selection, workflow design, role definition, integration, migration, and go-live readiness.

Walk critical scenarios

Examine compromise, insider abuse, vendor failure, data corruption, recovery, and break-glass paths.

Our approach

How we review signing and custody.

01

Build the custody threat model

Map where keys and shares live, who can use them, and which assumptions depend on vendors. Document credible compromise and failure scenarios.

02

Trace signing and recovery flows

Follow approvals, signing, recovery, and emergency access. Record the security properties each flow must preserve and the controls responsible for them.

03

Test controls and document walkthroughs

Examine code, configuration, and procedures in scope. Walk through insider abuse, vendor failure, and recovery scenarios, recording evidence and steps your team can rehearse.

04

Verify changes and document conclusions

Provide remediation guidance and always verify fixes through retesting. Tie the principal’s signed opinion to the reviewed architecture, procedures, and supporting evidence.

What you receive

What your team receives.

Findings report

Technical and operational gaps, ranked by impact and by how easily someone reaches them.

Threat model

Who can move value, what stands in their way, and the failure paths we consider credible. The register includes scenarios blocked by existing controls.

Record of flows and security properties tested

Signing, approval, recovery, and break-glass, each with the property it has to hold when a human is under pressure.

Invariant register

Each security property, the controls assessed, and supporting evidence.

Control tests and walkthroughs

Documented signing, approval, and recovery scenarios your team can rehearse again.

Signed opinion on the reviewed baseline

The principal’s conclusions, tied to the reviewed architecture, procedures, and evidence.

Your review team

Meet the specialists

A principal leads each engagement. Your proposal names the specialists assigned to the scope.

Piotr Cielas portrait

Piotr Cielas

Principal Advisor

Head of Security at Agora, responsible for security, data protection, and corporate IT risk. Earlier at EY, led assessments across financial services, healthcare, and government.

Piotr Cielas portrait

Piotr Cielas

Principal Advisor

Piotr is Head of Security at Agora, where he oversees information security, data protection, and corporate IT risk management. He brings both industry and consulting experience, having led information security advisory engagements and security program development for global financial institutions and large organizations. Earlier in his career, Piotr was a Senior Cybersecurity Consultant at Ernst & Young (EY), leading security assessments across financial services, healthcare, and government. He holds CEH, OSCP, and OSWE certifications, has contributed to the CVE program, and is the inventor of multiple U.S. patents related to information security and blockchain technology.
LinkedIn
Michal Bajor portrait

Michal Bajor

Specialist Advisor

Security specialist with 60+ Web3 reviews across DeFi, L1s, bridges, oracles, and other critical infrastructure. At Kraken, worked on the security of funding services, custody, APIs, and on-chain systems.

Michal Bajor portrait

Michal Bajor

Specialist Advisor

Michal is a security expert with a Master's in ICT, three published research papers, and active academic research in blockchain technology. He has reviewed 60+ Web3 projects across DeFi, L1 systems, bridges, oracles, and other critical ecosystem components. At Kraken, he was responsible for security across crypto and fiat funding services and custody, B2B APIs, on-chain monitoring, smart-contract risk, and architectural and compliance reviews. Earlier at EY, he conducted web application penetration tests, participated in red-team activities, and worked across defensive security responsibilities; at Cisco, he supported Security Advisory penetration-testing work and internal cybersecurity training.
LinkedIn
Timur Güvenkaya portrait

Timur Güvenkaya

Founder & Partner

Led a security engineering practice for Rust and non-EVM systems across Substrate and NEAR. Earlier, built vulnerability-detection engines at Invicti used by Fortune 50 and public-sector organizations.

Timur Güvenkaya portrait

Timur Güvenkaya

Founder & Partner

Timur founded Guvenkaya after seeing teams reduce security to code review while their real risk spans architecture, infrastructure, operations, custody, and launch decisions. Before Guvenkaya, he established and led a security engineering practice for complex blockchain systems, specializing in Rust-based and non-EVM ecosystems including Substrate and NEAR. Earlier at Invicti, he helped build enterprise vulnerability-scanning and security detection engines used by Fortune 50 companies and public-sector organizations. He holds the CISSP certification.
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Meet the full team

FAQ

Frequently asked questions

Do you verify fixes?

Yes. We always provide remediation guidance and verify fixes through retesting. The final report records the remediation status and any unresolved findings.

Do you review MPC, HSM, and multisig models?

Yes. Scope covers the mechanism and the identity, devices, policy, quorum, integration, backups, recovery, monitoring, and procedures around it.

Can you review a third-party custody platform?

Yes. We can examine vendor assumptions, configuration, APIs, policy, transaction workflows, recovery, monitoring, and retained controls.

Is this a technical or operational review?

Usually both. Custody failures cross architecture, software, identity, process, people, vendor, and recovery boundaries.

Can you help before we choose a vendor?

Yes. The design path compares trust models, operating implications, control ownership, integration risk, and exit constraints.

Do you perform key ceremony exercises?

Key ceremony design, rehearsal, and readiness can be included or delivered through Training & Security Exercises.

Do you need access to private keys or signing shares?

Start with architecture, policies, configuration, and operating procedures. If the review includes code, we need access to it during scoping. Do not send production private keys or signing shares with your inquiry. We agree the access and test setup needed for any signing or recovery exercises during scoping.

Discuss your custody review.

Describe your custody model, planned changes, and deadline. We will identify the review or design scope.

Discuss your scope