Crypto crimes around the world, cybersecurity is not enough.

[examplens]

A few days ago I read an article, which deals with some well-known cases of theft of crypto assets. Many cases of kidnapping, torture and extortion of people known by criminals to own crypto assets.

I am posting this as a kind of warning, even if you protect your wallet, the problem can come from where we least expect it. It is certainly good advice not to talk much about assets and to keep them as private as possible.

For those who are interested in the source (I believe that these are not the only cases)
https://cryptopotato.com/3-suspects-arrested-as-hong-kong-police-rescue-teen-in-crypto-related-attack-report/

[Lucius]

~snip~
I am posting this as a kind of warning, even if you protect your wallet, the problem can come from where we least expect it. It is certainly good advice not to talk much about assets and to keep them as private as possible.

Considering how much Bitcoin and some other cryptocurrencies are worth today compared to some 6-7 years ago, it is definitely the smartest thing not to give any indication that we own them. Even if we once mentioned it to friends and acquaintances, it is better to invent any "convincing story" so that we are no longer in the focus, and at the end of the day, people are hacked every day or simply decide to sell at some point.

I agree that online security is not enough, so I recommend investing in surveillance equipment, alarms and the acquisition of weapons for self-defense. Bad guys will think twice if they know someone has a "shoot first, ask questions later" policy. Maybe it sounds bad, but the safety of one's family and one's own life should come first, there should be no compromises.

[joniboini]

It seems like the victim is not necessarily showing his wealth to the public in this case, but he failed to do any due diligence before he proceeded to deal with a P2P transaction. I'm not sure what is the norm for Hong Kong P2P trades, but it feels weird to hear that the deal happened in a hotel room. He should've gone to a public place instead, even if the hotel provided any form of surveillance to protect its guests. I guess we can only know the details once the full investigation details are shared, but so far it sounds like this is a case where a newbie failed to do proper due diligence in P2P trading.

[Kemarit]

I thought that this is an old news as I could have heard this stories before. But it looks like this is just recent, so yeah the attack is getting rampant and the criminals are not afraid anymore to do physical harms to the victims here.

And with this kind of news, we should really be careful on who we will be dealing deal and the places that we will do face to face p2p transactions. I do agree that it should be done in public places for our safety or at least bring someone with you.

[robelneo]

As an investor, we should all be aware of the many risks involved in investing in Cryptocurrency, not only protecting our seed phrase or wallets but more importantly ourselves, we are our bank, and we are solely responsible for our Cryptocurrency, if traditional banks can employ adequate security to protect their funds, its also our responsibility to do the same.

To protect ourselves practice control over who you trust to talk about your Crypto investment, be discreet, and avoid posting your earnings on social media so many of my friends do this, and it's very risky.

[Ambatman]

This is what's known as the $5 wrench attack. Safekeeping your holdings doesn't just end in protecting them from virtual hacks but also from physical. Don't publicize your holdings worth to friends even to family as the case may be. The higher the amount, the higher the chance of this playing out and losing your money might be the least of your problem.

It seems like the victim is not necessarily showing his wealth to the public in this case, but he failed to do any due diligence before he proceeded to deal with a P2P transaction.

How were they aware he could afford such or has made such earnings
Even if it's not broadcasted, admitting to a person you have it is still same, Risky.

Let's be smart about our money. Bitcoin for example  was created so that we can be our own bank. So let's not try to prove that we not up to the task and Banks can do better.

[ajiz138]

For me, assets have become part of my privacy, even my own family is restricted from seeing crypto assets in full. Moreover, if it is to other people, it would be better for us to be secretive and not tell anyone about the assets that I own.

We never know what other people think, maybe they look good, but if something changes them, then it is very possible that they will become evil. So we have to be able to really limit the amount of assets we own.

[MrSpasybo]

A few days ago I read an article, which deals with some well-known cases of theft of crypto assets. Many cases of kidnapping, torture and extortion of people known by criminals to own crypto assets.

I am posting this as a kind of warning, even if you protect your wallet, the problem can come from where we least expect it. It is certainly good advice not to talk much about assets and to keep them as private as possible.

For those who are interested in the source (I believe that these are not the only cases)
https://cryptopotato.com/3-suspects-arrested-as-hong-kong-police-rescue-teen-in-crypto-related-attack-report/

In addition to ransomware data breaches, criminals have become more brazen over time. When they misunderstand the anonymity of BTC, they often become more emboldened to commit crimes because they think they can easily escape with all the BTC they have stolen. In my country, there was also a case where a whole family was kidnapped with a ransom demand in BTC, which really worried crypto investors.

Unlike Elon Musk or Michael Saylor who are always protected by the best security systems, most investors have to face the risk themselves if they are targeted by criminals. Bragging about crypto assets is like carrying too much gold on neck, it can trigger the greed of others and attract criminals. Those they don't create value, they only bring danger to us and our family. So, be careful and share less information related to personal account!

[electronicash]

this is why its necessary to not speak about your crypto investment o0n social media sites. but it would be good to prepare your self if someone figures you have some holdings that will interest some criminals.

lets say keeping 1BTC in one wallet or a few ETH in a wallet you own in case someone will kidnap you or your family, that wallet will be the one to be given for the ransom. is this a good plan? 

[Zed0X]

According to a report by SCMP, the victim was lured under the guise of meeting people and trading crypto assets.

So this was supposed to be crypto meet up? I don't understand why the victim needed to trade face to face when HK seems okay with crypto trading. I think there will be more cases like this when Governments starts tightening rules and crack down of unregistered exchanges that includes P2P.

[TomPluz]

I am posting this as a kind of warning, even if you protect your wallet, the problem can come from where we least expect it. It is certainly good advice not to talk much about assets and to keep them as private as possible.

Certainly, we should learn to make our involvement with cryptocurrency as private as possible and should refrain from announcing to the whole world the crypto portfolio we have most especially those who are holding many digital assets at a good value...unlike me which almost got nothing due to a personal emergency. We must remember that though we can make our wallets really secured, once somebody will be poking a gun or a knife in your neck demanding for the keys to open the wallet and transfer the assets, I think we have no choice but to do it no matter how we might be protesting. A person can be kidnapped so he can open the wallet and have the funds dried up or a family member can be taken forcefully for ransom using cryptocurrency. In my view, this is one area that all crypto holders should think about and there must be a protocol our country can establish specifically for this matter. In other words, just like in the normal world we live in, there is no 100% fool-proof security as evil people can devise ways and means to get what they want...and on our part there is no such thing as too much careful.

[0t3p0t]

A few days ago I read an article, which deals with some well-known cases of theft of crypto assets. Many cases of kidnapping, torture and extortion of people known by criminals to own crypto assets.

I am posting this as a kind of warning, even if you protect your wallet, the problem can come from where we least expect it. It is certainly good advice not to talk much about assets and to keep them as private as possible.

For those who are interested in the source (I believe that these are not the only cases)
https://cryptopotato.com/3-suspects-arrested-as-hong-kong-police-rescue-teen-in-crypto-related-attack-report/

In addition to ransomware data breaches, criminals have become more brazen over time. When they misunderstand the anonymity of BTC, they often become more emboldened to commit crimes because they think they can easily escape with all the BTC they have stolen. In my country, there was also a case where a whole family was kidnapped with a ransom demand in BTC, which really worried crypto investors.

Unlike Elon Musk or Michael Saylor who are always protected by the best security systems, most investors have to face the risk themselves if they are targeted by criminals. Bragging about crypto assets is like carrying too much gold on neck, it can trigger the greed of others and attract criminals. Those they don't create value, they only bring danger to us and our family. So, be careful and share less information related to personal account!

Yeah it really poses threat to the whole family if we will show off our wealth on social media whether it is a centralized asset or cryptocurrency especially Bitcoin wherein more people are much aware of it compared to Altcoins. Lawless elements will take an advantage of what we are showing them on socmed and there are cases on that as well here in my country like kidnapping, robbery and thief.

[Rruchi man]

It seems like the victim is not necessarily showing his wealth to the public in this case, but he failed to do any due diligence before he proceeded to deal with a P2P transaction. I'm not sure what is the norm for Hong Kong P2P trades, but it feels weird to hear that the deal happened in a hotel room. He should've gone to a public place instead, even if the hotel provided any form of surveillance to protect its guests.

Theses are some of the few security tips that Some newbies to P2P transaction failed to take into consideration because there can be the assumption that the worst can never happen. I do not know about others, but I feel safer doing P2P transactions via an exchange where they can serve as third party, than doing these transactions physically with a vendor that I have arranged a meet with. There are lots of criminals desperate to have bitcoins, we should not make ourselves become easy targets for them because of our carelessness.