So it appears criminals are getting wiser and a new wave of home and personal robberies may emerge. Will this push crypto owners to entrust their currency with more secure institutions, leading to these "decentralized" currencies to be once again under control and manipulated by banks and governments?
Bitcoin was released at 2009. Since then, this is the first kidnapping probably linked to cryptocurrencies. Yeah, this is definitely a trend. Since people are publicly boasting about their crypto fortunes and kidnappers has published their demands... /s
Exmo Bitcoin exchange chief executive kidnapped in Kiev
51–60 of 142 posts
Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev
#52The Winkofloss brothers stores their codes right to prevent these type of kidnappings. They distributed the keys across states and bank vaults.
Found a source (not much more detail though) http://www.businessinsider.de/winklevoss-twins-cut-up-key-to...
Sure besides lots of physical and op-sec, your best bet is to insure yourself w/ payoff money that is liquid and untraceable. Failing all else, you could offer this to your kidnappers and hope that they are satisfied not to go to the trouble of having to involve other parties thus increasing their risk of incrimination. See my comment about "Casino" the movie...
Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev
#53Earlier quoted context omitted.
That definitely helps against many scenarios, but "home and yourself" means you're still in immediate control of funds while you're at home, so you're still vulnerable to armed robbery. You want to make it so your answer to the robber is "I can't, the bank's not open."
And then what? The robber who went through the trouble of breaking in and demanding your money will apologize and see himself out?
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Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev
#54So it appears criminals are getting wiser and a new wave of home and personal robberies may emerge. Will this push crypto owners to entrust their currency with more secure institutions, leading to these "decentralized" currencies to be once again under control and manipulated by banks and governments?
Probably the criminals were upset about their withdrawals taking so long ;p It took me like 2 months to cash out the first time. Seriously, I don't think this will scare off anyone, especially not exchanges. They make so much money right now they can just hire bodyguards.
I could imagine the current exchanges becoming banks, in the disruptive sense. What's stopping them from creating interest-earning savings accounts and loaning out on a fractional reserve basis? Seems like we'll be back where we were a century ago, bank runs and all.
Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev
#55So it appears criminals are getting wiser and a new wave of home and personal robberies may emerge. Will this push crypto owners to entrust their currency with more secure institutions, leading to these "decentralized" currencies to be once again under control and manipulated by banks and governments?
Probably the criminals were upset about their withdrawals taking so long ;p It took me like 2 months to cash out the first time. Seriously, I don't think this will scare off anyone, especially not exchanges. They make so much money right now they can just hire bodyguards.
>they can just hire bodyguards
Which won't be able to carry weapons in most places. You'll have a hard time finding people who'll fight back when you're being kidnapped at gunpoint.
Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev
#56It is possible that it was done by a corrupt secret service (SBU), that recently started raiding people involved with crypto currencies in Ukraine and stealing their coins. The ForkLog guy was not afraid to speak up [1] [1] https://cointelegraph.com/news/ukraine-security-service-alle...
There are huge conglomerates in Ukraine operating in Crypto, gambling, porn, ransomware etc. Could be just some rivals attacking competitors (and paying of SBU to do the bidding is fairly realistic option)
Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev
#57Earlier quoted context omitted.
Exactly. For large amounts, keep the hardware wallet in a safe deposit box, not in your house.
A safe deposit box in Ukraine? You have to be kidding me. We are talking about a country where corruption is rife, at war with its separatist regions.
You don't believe that Ukraine has safe deposit boxes?
Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev
#58So it appears criminals are getting wiser and a new wave of home and personal robberies may emerge. Will this push crypto owners to entrust their currency with more secure institutions, leading to these "decentralized" currencies to be once again under control and manipulated by banks and governments?
Bitcoin was released at 2009. Since then, this is the first kidnapping probably linked to cryptocurrencies. Yeah, this is definitely a trend. Since people are publicly boasting about their crypto fortunes and kidnappers has published their demands... /s
> Since people are publicly boasting about their crypto fortunes
You don't need people boasting about their crypto fortunes. As soon as you set up a Bitcoin tip jar, anyone can look directly at the blockchain to determine how much money you have - and how much you have had at any point in time and where the money went.
Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev
#59A few more stories like this and governments (militaries) will be "activated"... both physical and digital, if they haven't been already.
what do you mean?
Quite likely that governments will force exchange operators to get appropriate security. Hell if I had the keys (or were in a position to be used as "leverage" for them in a kidnapping) to a Bitcoin exchange, I would surround me with a bunch of ex-military guards.
Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev
#60The Winkofloss brothers stores their codes right to prevent these type of kidnappings. They distributed the keys across states and bank vaults.