Exmo Bitcoin exchange chief executive kidnapped in Kiev

Post by cm2187 » Thu, Dec 28, 2017, 10:56 PM UTC

busterarm wrote: post #25

aviv wrote: post #24

I raised this concern in a comment last week. We are going to see more instances of this. Remember how in the movies they break into a bank manager's house and hold the family captive while someone goes with the manager to open the bank vault? Same thing is inevitably going to happen IRL. I always say exchangers are Bitcoins weakest link. All it takes is one compromised employee at Coinbase or another large exchanger…

How many of these kidnappings are going to be faked to provide cover for a theft? It's exactly the thing I would do.

Post by Klathmon » Thu, Dec 28, 2017, 11:01 PM UTC

DennisP wrote: post #29

Klathmon wrote: post #10

Earlier quoted context omitted.

Or you can use the strengths of cryptocurrency and split a key between a safe deposit box, your home, and yourself, and require 2 of 3 of them to get the original key.

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."

Post by cm2187 » Thu, Dec 28, 2017, 11:10 PM UTC

derefr wrote: post #21

logfromblammo wrote: post #4

Mathematical basis for Bitcoin still compromised by "rubber hose" cryptanalysis. Let this be a reminder that physical security is a necessary precursor to computer security. And I also hope that Exmo's succession plan executor takes the precaution of staying up late tonight to move all their reserves to new wallets.

The mathematical basis for multisig wallets is explicitly resistant to rubber-hose cryptanalysis, if the keys are distributed sensibly (e.g. with one going off to a counter party in a different political regime who can’t be compelled by the same state-actors as you to share keys.)

Post by knownothing » Thu, Dec 28, 2017, 11:15 PM UTC

aviv wrote: post #24

I raised this concern in a comment last week. We are going to see more instances of this. Remember how in the movies they break into a bank manager's house and hold the family captive while someone goes with the manager to open the bank vault? Same thing is inevitably going to happen IRL. I always say exchangers are Bitcoins weakest link. All it takes is one compromised employee at Coinbase or another large exchanger…

Post by [deleted] » Thu, Dec 28, 2017, 11:18 PM UTC

jameslk wrote: post #27

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?