There was a news post recently about a guy in India who had his crypto stolen.
But, it wasn't from some "you send me 1 bitcoin, I send you 2 bitcoin scam" or an email phishing attack.
They were forcefully stolen from him.
Three men found out that the victim had a significant amount of Bitcoin.
They tracked him down one day pretending to be interested in buying some real estate, kidnapped him and tortured him until he sent his Bitcoin to their wallet.
Classic $5 finger wrench attack..
You can't prevent everything but let's go over some ways to best protect yourself.
- Do NOT brag or brandish how much crypto you have!
I've seen too many reddit posts titled "Guess who is a whole coiner now!" You are lighting up the bat signal to everyone that you hold something valuable and are making yourself a direct target.
Love the enthusiasm, but do not share that with strangers over the internet, EVER!
- Keep a small amount of crypto in a honey pot wallet
By honey pot, I don't mean some sugary drug. I mean keep a secondary hardware wallet with a small percentage of your crypto that can be your "cold storage" holdings in the event you are robbed.
The thieves steal your "savings" and are none the wiser that they only got away with a small portion of your holdings.
Crypto security is where I'm currently most interested in seeing the space evolve.
One idea that I have is a cold storage option where the holder can designate a "hard holding duration" where once crypto is sent to that wallet, any transfer has to wait x amount of time before it completes and during that waiting period, the transfer can be cancelled at any time.
This would deter thieves because say you have it set to 7 days and they force you to send your crypto to them, the transfer won't happen for 7 days and you'd be able to cancel it as soon as they left.
Now sure you can go dark on me and say that the thieves will just kill the person and wait the 7 days to receive their funds but then I would just feel bad for you because you clearly didn't receive enough hugs as a child.