Real-world attacks on cryptocurrency owners surged, spurring the highest numbers to overhaul how to protect their assets. They no longer just protect the hackers, they are ready for kidnappers and armed thieves.
Seed phrases once kept on a single device have been broken down, encrypted and scattered across four continents to prevent any vulnerability that violates the entire hiding place.
Seed phrases spread around the world
The family of Bitcoin advocate Didi Taihuttu has reportedly separated its seed phrases. They used a method of pieced together and storing partially restored words in steel plates and encrypted online services.
Over the past eight months, they have moved to this hybrid system. This means that even if an attacker finds a piece, they can’t crack the entire code.
Didi Taihuttu personally hammered and punched letters into a steel plate—one of several he uses to secure a fragment of the family’s Bitcoin seed phrase—in a decentralized storage network that spans four continents. Source: Didi Taihuttu/CNBC.
Minimum funds on mobile wallets
According to CNBC, Taipingtu said he only keeps a small amount of mobile phone wallet. He told a Thai reporter: “Even if someone holds me at the gun, I can’t give them more than I have on my mobile wallet – that’s not much.”
Perhaps a smarter move, as there is almost no hand that slows down the kidnapper who asks you to unlock the main hiding.
Didi, Romaine and their three daughters mostly live off the grid, handling their crypto through decentralized exchanges, automated trading bots, and a cold-storage network spread around the world. Source: Didi Taihuttu/CNBC.
High-profile attack fuel safety overhaul
Moroccan police have arrested a suspect accused of targeting crypto executives. In France, the crypto millionaire’s father suffered a cruel beating. In New York, a tourist was held for more than two weeks and suffered torture in order to use his Bitcoin.
These events have caused fear across the industry. Some estimates can account for up to 65% of Taiwan’s stake and are now located in refrigeration in different continents.
Turn to professional safety
In May, private security companies such as International Unlimited Risk saw a sharp increase in demand for crypto professionals seeking 24/7 protection. Bodyguards and safe houses are no longer luxury goods. They are becoming necessary.
Many industry insiders now carry panic buttons and use anonymous phones to keep their movements secret.
Keep funds outside the central vault
The Tai Chi family also got rid of large vault services and bank-like custodians. They say they prefer complete control of their assets.
According to Taihuttu, if the company is in trouble, putting coins in the company’s vault can backfire. Instead, they rely on a mixture of refrigeration, multi-signature wallets and decentralized transactions for transactions and daily expenses.
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