Bitcoin Forum

A gang of 5 robber forced a Businessman to reveal his private keys containing 450 Bitcoins.

The gang acted as if they were police and followed the businessman to the his car. After keeping him in there for like 8 hours the businessman finally gave up and gave his private keys.

Afterwards police launched an operation and caught the robbers. Some amount of these Bitcoin's are told to be spend but the exact numbers are still missing.

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I was thinking about that lately and this accident happened. What else can be done to protect these Bitcoins. I mean a Bitcoin millionnaire should be more careful to protect his private keys.

Is there any useful system providing that? Maybe in the future there will be Bitcoin banks to save these Bitcoin and reaching to them will require more than 1 password or key...

Do you have any ideas?

dont tell anyone that you have that high amount of btc.and use paper wallets that is protected in a safe of banks.

how? if someone points a gun at you, or you get kidnapped by 5 people, there's nothing you can do. The guy clearly values his life way more than his money, good for him (though it took him 8 hours to realize that.)

No one should trust a third party to hold their private keys or their BTC.

Best way to avoid this kind of things would be to not let anyone know that you have BTC, or keeping your coins in several wallets. Simple as that.

Don't brag about holding Bitcoin's, I guess that's one way to do it. It's very important to keep those information confidential. Unlike fiat, BTC is gone forever once taken.

a best thing to do is something like trezor, have a seed with a few bitcoins on, and a second with your wealth, never store all in one place, you can give the 'dummy' keys with only few bitcoins up under duress. They actually allow seeds with different passphrases so you can set up a dummy one.

Yeah, don't tell anybody this kind of things. Even to your friend and family. Don't make yourself a target. It's how people owning gold get robbed at home. They tell it publicly, for example, a friend. Then the friend will repeat "oh I know someone with gold under the bed"

BTW, I don't get it with the private keys. The guy keeps the keys in his pocket or wallet or it's hidden in the car? lol
He surely was talking publicly and makes himself a target. It is something that needs to stay private.

If I needed to move large quantities of coins from a publicly known address, I would run them through a mixer before storing them as well. So you could argue that you no longer 'have them'.

Wow intense! Yeah it's true you shouldn't go around spouting off how much you have! It's best to say i've made a strategic investment and leave it at that with a sfew details as possible.

Even he can prove they steal it how someone can prove has been sent to this account, and I do not know what really can do about it, I guess if someone steal you cash you can say amount but they must find it and prove who stole you

Thank you for the interesting information included in this post! It is very nice to read how it all thrives in other parts of the world, not just to look at Europe. I keep my fingers crossed and good luck!

Internet leaves huge history behind us, that is easily readable, just dont brag to anyone how much money you have,use few trezors or Ledger Nano's as people said. "Dont put all of your eggs into 1 basket" .... Most shadiest thing that can happen is if his friend set him up even if he didn't know :S

It doesn't matter if you set up a dummy one if they know the exact amount you have...
Trezor's solution is good agains everyday (OK, not everyday but only the simple) robbers who doesn't know exactly what amount you have and it's enough for them if you show them a little amount... Trezor's passphrase is for this purpose. If they know your public key and they see your amount, they should be educated about bitcoin and won't let you know unless they got what they want...

He was holding 3 million dollars worth bitcoins and he shouldn't brag around in first place.
Of course someone will rob him, this is nothing unusual.
I am glad that police caught robbers, hopefully that guy will be smarter next time and will be very quiet about his money.

To bad to hear this story. I think this system (private key) is ok, but in this case the business man what can do other? If someone attack you with gun or knife and he said: Money or life! What you will chose? Nobody want to die.

What? Where do this robbers know that the businessman has many bitcoins? Dont you think it's strange?

The robbers are surely close friend of the businessman

Moral of the story, never tell anybody that you have many bitcoins

I would not let anyone know I had it.

I don't think Bitcoin will let any anti-virus or security system company will let these happen because for one reasons they could be behind some of the hackers or viruses providers because they are knowledgeable enough to know how to by pass their security. A security encryption is also one of the solution to resolve to protect your passwords and doing business in the internet should be private you should disclose any information to your friend about these in order to prevent thieves from targeting you. Also a possible solution is don't let all of your bitcoin stay in one wallet.

Wow that's ridiculous. This is where Bitcoin's lack of anonymity becomes a problem. Then again, the guy could have bragged that he had that amount. There's really no protection you can get when you are held at gunpoint. Just try your best not to let people know you're hoarding Bitcoins, and try using mixing services so you don't get traced. This obviously took some meticulous planning on the side of the robbers, so robberies like this shouldn't happen too often.

If you think about it though, his money would have been safer in a bank. Robbers can't really force you to withdraw all your money for them. That sucks.