Bitcoin Forum

Security is also man basic needs on earth because it’s very devastating and most times deadly when someone steals our valuables. The reason I suggest for a confirmation code for every transaction is simply because bitcoin and most crypto are decentralized making it almost impossible to recover lost coins. There should be a confirmation code sent to our email or phone number during transaction in crypto wallets to originally prove the transaction is being performed by the real owner of the wallet, once  the confirmation code is received via gmail or any other means and has been copied in the appropriate place. This action will automatically confirm the transaction in the wallet.

I have had reports of people complaining of their lost wallets. some where asked to provide the pass codes of their wallets forcefully at gun point. In my locality now this is the modern age robbery. People are much aware about bitcoin and are using this means to steal from innocent bitcoin enthusiasts. My friend was a victim couple of days ago as she was robbed of her valuables and the robbers went further to ask for her blockchain password which she fearfully provided and immediately her bitcoin was wiped away from her wallet. This is so scary and threatening to bitcoin enthusiasts.

It's like two-factor authentication (2FA) for every withdrawal or outgoing transaction in your wallet. I believe that this is already existing in some centralized Bitcoin wallets or crypto wallet providers, even on centralized exchanges that allow you to withdraw your cryptocurrency.
But there are still some decentralized cryptocurrency wallet providers that also have this kind of feature, as far as I remember, Coinomi is one of the cryptocurrency wallets, they have featured before that you have some password that using when you are doing a transaction or logging into your wallet.

Overall, I don't find any good reason to add this kind of feature for a decentralized cryptocurrency wallets, if you want to be safe your funds, start with yourself, practice safety measures, especially adding some security to your phone so before they can open crypto wallet, there is still some security they need to pass.

This is well known already, it's the $5 wrench attack:

https://talkimg.com/images/2023/11/18/FNRz2.png

https://xkcd.com/538/

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If you want to know more, here is a list of known bitcoin physical attacks:

https://github.com/jlopp/physical-bitcoin-attacks/blob/master/README.md

So in any case, if you are into bitcoin or crypto in general, don't tell anyone, specially in public places as criminals are roaming around and looking for their next victims.

This website can help you as well: https://cryptosec.info/

Perhaps the best form of security is providing no indication that you own Bitcoin. Tell no one that you have some. Outside of this, there is really no guarantee that you are safe. Use all kinds of encryption; use 2FA, email confirmation, OTP through your mobile phone, finger and retina scanners; use a hardware wallet, and so on and so forth; that does not mean you are 100% safe. If somebody knows you own Bitcoin and you are held at gunpoint, which would you choose, your Bitcoin or your life? Well, perhaps it helps if you are storing your Bitcoin in smaller amounts in different wallets.

It's sad when a highly private digital wallet like cryptocurrency could be "highjack" by thug person like that, consequently as a crypto wallet owner we should not share our crypto's owning to social media or to anything on the internet. Usually new people on crypto who have the wallet with thousand bucks or after got hundreds percent profits from trading futures is feeling like so cool and post their things on their social media and let their friends think they're so cool as the "crypto guy".

Bitcoin wallet, using a hardware wallet will provide those security measures,
needing a passphrase or series of numbers to access the device, sending a transaction
needs the owner to verify each transaction.

Personal security hasnt changed, we need to be vigilant and try to keep our posessions
secure particularly smartphones as they hold so much information. Broadcasting
ownership of Bitcoin publically IMO is a no-no.

Being able to defend ourselves is important, most thiefs are opportunistic.

How did the robber know that she has a blockchain.com wallet or even have BTC?

I wouldn't really think that all the people in your area have BTC which robbers could just randomly rob anyone and ask for blockchain wallet login. They've got to have information which they know that she has bitcoin. This could be a common crime eventually when there is mass adoption. Probably ask for MEW wallet too.

I bet that they simply stole her phone and went through the apps, and saw the Blockchain.com app on it. I doubt that they would just randomly ask for crypto wallets unless they know the victim has one.

What is the police doing,in my country there are cameras everywhere,a lot of criminals,even murderers have been caught and arrested thank to these cameras.No one can steal anything you in the road here,they can kidnap you yes but as I said there are cameras everywhere so this is very difficult.

I have said many times that I am a fan and enthusiast about Bitcoin and so are many others here yet we don't have fear of being robbed.Online robbery is another thing and only us are responsible for the security of our wallets.

The great thing about using a currency which isn't mainstream is no one will assume that you are holding any, if you don't tell someone that you use Bitcoin, and there is no evidence on you at the time of robbery that would hint to you holding Bitcoin, they probably aren't going to try, and get that information out of you. Therefore, as long as you don't tell anyone, you could argue that holding value in Bitcoin has its own defense mechanism, simply because most robberies are looking for items that you have on you that are of value, and fiat.

Therefore, you could just give up the cash that you have on you, which should be minimal because you shouldn't be carrying all that much, and then you hopefully would be holding most of your money in Bitcoin rather than fiat.

Even though you are not earning too much money it's best to be someone like a normal person in your community or in the crypto industry because of the other people that will hunt you if they know you got something big in your wallet. These kinds of people are expert scammers and they have some unique strategies on how to get your money or how to steal it from you. They won't hesitate as soon as they see some hole or if they can get it from you. they will execute their plan as soon as they can. It's fine to let people think that we are fools as long as we know what we really are.

Cameras aren't reliable, I mean most of them don't have a high definition camera so it's going to be hard to chase them of if they have that kind of outdated surveillance system. Also, the only way to prevent this kind of thing is for the people to stay humble and don't flaunt your money where a lot of people can see.

In my case, there's no confirmation for a transaction, but I have 2FA enabled in order to access the wallet. So if I'm already in the system, I can spend money, but to get there, I have to go through confirmations. I think it's a common and sufficient practice to limit mistakes and hacks. As for the gun point, this is an extreme situation, in which no additional confirmation would help not to lose the money. In case of a robbery, I think that mental stability and staying alive is way more important than securing your money. And if she had some confirmation set up, the robbers would just ask for that and leave once everything is complete.

OP you are simply saying what most security people already say,,, which is, secure your device and make sure only you have access. You can still use Bitcoin as it was intended, to be only accessed by you and you alone. Even on Electrum you can install 3rd part 2fa confirmation so you do not need to rely on external wallets or websites to protect your coins.

Lost wallets is not a weakness of Bitcoin, it is a weakness of storage. If you also lost your passport, nothing can help you recover it :)

That is the basic part of decentralization, you only have the key and you need to protect it by any sense. You can used 2FA, and this is what you are describing.


This is another thing, you can't do anything if someone is pointing a gun in your face. Not sure how your friends become a victim and it's unfortunate event. I can only speculate that she might have talk to someone offline or online and blurted about her bitcoin stash. So that's a big lesson not to divulge your bitcoin holdings to a total stranger, just keep a low profile.

What you're asking is already being done by centralized wallets and exchanges so there's really no need for that to ask. As you have said that this is a decentralized market, you're responsible for your every action. Looking at the perspective of receiving a code or a confirmation then it's not decentralized anymore. But if you use non-custodial wallets then you just have to activate the 2FA and everybody knows that and probably a few still doesn't that are very new.

I thought this is a story of someone being a victim or a latest news about Bitcoin robbery but it seems like this is just another Old thread that tackles about 2fa ( two factor authentication)

we must always secure our account with 2fa because scammers and hackers are more great than before , there are even scenario that a newly created account after depositing losses his funds because of no 2fa.

But thanks for the reminder this might be fore Newbie in crypto or those old timer that has Hard head not putting security in their funds.

Get a Second phone. Most people only owns one smartphone at a time hence there's a high chance the robber wouldn't be able to think you have another one. Worst case scenario is if they thoroughly check your bag (get a bag with secret pockets!) although IMO most robbers are in hurry and so I don't think this is something highly likely.

If you can, leave your main phone at your house. That would provide better security.

OP do you create fake story?

If the robbery only know the blockchain password, how can he able to log in? He need to confirm the confirmation link send to your friend email.

If the robbery know the seed pharse of your friend wallet, then your suggestion is useless since they don't need to confirm 2FA.

And it's not about security, but privacy of the person.

Obviously mate this is a Merit farming thread , there is no clear statement in this one actually .

even the title is Misleading because i find interest visiting the thread because of the "Robbery" word in which i look for the story behind that but seeing nothing but a generic story  ;D

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Anyway , Nice Story OP  ;D you entertained us .

I think that is related to how people secure their wallets and prevent the thief from stealing their money. While we can use mobile phones to store our crypto in that phone, we need to keep it hidden from other people who can open our phone and access that phone.

There is a hardware wallet that we can use as a cold wallet and we do not have to carry it anywhere. It will be safe for us to put that hardware wallet in our home and in a place that only we know.

We do not have to tell others that we have crypto and it stores in our wallet because that can attract the same cases as your friend. The security of the wallet will depend on how we can protect the wallet.

The blabberings are often products of a need to impress others. It's the youth who fall prey to this as they're always eager to flaunt their material possessions before anyone who cares to look. That's often possibly the cause of most Bitcoin/crypto robberies. Otherwise, robbers won't have that time to ask whether a victim has a wallet or not. Except if it's a robbery that's similar to kidnapping where robbers have their victims hostage. Most robberies are hastily done. The loud mouths should take note.

What about the lessons inherent in the story. Didn't you learn a thing or two? Well, I did.

To be fair there are no guarantees at all. Being exposed to the market means that inevitably you need to start thinking of measures to prevent you from being assaulted/attacked.

I suppose it makes sense to keep your BTC investment to yourself only and not bring it up unless among trusted people. This is a scary thing and the best we can do on here is make people aware that bad things can happen, and we need to do the best that's in our power to avoid these situations.

So now people will understand why most of us..are not giving our Facebook Identity or our email address or personal information for Air drops or a couple of free tokens. This is what people used to do when Ripple was launched ....back in the day.... they simply gave up their real identity for a couple of tokens.

Also.... all the KYC requirements that you willingly give to obscure new Online casinos... well, you might be giving it to the wrong people.  ::) Your true identity must never be linked to your main "hoard" ....always build a buffer between your main hoard and the accounts you use online. (Use several Mixer services, to break the link)  ;)

Email notifications or sms codes are only plausible on custodial wallets you do say but not into those wallets which are truly non custodial ones because you would really be needing your wallet keys.
Of course you had set out some password too but what most important is the keys because once people had already known about these keys then they do really have the access on your wallet
anytime.Its not new about these crypto crimes that do happen on where a certain user had been hold up and forcefully gets their key or account information.
The thing here is that stay low key and never ever show yourself that you do get involved with crypto.Criminals are just everywhere.

Try to avoid fake promises in the forums. Many bitcoin users have displayed their personal details to robbers, thinking they are there to help. Anyone that is ready to help you, will never demand for your wallet details or other details before they can help you.
Try to understand that decentralized currency is different from fiat money. There are many scammers in the forums but if you really understood the rules and regulations of bitcoin, I think no one can robb your bitcoin. Never  you tell anybody about your bitcoin details no matter how close you and the person are in the community . There are some users are just there for robbery but by their character you can identify them in the forum .

It's possible OP confused PIN with password. If OP's friend was using the blockchain.com app, only the 4 digit pin code is needed in order to access the wallet supposing they do not log out every use.

But getting those authorization emails/OTPs wouldn't be hard cause most people have their email accounts and authenticator app in their smartphones as well. You could password protect these apps, but robbers can just ask this while pointing a gun at you.

I would give the benefit of the doubt for now.

When you stay a certain locality you should know how to adapt to such environment. You can't be in a dangerous location and parade your self as a cryptocurrency investor you will be putting your self at high risk. I guess the passphrase and private key owned by each non-custodial wallet holder is enough to secure your coins anything outside that makes it  centralized and will bridge the purpose of the coin. I think people within that area who invest in cryptocurrency should avoid anything that would implicate them

The funds needs to be used and secured in best possible manner and hardware wallets are the best possible solutions for them rather than keeping them on hot wallets and centralised exchanges having your private keys and you can loose your funds with blink of an eye.There are possible explanation with so many threads related to it but still people pretend they know nothing about it and was not at fault and then loose funds.Make sure about your funds security as hackers are many ways to find about your personal information.Take security measures.

Physical threats against bitcoin owners have happened before and we've probably heard of them being discussed several times on this forum. This is not a new story even though the time and place of the events are different.

There are solutions already answered by several users above so I probably don't have many other options to mention. I just want to talk about why financial privacy is so important to prevent bitcoin robbery and physically threaten users. Yes, many people may not realize that there are people out there who are constantly stalking reckless bitcoin users and have a bad habit of exposing their bitcoin holdings in public or in online media. This can increase the potential for experiencing a robbery so that all bitcoins owned will change hands to the robber. I think satoshi knows very well why he had to hide till now and he is not even identified to the public, and yes because bitcoin is money then privacy is mandatory for every user to increase security.

Just like on being rich with fiat on where security would really be a big issue when someone do really notice it out that's why its never been great to have some show-off with your riches.

I agree that you should keep quiet that you do hold lots of bitcoin or crypto.When it comes to wallet security then this is something on owners personal responsibility to avoid human error

but if its been brutely asked then you wouldn't really have any choice but to give it on exchange of your safety but not still an assurance that you wouldn't be killed on that situation.

That's right mate, when you have a lot of crypto assets (bitcoin or altcoin) then you have to be quiet and maintain your privacy online or in the real world. A person who has tens of thousands of bitcoin in his wallet today would probably never want to talk to any media because they know there is potential danger to come to them if there are no strict security guards. Honestly I will never tell anyone about the actual amount of assets I have, this will give me some percent protection from unwanted things. While people keep exposing the value of their assets on their facebook and whatsapp stories all the time no matter what they will face in the future. When someone realizes bitcoin is money, then they must have security and protect themselves from the potential for unwanted things to happen, robbery for example.

Most wallet has some sort of second password or "spending password" that you can set. When you are about to send a coin, you will have to use that password (they can still access your coins if they have access to your recovery phrase or your private keys!). And like the other user said, most of the centralized/custodial wallets (worst choice. never store your coins on a custodial wallet) have 2fa enabled where you receive confirmation codes on your phone (the thing you are looking for). But you can still lose your coins if the wallet provider loses their coins from their hot/cold wallet. You just have to be careful how and where you store your coins. Take proper precautions and your coins will be safe.

What i do not understand is that how the robbers are aware that your friend is holding cryptocurrency to hold them at gun point and ask for the blockchain password. Even if you are telling is true you can run away with the money without providing further verification like 2 FA before withdrawing.

These things happen if you are foolish enough to advertise your cryptocurrency investment in social media so that the robbers will target you. Just stop those stupid actions and have some common sense if you think that criminals will target you.

People are so much aware but do not expose yourself to a $5 wrench! This is the mistake most people make an end up helpless like your innocent friend. There are many people who have Bitcoin, lots of it, but you can never know because they do not loud it. Your friend was not just a random victim because if you think more, you'll realize that not the average person has a Bitcoin wallet. And out of those that have a wallet, not the average has a robbery-worthy amount. So, IMO, this was targeted. Here is a list of such happenings: https://github.com/jlopp/physical-bitcoin-attacks/blob/master/README.md. With the most recent on the list being "Crypto Trader’s Murder Blamed On Social Media Bragging" (https://archive.is/2kfpq). And here's how you can Protect Yourself From $5 Wrench Attacks (https://cryptosec.info/wrench-attack/).

This is the drawback of being open to the social media regarding your crypto involvement.
Some people are really proud of their crypto holdings they will post every thing on their social media.
They will now be the target of these criminals as they know who are easy targets.
Maybe, his friend also know those criminals as they are just living in one area.
For me, there's no need to let the public know that you are into crypto. Just be glad you found it.
And if someone asks your assistance, then, share what you know and educate them.

This is the most vicious of any kind of crime right now, there's a physical violence involved. Hopefully there's some sort of solution in this kind of issue because if the crypto community isn't feeling safe then we won't be able to make the best out of the market because we're terrified of this kind of stuff from happening.

Although BTC is non tangible, but those who knew that you own btc can be a big problem for you in the future. Always be lowkey when talking about your earnings. Doesn't matter if they feel suspicious but tell them if they are willing to learn. Btc maybe in tangible but you need to take note that you need to protect yourself, privacy is the key to it.

Man, robber would most definitely kill you If you can't provide any, especially If they knew you're into digital and cryptocurrency.
So, I'd like to add something on your idea. Just a put a small amount of asset in that phone you're carrying everyday just to make the robber believe that's the only asset left after a devastating trade or something like that. A made-up stories might spare your life and of course a little asset so he won't get angry for not getting anything from you  :D

If you link your mobile phone number or email-address to your wallet, you will lose absolutely all privacy and anonymity. I think that those who keep their private keys in safe places and don't tell it to anybody and use mostly cold wallet, will not face robbery, as usually robberies happen because of people negligence, so just be more careful and suspecting.

And this kind of attacks might increase as obviously the price of bitcoin is going up. So if you are a bagholder, yes you can protect it as much as you want with proper security hygiene. But if you exposed yourself to criminals then physical attacks are inevitable. So the right practice will be not to tell in your social accounts that you have bitcoin or crypto. So it's not hackers are we should avoid, but real life criminals as well.

Its good to not brag that you owned bitcoin or cryptocurrency so that you're safe.. I mean its good to live in a simple life wherein no one knows what's your work and where did you get your income so that no one will put interest in your life.. Lol there's a bunch of fraud people even in public places so much better to keep quiet and avoid losing money and also prevent any suspicious activity especially around the internet because that's the main reason as well why people lost their bitcoin because of some hacking issues.. So be aware and alway keep your mouth zipped.

Bitcoin can be robbed by hackers who hack your personal information and digital wallets. We hearer many cases that people lost millions through Bitcoin account hack. But there are some policies if you follow these then there are too much low chances that you will be scammed.

It's a sad fact that nowadays people are more on bragging their personal income ( not to brag but to inspire as they said) when in fact, they should keep it private. I think that's mostly the reasons right now why some are losing their bitcoins either due to hacking or they are just too confident that it will always be safe even without precautionary measures taken.

For i know, as long as you keep the security of your account without sharing your password to anyone, or without any intentions to let other people know that you have that huge amount in your wallet, then no one will get interest on you.

Easy to say but this method is kinda hassle though because you would really be needing to transfer up funds whenever you do go outside from time to time if you do really intent on leaving small amounts
of coins or crypto into your online wallet or something like that.

Its actually a good move or avoidance of possible being robbed completely but you cant really be still sure that you wouldn't be killed on such situation because not all criminals would really
just simply leave their victims even if they haven't get something from it.

The key here for your security is never to boast off or make yourself that bit obvious that you do deal up with crypto.

I don't know if a feature like that exists, though in Coinbase, if you make a transaction/payment, they have a feature that requires your biometrics/pin before finalizing the transaction and sending it through Blockchain, but if they stole your phone along with your credentials, there's really no possible way on controlling the transaction, you can either try to retrieve your account but I am quite sure that your bitcoins will be gone by the time you retrieved it, also, you can't track the transaction and the receiver, of course, we have the power of being anonmyous, and the power of having as many addresses as we want.


I feel bad for those who worked hard for their bitcoins and for your friends, those robbers probably gathered info on people who holds BTC around your area, the downside of being socially open and open about being a crypto enthusiast, sometimes it's better to be in a lowkey state, some people will really take advantage, well, if that's the case on why he got robbed, and if it's not, then that's just really unfortunate.

Nice idea I never thought about this,,, in fact a better idea might be to have a second phone but also make sure you have another BTC wallet there maybe with a small amount,,, or a fake account on a crypto casino you do not use at all. Just have a balance there from faucet or whatever and so if you are ever robbed you can show that yes you have BTC but only on casino and you gamble most of it (or show the fake wallet with small balance).

This is one concern that we have nowadays. As the popularity of Bitcoin goes higher, so as the crypto robbery incidents. Right now, the most popular robbery is through phishing websites where they forcefully ask them to provide their seed phrase or private key.

The $5 wrench scenario is the scariest because they force you to give them your credentials rather than stealing your device without even knowing the password, phrases and keys you have which will be just a waste to them.