Bitcoin as Ransom

[coinholic]

What if you had, let's say....5000 Bitcoins in your custody and suddenly someone demanded it as a ransom in exchange for someone very important to you, would you make the exchange?

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[Janation]

What if you had, let's say....5000 Bitcoins in your custody and suddenly someone demanded it as a ransom in exchange for someone very important to you, would you make the exchange?

The first question here is how did that kidnapper knew I have a lot of Bitcoins. Second, I don't need to exchange my bitcoins because he is demanding for bitcoin and not for fiat, either way, I will not find any exchanger that will be exchanging that massive number of bitcoins.

[Youghoor]

That is a very hard question dude... but it depends on the person that the person asks for, if it is from my family i would consider it, but if it is a friend or any other people that i dont threat to much, i wouldnt do it.
At the moment 5000 bitcoins are more than 23 million dollars, that is a huge amount and i dont think that there is an exchanger that is holding such that amount of money.

[deddod]

Of course, I will do it because bitcoin is useless when compared to a person's life.
lately there have been many crimes involving bitcoin. Such as ransomware that seizes all data inside the computer and requests ransom using bitcoins.

[Yoandy10]

I would do it if it my wife, sue longs, or parents. Other than I would negotiate.

[mrcash02]

That is the same than ask how much would you give away for those you love? Surely we would try to negotiate first and find a reasonable solution for both parties (with the police trying to discover who is the kidnapper), but in the end if no alternatives would be agreed by the kidnappers I would have to give all the money they would be asking for... The life of those people you love value much more than any amount of BTCs in the world.

[Flomo]

That is the same than ask how much would you give away for those you love? Surely we would try to negotiate first and find a reasonable solution for both parties (with the police trying to discover who is the kidnapper), but in the end if no alternatives would be agreed by the kidnappers I would have to give all the money they would be asking for... The life of those people you love value much more than any amount of BTCs in the world.

yes of course, it all becomes priceless if for a loved one, all will be given without having to count the amount. and I agree with you.

[tweetbit]

I will abide with no doubt at all. What does bitcoin for? when that important person will be dead. Bitcoin is just a money but life is worthless and if I can saved that person i will give all. That's it. The problem is I don't have those 5000 bitcoin even 1btc that's frustrating.

[iamTom123]

What if you had, let's say....5000 Bitcoins in your custody and suddenly someone demanded it as a ransom in exchange for someone very important to you, would you make the exchange?

The first question here is how did that kidnapper knew I have a lot of Bitcoins. Second, I don't need to exchange my bitcoins because he is demanding for bitcoin and not for fiat, either way, I will not find any exchanger that will be exchanging that massive number of bitcoins.

One of the most important rules with Bitcoin is never tell anyone that you have that much Bitcoin otherwise it can be used as a tool to demand from anyone in a form of a ransom. Now, of course, life can be more important so we would not blame anyone to just say yes when someone can be demanding Bitcoin in exchange for the life of someone close to us. We can always buy new Bitcoin anyway but it is impossible to replace someone's life once it is gone for good.

This question is just showing us that Bitcoin has become the popular medium for criminals to demand money from their victims. Hopefully something can be done about it...one that will not compromise the Bitcoin network but at the same will not allow any possible crime perpetrator to enjoy the fruits of his labor.

[Sadlife]

How did the kidnapper that you use bitcoin and you have 5000 Bitcoins. Well the first move would be to secretly contact the authorities/law enforcer to secretly device a plan to capture this guy cause transferring the ransom through bitcoin is really a bad move once you've sent the bitcoin therw is no guarantee that the kidnapper will free your love ones or worst he might already kill him/her. So the best way is to convert into your fiat currency and meet up with the kidnapper for money and hostage transfer.

[Xenrise]

Well I have heard stories that bitcoin was used for ransom. If you are a fan of Game of Thrones, some people tried to hack the next episodes from HBO and the enterprises tried to ask bitcoin from the hackers.

[craZyLovE0916]

What if you had, let's say....5000 Bitcoins in your custody and suddenly someone demanded it as a ransom in exchange for someone very important to you, would you make the exchange?

This is messed up... I don't even want to think about it. I mean, Bitcoin is a good way to ask for ransom but realistically it is not anonymous anyways.

[mevmike]

I have already mentioned it before that cryptocurrency can indeed be used for wrongdoing...
Now another situation arises...
Using BTC as a form to ransom someone whom you loved.
Of course i would give anything just to have my loved ones back...
.
But i would also try to dig into it...
How could someone know that i have such a huge amount of bitcoin hidden in my wallet...
Of course if i've given someone such information then it would only be to my close realatives and loved ones.
Then if such situation occurs then it can be safe to say that someone whom i valued that i even share my bitcoin amount, is doing this to me...
An inside job it is....
How sad life could be if even your loved ones can betray you simply because of bitcoin....
But that's the reality which is not far from happening....

[Svelto]

Yes, I will use the 5000 bitcoin to exchange for my loved ones.  Life will be meaningless without them and money can be earned.

[Yuhee]

I have already mentioned it before that cryptocurrency can indeed be used for wrongdoing...
Now another situation arises...
Using BTC as a form to ransom someone whom you loved.
Of course i would give anything just to have my loved ones back...
.
But i would also try to dig into it...
How could someone know that i have such a huge amount of bitcoin hidden in my wallet...
Of course if i've given someone such information then it would only be to my close realatives and loved ones.
Then if such situation occurs then it can be safe to say that someone whom i valued that i even share my bitcoin amount, is doing this to me...
An inside job it is....
How sad life could be if even your loved ones can betray you simply because of bitcoin....
But that's the reality which is not far from happening....

Yap Because i always see to it that i have enough security for btc. This is why even if i have many btc, i try not to divulge it anyone even family as possible. Because there is a tendency that even your family will brag about how much you earn to kins or even some of there friends. And now adays money is not that easily earned especially in the low class society. You could be a walking bank account if they knew how rich you are.

[libert19]

Well, what you are saying is actually happened.

Few months back some ransomware (I would appreciate if you can point out name!) locked files on computer and demanded bitcoin as ransom to unlock it.

Many paid the demanded amount so yeah..

[10yearsolder]

This has been the trend nowadays. I think anonymity and value is the primary reasons why Bitcoin is the choice of crooks. HBO paid the hackers in BTC also when the hackers stole some vital data from Game of Thrones.

[Fappanu]

This is a serious incident. And if it's going to happen I'd rather choose life than money. No matter who else is here. If I have that money of course. No matter who the person lives, why not do it all. You look around can see what's happier. Money or life.And if you know it, whatever wealth you give it it will only save your loved one

[maydna]

What if you had, let's say....5000 Bitcoins in your custody and suddenly someone demanded it as a ransom in exchange for someone very important to you, would you make the exchange?

i don't know and i can not thinking with clear because actually i don't have 5000 bitcoins right now and i don't know where i should to go to have that amount. but i think for someone very important to me, i will do anything for him/her. i hope now and in future, i don't have this experience because this will make bad influence for me and my life.

[Kakmakr]

This is why we are telling people not to advertise their bitcoin holdings to people on public forums. It is also frowned on to dox users on these forums, because you put them in harms way by doing this. You have a right to your privacy and that includes your financial privacy. < even from governments >

A corrupt government employee can sell your information to criminals to highlight you as a possible target for hacking or even a target for kidnapping. ^grrrrrrr^

Use mixer services to protect your financial privacy and your identity, not for criminal intent. Protect your family from these people.