Bitcoin Trader Brutally Tortured

[Ayiranorea]

In my country, BTC deals are under investigation and traders may go to jail for this

Hmm... that is a very difficult situation. In countries such as Nepal and Bangladesh, Bitcoin is banned altogether. Anyone caught trading in Bitcoin will be charged with money laundering and sent to jail (Bangladesh arrested a few traders only last week). Under such circumstances, what are the options that a trader is having in case he is abducted and tortured by criminals?

it's terrible to hear such an event, and even though it was indeed the guy's fault for violating government policy but I don't think they should be treated harshly unless proven to be misusing Bitcoin for things that endanger many people it is quite comparable.
but if you only have Bitcoin and use it to trade then I think they are just enough to be warned in the right way.

The traders who were arrested in Bangladesh were not involved in any criminal activity. Their only "crime" was that they were trading Bitcoins, which is illegal in that country. Yes.. there were a lot of warnings about this. But was the government right in banning the trade of Bitcoin? It is legal in the vast majority of the world nations.

In Bangladesh it is illegal, and to my knowledge majority of the country take a stand of being neutral without imposing any ban or providing any legal support to the use of bitcoin. This isn't the first time such a incident take place, there were several such arrests of traders by the police in Bangladesh.

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[Indamuck]

I'm starting to think that these stories are completely fake just to scare people from holding crypto.  Banks and government have done much worse so I wouldn't put it past them.

[hashman]

It’s so sad to hear this type of things. It might cause people to stay away from crypto market. On the other hand i feel sad for this man. It shows how important that not to tell other people that you have some bitcoin.

[nauane]

In my country, BTC deals are under investigation and traders may go to jail for this

Hmm... that is a very difficult situation. In countries such as Nepal and Bangladesh, Bitcoin is banned altogether. Anyone caught trading in Bitcoin will be charged with money laundering and sent to jail (Bangladesh arrested a few traders only last week). Under such circumstances, what are the options that a trader is having in case he is abducted and tortured by criminals?

Bitcoin trading is done online and on exchanges like binance, bittrex etc where the countries like Nepal , Bangladesh has no control. Is it possible for the citizens of those countries to use good VPN and continue trading anonymously ?

[thankyoulord]

The criminals who tortured the bitcoin trader knew he has bitcoins and definitely went after him to get access to his private details so as to take his bitcoins. We should all mind who will tell about our investment or about what we do. Not everyone really wish us well. Its a pity such a thing happened to that trader. Thank God his life was spared.

[TheKeyLongThumbI]

This is the exact reason why I really dislike buying those bitcoin stickers and shirts. The last thing I want is to be tortured for me to give the criminals my private keys. Wearing bitcoin or cryptocurrency-related paraphernalia is pretty much like a huge "rob me" sign and is a huge unnecessary risk a person is taking.

That is so dumb. Then how about those rich individuals who uses ferrari, carries a an expensive bag like LV or just even a latest Iphone? Don't do victim blaming because I know for sure that is well-planned and organized by those criminals. It's just that the fate of this fella is very unfortunate that he was targeted by this people.

[PointHope]

There ought to be a way to mark BTC which gets stolen like this. Like exploding dye in a bag of cash making the BTC unuseable.

[aad140386]

It resembles a plot from a cyber-punk movie about the future. Of course, the situation is rather sad, and even the enemy would not like to wish that. But we still will never get complete anonymity. In any case, I think so. Otherwise, none of the existing state systems can exist. Each state controls and monitors its citizens. So that they pay taxes, do not violate the laws, etc. Having complete anonymity, your will not be able to track down and, accordingly, you will be able to evade taxes and other payments that the state imposes on you.

[pey]

Anonymity is the most important thing in crypto period unless you can exchange it for something that might worth it like reputation, recognition etc.

[nydiacaskey01]

A crypto trader from the Netherlands had been brutally tortured in front of his 4-year-old daughter, by 3 suspects disguised as police.  The investigator suspected that the criminals stole some private keys, passwords that transferred the victim's fund to the suspect's wallet. How could the criminal know his a trader and identity, location? Could this be an inside job?

More information here:

https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-robbery-torture-cryptocurrency-netherlands-a8807986.html

This is why it's not a good idea to expose yourself that you are into Crytocurrency. Others think that those who are into Cryptocurrencies are rich. I didn't read the entire article but I think if someone tries to force you to give your private keys like that, I would give another private key or change a digit or two so they cannot open it.

[Vishnu.Reang]

In my country, BTC deals are under investigation and traders may go to jail for this

Hmm... that is a very difficult situation. In countries such as Nepal and Bangladesh, Bitcoin is banned altogether. Anyone caught trading in Bitcoin will be charged with money laundering and sent to jail (Bangladesh arrested a few traders only last week). Under such circumstances, what are the options that a trader is having in case he is abducted and tortured by criminals?

Bitcoin trading is done online and on exchanges like binance, bittrex etc where the countries like Nepal , Bangladesh has no control. Is it possible for the citizens of those countries to use good VPN and continue trading anonymously ?

Do such exchanges accept users from Nepal / Bangladesh? Also, even in case they are able to register, how can they make the deposits / withdrawals in fiat? These exchanges also need the KYC data, right? How can we be certain that the ID documents that we upload will not end up with the government authorities in Nepal / Bangladesh?

[boyptc]

Anonymity is the most important thing in crypto period unless you can exchange it for something that might worth it like reputation, recognition etc.

Better to remain lowkey and don't let others know that you are holding large fund in bitcoin.

Sometimes boasting of what you have isn't really recommended, it's better to show your success in a silent way.

[Script3d]

Anonymity is the most important thing in crypto period unless you can exchange it for something that might worth it like reputation, recognition etc.

Better to remain lowkey and don't let others know that you are holding large fund in bitcoin.

Sometimes boasting of what you have isn't really recommended, it's better to show your success in a silent way.

some people are just want to show off, just like people who buys expensive clothing brand, but do we really care about people getting punished for being stupid.

[boyptc]

Anonymity is the most important thing in crypto period unless you can exchange it for something that might worth it like reputation, recognition etc.

Better to remain lowkey and don't let others know that you are holding large fund in bitcoin.

Sometimes boasting of what you have isn't really recommended, it's better to show your success in a silent way.

some people are just want to show off, just like people who buys expensive clothing brand, but do we really care about people getting punished for being stupid.

We do care if misfortune happen to others.

Showing off to the public on what you've got is also a mistake. Remaining at your lowest potential personality would bring good especially if you held quite good amount of funds, you don't have to broadcast it so humbling down would be a better choice.

[Yamifoud]

Anonymity is the most important thing in crypto period unless you can exchange it for something that might worth it like reputation, recognition etc.

Better to remain lowkey and don't let others know that you are holding large fund in bitcoin.

Sometimes boasting of what you have isn't really recommended, it's better to show your success in a silent way.

For the seek of our own safety and security.  We don't need to shout that we are Bitcoiners or crypto traders cause it will caught attention to them,  to the people who are robbers. I don't how safe we are in our place but for this scenario it is better to keep silent and have some business to disguise something..

[QueenW]

Sorry for this guy, but in most cases people are to blame for their troubles. No need to tell anyone about what you do and how much you earn. If you attract attention to yourself, you can be on the site of this trader.

[uneng]

Anonymity is the most important thing in crypto period unless you can exchange it for something that might worth it like reputation, recognition etc.

Better to remain lowkey and don't let others know that you are holding large fund in bitcoin.

Sometimes boasting of what you have isn't really recommended, it's better to show your success in a silent way.

Exactly. Big holders, traders and investors should tell nobody about their financial life, it's too dangerous and the threat comes from where you least expect it. Bitcoin is a wealthy asset, other people can become mad if they knew you hold it, mostly if they know you hold or trade a large sum.
In this trader brutally tortured's case, the story doesn't bring details, hard to imagine how the situation really happened: did the trader let the criminals come in? Or did they invade the house? How safe was the house? A trader dealing with bitcoin and having a 4 years old daughter should be more cautious.

[boyptc]

Anonymity is the most important thing in crypto period unless you can exchange it for something that might worth it like reputation, recognition etc.

Better to remain lowkey and don't let others know that you are holding large fund in bitcoin.

Sometimes boasting of what you have isn't really recommended, it's better to show your success in a silent way.

For the seek of our own safety and security.  We don't need to shout that we are Bitcoiners or crypto traders cause it will caught attention to them,  to the people who are robbers. I don't how safe we are in our place but for this scenario it is better to keep silent and have some business to disguise something..

Yes, you don't have to boast about it. If you are proud of it then show it in some other ways that you can still remain lowkey.

You don't know on who are those people that are looking at your updates. If the topic is money, everyone listen so be careful as those people that has bad intention might listen too.

[Vishnu.Reang]

Sorry for this guy, but in most cases people are to blame for their troubles. No need to tell anyone about what you do and how much you earn. If you attract attention to yourself, you can be on the site of this trader.

You are blaming the victim here. Just ask yourself. How is it possible for a trader to remain anonymous? Even if you are trading in a platform such as Localbitcoins, your details such as name, phone number, email and bank account will be public. I just hope that the criminals who did this will be arrested and put behind bars without delay.

[BlackFor3st]

This is quite interesting and very upgraded way of stealing someone's money without cracking and bypassing it's private key.
There is a good chance that the suspect is his friend/relative or someone who knows more about him as the attack was planned.

This is also a good warning to all of us to be more careful not only in using the web but also to our surroundings as we didn't know what is our neighbor, friends, relatives and etc. were thinking.