Don’t Always Flaunt Your Wealth And Wallet Online

[Asiska02]

Showing off one's money and accomplishments has suddenly become socially acceptable. People nowadays, particularly on social media, display their wealth and extravagant luxury.

My uncle's friend, a crypto trader who primarily trades in bitcoin, was ambushed and kidnapped by unknown gunmen. He was released after a few days; they never demanded a ransom from the relatives; they thought he was missing and were praying and looking for him after reporting to security personnel.

He was a wealthy young man who made his money through cryptocurrency trading and invests wisely in it. He was the type of person that is constantly pompous and flaunts his riches and online wallet savings. He stated that after they apprehended him, they took him to an unknown location and instructed him to unlock his phone and transfer all of his cryptocurrencies to them, after he had moved everything from his trust wallet to a centralized exchange. He exchanged his coin for fiat and was instructed to transfer all funds to another account, the account of another kidnap victim with them. They withdrew all of the monies sent to them using the victim's ATM card. They were both released after all this, after spending three days in captivity with them.

People nowadays flaunt their wealth online, with no idea who is watching and tracking their every step. Not all of your close ones like you because you are wealthy; they may be looking for a method to take advantage of your wealth. Keep your wealth hidden from the public; you don't have to brag about how much money you have and how well you live.

It's also worth noting that some people flaunt their wallets in advertisements in order to entice people to invest in certain projects. They do this to trick individuals into believing they have made a lot of money after investing in the project. When you see one posing as such online, check for a red flag.

Cryptocurrency investment has gone widespread, and even people who do not invest in them are aware of its profitability. Even if you presume the person doesn't know anything about it, they can still inquire and be told how it's done. In today's digital world, be cautious and security mindful with your wallet and everything you do.

[_morghulis]

I'm happy that he's still alive and wasn't hurt except for the funds he lost during the incident.

I don't support the idea of flaunting one's wealth so others can see, the human mind is always corrupt that your friend that's always smiling with you might also have some ill thoughts toward you, so you flaunting your wealth might stimulate more jealousy.

Your wealth is for you so you should keep it to yourself.

And for him to have been moving with his phone that contains his coins is also wrong though it happened unexpectedly.
For me the devices I use for trading or to hold my funds have never left my house I have a separate device that I use to reach out to people.

I hope he learns from this experience not to flaunt his wealth publicly and also he should tighten up his security or he could also consider getting a hard wallet.


~Valar~

[Detritus]

Bitcoin shows true decentralization, it doesn't expose users holdings to the public. If crypto investor like your uncle's friend decides to expose their crypto portfolio to the public through social medias, then they should suffer any loss or insecurity that may follow. Though this is a hard lesson for people to learn. Bitcoin Blockchain has played it part  is left for users to oby the rule too.

[Darker45]

It is not even enough to just say, "don't always flaunt your wealth." It appears as if it is completely all right to flaunt it sometimes or seldom. The truth is that it is never a wise idea to flaunt your wealth anytime. Keep your riches to yourself. For one, others won't be happy for you that you are becoming wealthy. And, of course, others would only think of ways to get that wealth off you. So whether this story is true or not, the lesson is there.

[suzanne5223]

It not even don't always flaunt your wealth and wallet online. Its don't flaunt your wealth and wallet online. Apart from it makes the wallet owner a target of the online attacker or thief it doesn't make any sense to do that because the person that does it, is not helping herself and the people around her.

Showing off one's money and accomplishments has suddenly become socially acceptable.

This is only acceptable for people that are naive about the consequence involved.

[NotATether]

A $2000 BFG can protect you from a bunch of $5 wrenches, but yeah, don't do stupid stuff like bragging about your net worth anywhere.

[Beparanf]

This is some worst case scenario for being less private on our financial status. But of the people that I saw this kind of show off post on social are those influencers and people involved networking that using there wealth to attract people to invest or support them. I only have few friends that do posting of luxury items on social media and most of them has some investment to offer to whoever will be interested to the items that they post online.

It’s not bad to become proud of your possession but we just need to make sure that the only person that see it are those we trust the most and not on public.

[Lucius]

My uncle's friend, a crypto trader who primarily trades in bitcoin, was ambushed and kidnapped by unknown gunmen. He was released after a few days; they never demanded a ransom from the relatives; they thought he was missing and were praying and looking for him after reporting to security personnel.

He was a wealthy young man who made his money through cryptocurrency trading and invests wisely in it. He was the type of person that is constantly pompous and flaunts his riches and online wallet savings. He stated that after they apprehended him, they took him to an unknown location and instructed him to unlock his phone and transfer all of his cryptocurrencies to them, after he had moved everything from his trust wallet to a centralized exchange.

First, you claim that they released him after a few days, and from the continuation of the story, we learn that all they asked for was that he unlock his smartphone and make a cryptocurrency transfer, sell it and transfer it to another bank account. And it took them even 3 days for all that?

Besides, your uncle's friend didn't really understand how to store cryptocurrencies if he used mobile storage as his main wallet. I wonder how he managed to get rich in the first place, because considering what happened to him, he doesn't seem too intelligent.

[Asiska02]

First, you claim that they released him after a few days, and from the continuation of the story, we learn that all they asked for was that he unlock his smartphone and make a cryptocurrency transfer, sell it and transfer it to another bank account. And it took them even 3 days for all that?

I am sure the kidnappers were very careful about how to go about the withdrawal of the funds from the bank. They can't withdraw large sums of money from the bank instantly, which is why they did it day after day.

Besides, your uncle's friend didn't really understand how to store cryptocurrencies if he used mobile storage as his main wallet. I wonder how he managed to get rich in the first place, because considering what happened to him, he doesn't seem too intelligent.

The mobile storage wallet is not his main wallet but he had one for easy accessibility. Moreover, now that they have him, the kidnappers will go to any length to rob him of his wealth.  Not transferring his money to them would had cost his life, and the wealth is not worth sacrificing his life for. But if there’s life there’s hope to get another.

[lovesmayfamilis]

Oh my God, if militants attack every trader, where will it end? Did this person have a large enough sum for anyone to worry about it? 
Nevertheless, in 2017, I witnessed how a guy who was engaged in cryptocurrency successfully improved his financial situation. But out of his vanity, he began to behave very pretentiously, buying clothes in very expensive stores and leading a completely immodest lifestyle. What happened next? 
He attracted the attention of the tax authorities. He was not bothered by the militants, but the tax company found big violations, and the guy went to jail. 
Our parents teach us to be humble from childhood; why do some people not learn these lessons?

[Lucius]

The mobile storage wallet is not his main wallet but he had one for easy accessibility. Moreover, now that they have him, the kidnappers will go to any length to rob him of his wealth.  Not transferring his money to them would had cost his life, and the wealth is not worth sacrificing his life for. But if there’s life there’s hope to get another.

If the mobile wallet was not his main storage, did he store his cryptocurrencies on a crypto exchange? Otherwise, I don't see how they managed to rob him for a significant amount? From what you wrote, it seems that the kidnappers still have him, and in the OP you claim that they released him after three days?

Does this story have any official news source considering that it is about the kidnapping of two people and extortion?

[Asiska02]

If the mobile wallet was not his main storage, did he store his cryptocurrencies on a crypto exchange? Otherwise, I don't see how they managed to rob him for a significant amount?

He had access to his main storage through his mobile wallet too for easy accessibility when the need arises. He shouldn’t have kept one in his phone for security reasons, but he did and this has cost him a lot of loss. He would have learned from it now.

From what you wrote, it seems that the kidnappers still have him, and in the OP you claim that they released him after three days?

They don’t still have him. He was released after three days, they had kept him for few days to get all the funds withdrawn first to avoid trace of any such and they did not use his own account to withdraw the funds.

Does this story have any official news source considering that it is about the kidnapping of two people and extortion?

It has no official news source, I would have added the source link if there’s any.

[Questat]

Showing off one's money and accomplishments has suddenly become socially acceptable. People nowadays, particularly on social media, display their wealth and extravagant luxury.

Doing this attracts hacker and make you become their next target. We'd supposed to keep anonymous if possible and keep our wallets out from the sight of others to avoid interest. I know that they are just proud of their achievements but for now, as hackers are increasing, we have to be cautious enough as this was also for our safety.

As we can see, huge investors and rich people hide on social media because they wanted peace of mind and yes, they wanted space from these hackers.

[Hyphen(-)]

People nowadays flaunt their wealth online, with no idea who is watching and tracking their every step. Not all of your close ones like you because you are wealthy; they may be looking for a method to take advantage of your wealth. Keep your wealth hidden from the public; you don't have to brag about how much money you have and how well you live.

We of this generation believe that living an extravagant luxury lifestyle will make us better than our grandparents, not realizing that we are constantly exposing ourselves to greater risk. People monitor almost all of your success, and the majority of them are not happy about it. The best way to live life nowadays is to be extra careful and showcase less of your full asset, especially if you are involved in cryptocurrency trading; they know they can track you down and get almost all of your wealth on your mobile device, which they know you are always with it.

[aysg76]

Our parents teach us to be humble from childhood; why do some people not learn these lessons?

Sometimes they just tend to ignore these things and have mindset that bragging about their wealth online and showing how much funds they have will gain them social influence and domination over the market but to their expectations opposite happens and they attract hackers and government authorities towards them and exposing their whole wallets.

We have seen government authorities can force to unlock your funds if you are coming from those dictator countries where you have no rights.So the wise decision is to keep yourself far away from these things and live a simple life online.

[mk4]

So far I don't know any people that flaunt their holdings online, but some of them do flaunt their exchange trade PNLs. While it's not as bad as flaunting wallets, it still definitely poses some risk. It's just too convenient for them as exchanges even have a share option after closing a trade.

[stompix]

First, you claim that they released him after a few days, and from the continuation of the story, we learn that all they asked for was that he unlock his smartphone and make a cryptocurrency transfer, sell it and transfer it to another bank account. And it took them even 3 days for all that?

Not only that but they kidnapped another person and had the funds from the exchange sent to that person's bank account and withdrawn from it.
Why? Why lose more time with this second bank transfer when it's going to be fairly obvious who were the guys that sent the money and who used the second victim's ATM card, even for the donut police to find out?

Ok, I know some robbers are just stupid but here we're supposed to deal with ones that at least know a thing or two about currency exchange and everything else, it's just that, l mean, If I were a robber, I would just point a gun at him, make him unhand his smartphone, unblock it, send the coins to an address, and just to make sure smash the phone and the sim card so he can't do anything in the next 10 minutes.
The most important thing in all of this is that if I ever get caught I would face only a robbery charge, not a kidnapping on top of that.

They withdrew all of the monies sent to them using the victim's ATM card. They were both released after all this, after spending three days in captivity with them.
~
I am sure the kidnappers were very careful about how to go about the withdrawal of the funds from the bank. They can't withdraw large sums of money from the bank instantly, which is why they did it day after day.

Ok, OP, help me figure this out.

Following the recent circular issued by the Central Bank of Nigeria, in collaboration with the Bankers’ Committee, placing cash withdrawal limits of N150,000 for individual account holders

https://financengr.com/nigerian-banks-atm-transfer-limit-2020-2021-withdrawal-limit-inclusive/

150 000 Niara a day is a 350$ limit, which means in 3 days the robbers would have managed to get 1050$ from that ATM, does this make any sense for a band of kidnappers, maybe three or four to kidnap 2 guys for what, 250$ for each?
They would get the same money by robbing a random guy working at Vodafone on his paycheck day!

And with this we're back at the part about robbers being stupid!

[Mpamaegbu]

For a minute, I had to pause to reflect on the ingenuity of those criminals on the story OP narrated. They had to make the braggart transfer to an exchange and sell it for fiat. First off, this is where veterans here have continued to advise that no one should have their 2FA app on the same phone as the phone they use for trading. If the victim had separate phones/devices and kept the one having the 2FA at home, they would've been protected from theft somehow.

Now, the issue of bragging brings me to that popular saying that those who have act like they don't have while those who don't have act like they've. People should learn to act and live in simplicity. Bragging and pomposity won't profit anyone anything.

[isaac_clarke22]

~

I would never brag about how much I earn regardless of how low or high it is. What is the end goal anyway in showing your money online? Letting people know about your success. I am pretty sure that people don't really care about how you do anyway in crypto and what you are describing in your post is the worst possible thing that could happen. 99% of the time people in social media do not give a crap anyway as they are to busy taking care of themselves than giving a shit on other people's thing.

I really like the last sentence that Mpamaegbu said in the last paragraph.
Sure, bragging would give you humongous confidence, but what had you personally gain from doing anyway? Stay low profile.
I am sorry to hear that story though by the way, OP.

[Iroh]

This is just my opinion. it’s just not okay to flaunt your wealth online or anywhere else. Personally, I think those who flaunt their wealth are either proud or deeply seeks societal acknowledgment and acceptance in order to be okay.

It’s also not safe and wise to flaunt as you don’t know who’s watching and there’s always someone watching. You could very well attract the unwanted attention that could bring trouble to your doorstep.
Also, people who flaunt material wealth are mostly materialistic