Swedish Bitcoiners targeted by armed criminals

[serjent05]

Submitting KYC can't be helped.  Legit business like online shopping, online banking and any form of online services that has something to do with finances needs to process KYC.  Whether one is transacting in cryptocurrency or fiat currency, there is still a need to submit KYC when purchasing things.  

The institution should be more responsible when they require their client to submit KYC.  They should protect it as if their lives depend on it.  But sadly, the unexpected always happens like hacking of the database of certain popular financial services and alike.

Yes, we can choose reputable platforms and be very careful in choosing the platform to use but we cannot do anything if the database of government that stores its citizen information is hacked or leaked like what happened in my country where the database of voters was hacked and the recent incident Philhealth where users/members data were accessed.

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[acroman08]

Submitting KYC can't be helped.  Legit business like online shopping, online banking and any form of online services that has something to do with finances needs to process KYC.  Whether one is transacting in cryptocurrency or fiat currency, there is still a need to submit KYC when purchasing things.  

The institution should be more responsible when they require their client to submit KYC.  They should protect it as if their lives depend on it.  But sadly, the unexpected always happens like hacking of the database of certain popular financial services and alike.

Yes, we can choose reputable platforms and be very careful in choosing the platform to use but we cannot do anything if the database of government that stores its citizen information is hacked or leaked like what happened in my country where the database of voters was hacked and the recent incident Philhealth where users/members data were accessed.

yeah, but the issue with the article the OP shared was not about getting hacked or leaked. the government in Sweden has a law that allows its citizens to request vital and personal information(at least according to the article) of someone else, and according to the article that is most like how the armed criminals found out where their victims lived.

[stompix]

Banks are even better than exchanges because money sent from the bank can still be traced. This will make the thieves to think otherwise.

Pitchfork this guy!  

But this is just another example of the myths about thieves not being able to steal for you or the government not being able to seize your coins:



The whole security works if the robber is not ready to torture you a bit with a hammer on your fingers or he has no clue you have coins, or if the government acts lawfully, because if it's the NK government I doubt 99.9% of the people on this forum would manage to keep any secret for more than 24.
Some really need to understand those limitations in security and take additional measures if they really want to be safe.
After all, a seed or a key is just a piece of information, as long as somebody is willing to go to the extreme to make you say it there is no big difference between that and your card PIN or your Netflix password.

[hatshepsut93]

If you like, continue to submit your KYC or giving it out. Just know that this will begin from somewhere and you may be the next target.

I doubt that the victims were found by attackers through a leaked KYC database or something like that, most likely they bragged on social networks about their wealth. KYC database, especially without link to victim's Bitcoin addresses, is not enough to target someone, but it could be a start.

What I think when I read such news is that Bitcoiners need to invest in their physical security - have decent house alarms, armored doors, weapons for self-defense, etc.

[o_e_l_e_o]

KYC database, especially without link to victim's Bitcoin addresses, is not enough to target someone, but it could be a start.

It's definitely enough. Look at what happened after the Ledger database hack - everyone who had submitted their personal details to Ledger to purchase a product started receiving phishing emails and phone calls. Some reported receiving physical letters or even fake devices being mailed to their address. And there were also reports of physical attacks. None of these attacks would have known the bitcoin addresses involved, but knowing someone bought a hardware wallet is enough to make you a target. In the exact same vein, knowing that you have completely KYC at a centralized exchange is enough to make you a target.

I've said it many times before - the only safe KYC is no KYC.

[KingsDen]

This is the reason why I detest KYC. For safety reasons exchanges and casinos demand for customers KYC and for that same safety too customers decline KYC. Now this is what is happening at Sweden when Bitcoin holders details are been revealed who is safe then because that is why one needs to be careful with KYC as they can not guarantee the safety of your details from hackers.
If you can do without undergoing KYC, better for you  as it stands now KYC is no more safe again because of the rate at which details are stolen from third parties.

Apart from completing KYC on exchanges and other platforms that demands for it, bitcoiners should also try to live a private live. So many persons that are in the cryptocurrency industry are found of flaunting their wealth on the internet. So brand their shirts or cars with bitcoin logos while revealing where they live through their social media posts. This is enough for criminals to track anyone.

Try as much as possible to avoid completing KYC, but if you must submit, it should be on highly reputable platforms. Atleast level 1 KYC is ok. You don't need to send your biometrics, scam your face and consistently update your residential address.

[CryptSafe]

This is the reason why I detest KYC. For safety reasons exchanges and casinos demand for customers KYC and for that same safety too customers decline KYC. Now this is what is happening at Sweden when Bitcoin holders details are been revealed who is safe then because that is why one needs to be careful with KYC as they can not guarantee the safety of your details from hackers.
If you can do without undergoing KYC, better for you  as it stands now KYC is no more safe again because of the rate at which details are stolen from third parties.

Apart from completing KYC on exchanges and other platforms that demands for it, bitcoiners should also try to live a private live. So many persons that are in the cryptocurrency industry are found of flaunting their wealth on the internet. So brand their shirts or cars with bitcoin logos while revealing where they live through their social media posts. This is enough for criminals to track anyone.

Try as much as possible to avoid completing KYC, but if you must submit, it should be on highly reputable platforms. Atleast level 1 KYC is ok. You don't need to send your biometrics, scam your face and consistently update your residential address.

Many people have made this mistake of KYC verification. They follow up and constantly updating information about their residential address which makes them porous and as such if their is any leakage or hack on that site, the hackers can easily know where such asset owner stays and might likely come for the owner. People should do well to verify platforms for which they do KYC with so that they are rest assured that their details are safe because most times these third parties are are being hacked and information compromised at the detriment of their clients.

Living a modest life sometimes can help alot because if someone sees you, they have no idea who you are and what you do for a living because you lived below you income level while making your money through Crypto and nobody knows about it. That could save you some stress of being trailed by any criminals and other hudlums around your region.

[freedomgo]

These criminals wouldn't know the volume of Bitcoin we are transacting if the exchange wasn't hacked or didn't leak users' information. When an exchange requires its users to undergo KYC, it means they are mandated to implement those rules by their regulators. This also includes protecting users' information by keeping it confidential. So, it's their responsibility to ensure that the information is safe from both inside and outside threats. Since we can't really avoid complying with KYC if we're using our local exchange (which is often the safest and most popular way to cash out money), to minimize the risk, we should choose a reputable exchange.

[suzanne5223]

There's a chance that someone who's working with Sweden’s Offentlighetsprincipen who is also in charge of handling cryptocurrency taxpayer privacy information will sell the information or provide it to criminals.

The data that is already available for people to see and said to have been abused for illegal activities:

I missed that aspect of the information provided but it really sad one for every cryptocurrency enthusiast living in Sweden and this is news is different from what the Swedish government promised years ago for crypto investors and traders. Besides, I even expect Sweden to be among the countries where crypto is legal tender. However, In Sweden, cryptocurrencies are accepted as tradeable assets rather than as money.

[JeromeTash]

We are warning people to be careful of KYC but many did not answer, see armed criminals targeting bitcoin and other crypto users in Sweden.

And it's not just about KYC. People need to be private about their Bitcoin holdings. You can't be driving lambos, Riding super yachts claiming to be holding a stash of bitcoins, posting everything you do and locations you are going to on social media and think you will survive armed robberies
Those people put targets behind their backs, and maybe it's about time they get wake-up calls.

P2p trading involving physical meet ups for hard cash is also dangerous

[Spaceman1000$]

We are warning people to be careful of KYC but many did not answer, see armed criminals targeting bitcoin and other crypto users in Sweden.

Criminals in Sweden are specifically targeting prominent local Bitcoin figures, which appears to be the result of the ease of access to personal information and residential addresses in the country.

Reports from Swedish media outlets LT and Aftonbladet have linked separate robberies in Rönninge and Södertälje that appear to have occurred under the same modus operandi. Victims were tied up and physically abused to steal physical and virtual Bitcoin
BTC

I will not say more than this, read more from https://cointelegraph.com/news/swedish-bitcoiners-targeted-by-armed-criminals

If you like, continue to submit your KYC or giving it out. Just know that this will begin from somewhere and you may be the next target.

You need privacy and anonymity. Also avoid social media which armed crimals can use to target people that know about cryptocurrencies.

As a bitcoin investor and as a successful one at that, I think it is most  appropriate for you to live a low-key life within your locality, try not to show off, for you not to get too much attention from people, you can be a target from local criminals.

Your kyc details is too important for you to want to give it out just like that, I think as a professional, you should know this at the tip of your fingers.

[hatshepsut93]

It's definitely enough. Look at what happened after the Ledger database hack - everyone who had submitted their personal details to Ledger to purchase a product started receiving phishing emails and phone calls. Some reported receiving physical letters or even fake devices being mailed to their address. And there were also reports of physical attacks. None of these attacks would have known the bitcoin addresses involved, but knowing someone bought a hardware wallet is enough to make you a target. In the exact same vein, knowing that you have completely KYC at a centralized exchange is enough to make you a target.

I've said it many times before - the only safe KYC is no KYC.

For a physical attack a lot more information is required other than the fact that someone is involved with Bitcoin. Physical attack is a big risk for the attacker because they can get caught, the victim can fight back and the legal punishment is much harder than for something like sending a malware in email. So the attackers likely use additional info, if they can't identify potential victim's wallets, they stalk them on social media or in real life to assess the victim's wealth. This is where keeping low profile would help.

I'm not saying that KYC is not a problem, put it's only a part of a larger picture in terms of physical attacks.

If we want a world were everyone is using Bitcoin, then how will we deal with the fact that merely owning Bitcoin puts a target on your back for robbers?

[Cryptomultiplier]

Whether we like to accept the simple fact that KYC or no KYC, knowing and owning and even talking about BTC to random people is a risk.
The trust of hearsay had long erroded that people like to see and know for fact that what they heard about such a person is true. Am talking about telling a close confidant about BTC and such a one telling it to someone else.
 Hackers and scammers are online criminals and we are scared of them as much as this armed criminals running loose in sweden.
I think BTC should be seen as a secret stash of money for emergency situations rather than as regular fiat for payments and transactions.

[Fuso.hp]

Such events in Sweden are certainly a matter of great concern for the people of Sweden. Especially those who are involved with Bitcoin have such fear. There is a good reason for criminals to target this, criminals are especially targeting Bitcoin users because if they steal all their Bitcoins then the authorities will not know about them later. Here the criminals have shown some cleverness. The general public in Sweden who are involved with bitcoins must exercise the utmost caution and try to keep their bitcoins as much as possible. If criminals find out that a user is involved with Bitcoin, that person may be the next target, so caution must be exercised.

[Darker45]

Before, I wanted to buy apparels with Bitcoin designs. I was discouraged by certain reasons including this possibility. It somehow changed my attitude. Before, I'm eager to dispel doubts of friends and acquaintances on Bitcoin. Today, I prefer to remain silent most of the time. If I share a little knowledge, I prefer not to be too spirited or enthusiastic. There was a time when I wanted to put Bitcoin stickers on all kinds of stuff. Not anymore today. I now avoid being suspected of having so much Bitcoin that I become an attractive target.

Perhaps this situation in Sweden also gives us a lesson or two about openly speaking about Bitcoin. After all, the targets are prominent Bitcoin figures.

[o_e_l_e_o]

P2p trading involving physical meet ups for hard cash is also dangerous

Less dangerous than handing out your KYC information to a variety of strangers on the internet.

I'm not saying that KYC is not a problem, put it's only a part of a larger picture in terms of physical attacks.

Sure, but it all depends on KYC. An attacker isn't going to stalk you on social media or in real life for no reason - they would only do so once you have been identified as a potential target. And for most people (who aren't bitcoin YouTubers or similar) then that identification comes from your KYC being leaked from some bitcoin related exchange or other service.

[YUriy1991]

Maybe the government doesn't have the authority to shut down Bitcoin, but they do have the authority to force licensed operators in terms of regulation. Yes. Bad things can happen at any time and that's why BTC fans need privacy and anonymity. Although KYC is a normal requirement for exchange services, it is a big decision to make when investing in bitcoin, especially if personal data is published and can be accessed by many people.

What has happened is based on reports from one of the Swedish media and has been published by the main media Cointelegraph, which is at least one example of clear evidence that privacy and anonymity are necessary.

[JeromeTash]

P2p trading involving physical meet ups for hard cash is also dangerous

Less dangerous than handing out your KYC information to a variety of strangers on the internet.

Equally dangerous in a way that even if you meet in a public place that seems safe and  you carry out your transactions. The thugs pretending to be your trading partners will trail you and rob your Bitcoin or fiat at gun point when you are defenseless and in a secluded place.

I say this because i know some people who have fallen victim to this kind of robbery.

[Coyster]

Equally dangerous in a way that even if you meet in a public place that seems safe and  you carry out your transactions. The thugs pretending to be your trading partners will trail you and rob your Bitcoin or fiat at gun point when you are defenseless and in a secluded place.

This is less possible when you trade with regular trading partners (individuals you've traded with over time). The platform that sets up the trade also matters, if you go for a peer to peer trade because someone made an offer in Telegram or on any other social media platform, you're prolly definitely going to be robbed. But if the trade is set up by a decentralized exchange and you are very careful with what you do, it is less likely to happen.

I say this because i know some people who have fallen victim to this kind of robbery.

What platform did they meet their trading partners, did they use a decentralized exchange. It is what it is, and mind you that you can be followed and robbed anywhere, even right after coming out of the bank. So in a face to face trade, you can only do your due diligence by trading in public, come with friends and do not go home immediately; try to move to different spots in the public place to see if you are being followed.

[Odusko]

I don't know if you have read the article, of course we want our privacy, but Sweden has this very lax law, As per article:

What are you saying? Know that people do not care about their privacy is the reason for what is happening to them that robbers are attacking them. If people like that have total privacy are in Sweden, this can not affect them because he cares about his privacy. Know that the privacy we are talking about is not total privacy in all aspect of life, but about total privacy in what are related to bitcoin and other crypto. Also know that social media like Facebook can be used to get their targets.

Privacy breeze have always been a global security issue and nig only cryptocurrency-related KYC privacy thefts that contribute to this situation and in fact, in most places around the world, traditional means of identity stealing have been rampant and if you check very well, criminals also have access to any informants you submitted to some government agencies portal, lime in my country, once you register a bank account and you submit your documents you may notice a strange call that may come in from a scammer revealing all your sensitive information that you submitted to the bank, and from there, the make attempt to lure you into disclosing your bank's details in a proxy which may be used by criminals.