Are you prepared for the $5 wrench attack ? (1000 ETH stolen)

[MeGold666]

Being your own bank has it's downsides, one of which is physical attack.

Are you prepared for such event ?



EDIT: It was not me, I just posted it. 

[Ruttoshi]

I don't think that this topic belongs to this board, it should be in the altcoins section. What happened to the victim do happen to people that cannot keep their crypto investment a secret, rather they move around bragging and telling anyone that they are talking about cryptocurrency, how much they ha win crypto.

It should be someone that he has told or heard him saying it that must have attacked him and forced him to transfer his ether to their wallet. This is why we need to keep our cryptocurrency investment secret because you don't know will use that as an advantage to attack you. The first way of securing your crypto since you are your own bank is never to tell anyone that you have crypto, before the wallet security itself.

It is the same thing that will happen to anyone that keeps a food amount of fiat in his house and is bragging about it, robbers will visit you and take it from you with guns, machetes.

[MeGold666]

I don't think that this topic belongs to this board, it should be in the altcoins section.

$5 wrench attack applies to every crypto so this thread is in line with "Bitcoin discussions".

Also we're not looking for the source of attack, but the attack itself and the mitigations that could be applied - like another hardware wallet with smaller amount of crypto / being armed with a gun etc.

[Pidgeon]

$5 wrench attack has a 8$ per round solution
https://www.luckygunner.com/50-cal-bmg-750-grain-a-max-match-hornady-100-rounds

Expect in pussy states where only rapist and drug dealers are allowed to smuggle guns.

[MeGold666]

$5 wrench attack has a 8$ per round solution
https://www.luckygunner.com/50-cal-bmg-750-grain-a-max-match-hornady-100-rounds

Expect in pussy states where only rapist and drug dealers are allowed to smuggle guns.

Haha a bit overkill but I like it 

[Apocollapse]

Do you think these robbers can't force him to transfer the coins in centralized exchanges to their address? Lol.

$5 wrench attack applies to anything, regardless you hold it in non custodial wallet or centralized exchange and it's not only happen for cryptocurrency. Gold, cash, stock, cash in banks or anything that have a value.

$5 wrench attack has a 8$ per round solution

IF, you live in a country where people legal to own gun or the country allow to kill criminals for self-defense (some country will put you in jail if you kill the criminals).

[MeGold666]

Do you think these robbers can't force him to transfer the coins in centralized exchanges to their address? Lol.

$5 wrench attack applies to anything, regardless you hold it in non custodial wallet or centralized exchange and it's not only happen for cryptocurrency. Gold, cash, stock, cash in banks or anything that have a value.

Exactly, $5 wrench attack is nothing new.

The problem here is the transparency and possibility of correlating certain address with online identity, you need your OpSec to be very good and you could still fall for this attack because when you trade crypto, people at exchange can leak the data or it can be hacked - same with banks receiving money from crypto exchanges and people working in bank, same with paying taxes and people working in tax office.

The additional danger or rather incentive for the thieves here is the easy of washing this money if it's already in crypto.

[Maus0728]

With how I talk only on things that doesn't involve cryptocurrency and not telling anyone about my investments, I can say that I'm pretty much doing fine and that I can guarantee myself being safe from a $5 wrench attack not to mention that where you live is also a really big factor because if your city is safe, you can never worry too much about things like that anymore because you know that crime is an unlikely thing to happen in your city and I'm lucky enough that I live in a place where the crime rate isn't that much prevalent. If this attack can ever be avoided, I'd say that it's for the best that you should create a decoy wallet or something like that, helps a lot to disguise how much you've got.

[MeGold666]

where you live is also a really big factor because if your city is safe, you can never worry too much about things like that anymore because you know that crime is an unlikely thing to happen in your city and I'm lucky enough that I live in a place where the crime rate isn't that much prevalent.

I'd say it's a factor but a really small one, I live in a very good place but we still have house robberies because thieves know we have expensive things.

It's called criminal tourism or something like that, they will come from different city just to rob you so if you're a target, no place is safe.

[mindrust]

I just talked in the same context in my previous forum post. Keep the low profile, don’t gather unnecessary attention on yourself. That’s the key to the survival.

 Look what happened to Roger Ver, McAffee and many others. Even if you don’t get robbed by the street scum, the state will look for anything to put you behind the bars and they will find that something unless you know the law obsessively. They’ll go after you first because they know your name. They know you are rich.

The thieves follow the exact same pattern. They know your name, they know you are driving a lambo, boom then you are a nice target. That’s the life you will be living from that moment. A nice walking corpse with a target attached to your back.

Sooner or later, you will mess it up. Unless… you planned how not to mess it up since the beginning.

[milewilda]

Even with a free 2x2 stick will really be that enough. 

This is why it would really be always best that you should really be that making yourself that lowkey specially if you are dealing up with cryptocurrency. Even if you do say that
you do live in a country which does have less crime but doesnt mean that you wont really be that susceptible on such potential risks on which this is something a possibility that could
happen on which we know that criminals do lurks in the shadows. Or even lets say that on those people whom you do know and shared up that you do possess tons of coins
or crypto will really be someday having that kind of bad intent on you.

This is one of the main reasons on why i do keep it secret and i do ignore that i do deal up with crypto because of this kind of potential risks which it would
really be putting you up on great danger. Its not really that hard on doing such thing unless if you are that tactful and boastful. lol.

[Davidvictorson]

Being your own bank has it's downsides, one of which is physical attack.

Are you prepared for such event ?

Being your own bank doesn't really have a downside. It is, being your own bank and having a LOUD mouth that definitely has its downsides.

As a holder of any crypto, your life is way easier when you are anonymous online. If you want to talk about bitcoin or crypto then use a moniker that no one can identify you by. Don't share any person information online, like pictures, house street and stuff like that. The dude is lucky to have gotten away without any injury, some others were. They were either kidnapped, maimed, and worse killed. I already have a thread on this and would add this story to the list.  It is the Physical Bitcoin and Cryptocurrency Attacks that Have Been Reported Worldwide from around 2014 to 2024. Take a look at the thread and you will be amazed as to how these attacks have increased each year, at least these are the ones that are public and reported.

[MeGold666]

Being your own bank doesn't really have a downside. It is, being your own bank and having a LOUD mouth that definitely has its downsides.

Let's say cryptocurrencies will be as popular and wide spread as the cancerous PayPal, thieves will just assume you have cryptocurrency so being quiet about it will not work.

Staying low-profile is the only way as mindrust has already explained.

Thanks for the list, interesting.

[Aanuoluwatofunmi]

Being your own bank has it's downsides, one of which is physical attack.

Are you prepared for such event ?

According to the story narratives, how did they know that you're into crypto, this clearly shows that its because they are quite aware of your worth and involvement in cryptocurrency that led to their plan on raging an attack, this is why privacy is very important when we are into crypto, we must not always feels like showing our worth in public because we don't know who may be watching and tracking us for an attack.

From the other side of the story, physical assault or armed robbery can happen to anyone and this is what we should all be prepared for, but in such case, they may not have an idea on what we do or have if we are not making our worth open to the public for them to use against us, we so much talked about privacy but only few are considering this and taking control measures towards it.

[Gladitorcomeback]

This is a classic example of why one shouldn't share anything about their wealth and finances with anyone outside their house because you can't trust anyone these days and if you like to show off by telling everyone about how much money you have or how you can keep your wealth in cryptocurrencies, etc. Such people have their ears all around only to hear about such things so that they can find their targets.

I always tell people who are involved in cryptocurrencies that they shouldn't discuss these things with everyone outside, you might feel that it's okay to do that and you might go with the flow and let everything out, even the amount of money you have, and you never know who might be listening and what they might have in their minds.

So, it would never be a problem as long as a person can keep their finances private.

[Zlantann]

Being your own bank has it's downsides, one of which is physical attack.

Are you prepared for such event ?

Being your own bank doesn't really have a downside. It is, being your own bank and having a LOUD mouth that definitely has its downsides.

This victim might not have told many people that he owns cryptocurrencies. Maybe he told just a few close friends or family members. There are some situations in which you will have to tell some close relatives that you own crypto like when they ask for investment advice. People you trust can arrange this robbery because they are aware of your hodling. There are several news of spouses, siblings, close friends, etc organizing criminal attacks on individuals.

Nevertheless, it is important to keep your worth secret. There was a report of an attack on a crypto user because he flaunted his wallet balance on social media. Some of these people do these crazy things to gain followers or to convince people to heed their advice. However, they fail to grasp the security risk involved in such publicity.

[m2017]

Being your own bank has it's downsides, one of which is physical attack.

This problem has existed at all times: any property owner (crypto) must be ready to protect his wealth.

Therefore, "Being your own bank" means to be prepared to bear responsibility for the safety and security of crypto.

I have always believed that not all users of cryptocurrencies will be ready for this and therefore, custodial services for storing crypto assets will be in demand.

Are you prepared for such event ?

Preparing for such events is equivalent to ensuring the safety of your home, that is, the impossibility of unauthorized entry of unauthorized persons into your home, video recording cameras, an alarm button to call the security service, personal protective equipment to repel robbers. The choice of specific ones is optional and individual.

It is always easier to prevent than to fix a problem. If this guy was deliberately approached to take away cryptocurrencies, it means he himself made a mistake and attracted the attention of the attackers. Therefore, the best way to avoid a “$5 wrench attack” is not to advertise your crypto assets.

And of course, diversification. Why was it necessary to store 1000 ETH in one wallet?

[PrivacyG]

Oh but I wonder where people like Franky1 are in this Thread.  This is a great moment to under line AGAIN the necessity of Privacy in this unimaginably invasive World.

Some people got robbed, hurt or killed only because they had ONE moment they did not care for and decided to fill in the real information on the wrong place at the worst time.  For example.  When the Ledger data base leaked.  Even if you had 20 Dollars you could still be a target.  Hell.  You could of only purchased a Ledger for collectible purposes and you may still be put on a list.

Why.  Why ruin your whole life over a second of carelessness!  Please, PLEASE, care for your Privacy.  The little steps you make may lead to a huge discovery for the worst actor you could meet.  You could be living your life peacefully while some body plans on attacking you.

Had no body known where this guy lives.  He would of been safe.  You see Bitcoin Addresses containing BILLIONS of Dollars and no regular person can find who they are or where the Stash is located.  Please.  Start caring, it is crucial as you can clearly see in this Thread.

[tabas]

First things first, how those robbers know that he held crypto? Maybe through social media? it's possible that those robbers knew him personally and he's too vocal and open with his crypto life. This is an important matter that each crypto investor has to remain lowkey and keep their life private no matter how proud they are of their profits. That's the start of it, when you're too vocal with the market, show everything on the web, and obviously, people will know that you're into it. And, when people knew that you're an investor of Bitcoin or any crypto, they'd think that you're rich which opens the thoughts of these evil people.

[Lucius]

No one suspects that this is a made-up story? Some people make up stories like this because they are just psychopaths who want a little attention, some others maybe because they want to avoid paying taxes - but I wonder who, after such an event, instead of reporting everything to the police and contacting all possible CEXs in an attempt to block the funds, would go online and shared his story?

If I'm wrong, and the story is true, then it's not hard to conclude how the attackers knew he had such wealth in the house - he probably bragged online and practically invited them to visit him.