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Feb 10 • 11 tweets • 5 min read
The crypto boom has created a new class of quasi-celebrities, with those who made early bets on #crypto now hailed as financial prophets and faced with the spoils of sudden wealth.

In the process, some have become targets for opportunistic criminals. ⬇️

businessinsider.com/crypto-nft-own… A graphic with an illustration of hands holding a bitcoin, w
Digital crypto scams are common, but experts say not enough attention is paid to physical crimes, like the man who was drugged by his Tinder date to get him to give up his passwords or the schoolboy who was held for ransom after posting about his profits.

businessinsider.com/crypto-nft-own…
These kinds of attacks illustrate a fundamental weak link in cryptocurrency.

For all the complex cryptographic math that underpins the integrity of crypto, if someone with a gun forces you to hand yours over, there's not much you can do about it.

businessinsider.com/crypto-nft-own…
Combined with the anonymity tied to digital wallets and their ease of transferability — the keys for millions of dollars' worth of bitcoin can be stuck on a USB, emailed, or even written down and mailed — crypto is a uniquely attractive target.

businessinsider.com/crypto-nft-own… A picture of a piece of art of a bitcoin with a quote from J
Plus, crypto culture is inherently performative, often flaunted through a conspicuous-consumption culture of "Lambos," yacht parties, and million-dollar profile pictures.

That behavior is a beacon to enterprising criminals.

businessinsider.com/crypto-nft-own… A picture of a woman wearing a bitcoin necklace with a quote
Awareness of the risks is rising among some members of the gilded crypto class.

Many owners of crypto rig up their homes with visible alarms and cameras, and some even set up panic rooms.

businessinsider.com/crypto-nft-own…
Some are using "custodial" services to remotely store their crypto assets for them, essentially serving as a digital bank vault. This makes it more difficult for anyone to steal them or forcibly obtain them.

businessinsider.com/crypto-nft-own… A text only graphic with a quote from a venture capitalist t
Some have resorted to decidedly old-fashioned methods to protect their high-tech treasures, like keeping the keys in a physical safe or burying them in a forest for safekeeping.

businessinsider.com/crypto-nft-own…
Since he was swatted in an effort to extort him for bitcoin in 2017, Jameson Lopp, has been tracking physical attacks targeting crypto owners.

He’s identified almost 100 incidents, and he believes that number is most likely a drastic undercount.

businessinsider.com/crypto-nft-own…
And as crypto becomes more mainstream, Lopp expects these attacks to become even more common.

businessinsider.com/crypto-nft-own… A text only graphic with a quote from Jameson Lopp, a privac
To read more about the disturbing crypto-related string of violent robberies and kidnappings, subscribe to @thisisinsider.

businessinsider.com/crypto-nft-own…

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