'Bitcoin family' hides the key to their crypto fortune across four continents
While cryptocurrency is thriving from a financial perspective, a worrying increase in crypto-motivated attacks and kidnappings has encouraged certain individuals to increase their security efforts, including the well-known 'Bitcoin Family'.
There's never been a better time to be all in on Bitcoin, as the most popular cryptocurrency has experienced an increase of around 72% in the last year alone, which many attribute to Donald Trump's US presidential victory.
It now sits at around $105,000 per coin, up from roughly $60,000 at this point last year, and its value has increased over 10 times compared to just five years ago, let alone looking a decade into the past.
While that's undoubtedly been a boon for many who invested in the popular digital currency, this has led to a number of high-profile Bitcoin robberies where victims were subjected to shocking treatment.
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Recent incidents involved one millionaire being kidnapped and tortured for several weeks in New York, and a famous streamer was also held at gunpoint in her own home after assailants tried to access her Bitcoin fortune.
In response to these events, one family has taken the extra step to secure their Bitcoin holdings, going as far as to hide the key to their crypto fortunes across four continents, as reported by CNBC.
If you're active in the crypto world, there's a good chance you've heard of Didi Taihuttu and his 'Bitcoin Family', as he sold everything his family owned back in 2017 to invest in Bitcoin and travel the world with minimal belongings.
They previously relied on hardware wallets to store the cryptocurrency, but the past eight months have seen them move towards a more secure hybrid system that incorporates analog and digital solutions.
Their Bitcoin is protected by encrypted seed phrases, then stored either in blockchain-based encryption services or hidden across four different continents in storage units and rental apartments.
Speaking to CNBC, Taihuttu explained that "we have changed everything," and revealed that "even if someone held me at gunpoint, I can't give them more than what's on my wallet on my phone. And that's not a lot."
Taihuttu also explained that the decision was partly motivated by his children, who began to notice the uptick in crypto-based robberies and wondered what would happen if they encountered a similar attack.
"We stayed in a very beautiful house for six months - then I started getting emails from people who figured out which house it was," Taihuttu illustrated. "They warned me to be careful, told me not to leave my kids alone. So we moved, and now we don't film anything at all."
Currently, their crypto holdings are unlocked by entering a 24-word seed phrase, but this has been split by Taihuttu into four sets of six words and sent all around the world.
For analog storage, these have been etched into fireproof steel plates using a hammer and letter punch to ensure that the words are difficult to destroy but equally difficult for anyone outside of his family to access.
"Even if someone finds 18 of the 24 words, they can't do anything," he disclosed, adding that he's even implemented certain incorrect words that only he knows the real equivalent too, which only increases the security and encryption of his family's fortunes.