Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at how the famous "Bitcoin Family" have revealed they keep their Seed Phrase hidden across four continents following a number of violent kidnappings targeting cryptocurrency holders.
“Bitcoin Family” Hide Seed Phrases on 4 Continents
The Taihuttus, the famous family who sold everything they owned in 2017 to invest all they had into Bitcoin when it was priced around $900 have explained how they have been forced to change their principles in managing their Bitcoin. The family are known as the 'Bitcoin Family' and included in their sales in 2017 was their family home. They have been forced to overhaul their entire security setup after a rising number of threats.
There has been a number of high-profile kidnappings targeting cryptocurrency executives in recent years and this has led to a security revolution among some of its most visible evangelists. The Taihuttus, led by father Didi, live their life travelling full time with their three daughters. The family remain without a bank and over the last eight months have been forced to get rid of their hardware wallets in favour of a hybrid system.
The revamped system is part analogue, part digital, and the seed phrases are encrypted, split, and stored either via blockchain-based encryption services or hidden across four continents. These extreme measures are not the first time the family have discussed their storage systems, as back in 2022 they described hiding hardware wallets across multiple continents — in places ranging from rental apartments in Europe to self-storage units in South America. Taihuttu told CNBC on a call from Phuket, Thailand:
“We have changed everything. 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.”
The changes have come about following a number of threats and rising attacks on cryptocurrency holders around the world. Taihuttus noted that some parts are etched onto fireproof steel plates hidden across four continents while others are stored via blockchain-based encryption services. He explained that the system ensures that even if attackers access part of the seed phrase, they cannot unlock the family’s full holdings.
In the past week alone a 24-year-old man was arrested in Morocco by police as they suspect him of orchestrating a series of brutal kidnappings which target crypto executives. One of the victims was apparently held for days in a house south of Paris and had his finger severed during the ordeal. Earlier this year a co-founder of French wallet firm Ledger and his wife were abducted from their home in central France, while in New York a 28-year-old Italian tourist was tortured for over two weeks as kidnappers tried to extract his Bitcoin credentials.
The common theme of all these attacks is that crypto credentials enable instant, irreversible transfers of virtual assets. Taihuttu is very aware of this and the threat is poses to his family. There is a sense of vulnerability as insurance firms are racing to offer kidnap and ransom insurance to crypto holders. The Bitcoin family however are taking matters into their own hands, as they look to reduce risk without sacrificing flexibility.
Some corporate entities are looking for solutions, according to JP Richardson, CEO of crypto wallet company Exodus. He has given his opinion on the topic, stating that users should take security into their own hands by choosing self-custody, storing larger sums on hardware wallets, and — for those holding significant assets — exploring multi-signature wallets, a setup typically used by institutions.
The Taihuttus are rethinking their public presence as strangers were able to track their residence from YouTube videos, leading to the family stopping posting travel updates and they even moved homes. With the family preparing to return to Europe they are aware that safety has become a constant topic of conversation.
“We’ve been talking about it a lot as a family. My kids read the news, too — especially that story in France, where the daughter of a CEO was almost kidnapped on the street. We got a little bit famous in a niche market — but that niche is becoming a big market now.”
The risks are real and his daughters are asking questions such as what if someone tries to kidnap them. The family will avoid France given the high profile nature of attacks there. Part of the reason the family have moved away from hardware wallets is also aligned to the growing mistrust of third-party devices. There have been concerns raised over backdoors and remote access features. The family does maintain some crypto in “hot” wallets for daily spending or to run their algorithmic trading strategy. These funds are protected by multi-signature approvals and require multiple parties to sign off before a transaction can be executed.
Taihuttu noted the cold storage wallets, which hold about 65% of the family's crypto, can be topped up remotely but to gain access it would require at least one international trip. He also noted the funds are intended as long terms investments which are not to be accessed before Bitcoin reaches the $1 million mark, They expect this to take place in 2033. While the family have been in the limelight for a number of years given their success, Didi is now considering stepping back from it all. He stated:
“It’s really my passion to create content. It’s really what I love to do every day. But if it’s not safe anymore for my daughters ... I really need to think about them.”
Good luck to them.
And as always, the Reddit community were quick to add some interesting takes on the matter lol.
Have a great day.
Peace. CryptoGod-1.
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