Ongoing threats against crypto owners have led Didi Taihuttu, head of the so-called “Bitcoin Family”, to change how his family stores their digital assets.
Known for putting everything into Bitcoin
$104,841.00
back in 2017, the family uses a much stricter and more spread-out security system to reduce risks.
According to a June 7 report by CNBC, their new method splits the main recovery phrase into four parts. Each part is encrypted and engraved by hand onto fireproof metal plates.
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These are then hidden in four different locations worldwide. To make the setup even safer, Taihuttu has changed some of the words in the phrase.
Taihuttu explained that even if someone threatened him in person, they would not be able to access much. What is available on his phone or wallet is only a small portion of what they own.
In a recent interview, Taihuttu stated that they no longer post their location in real-time. After getting messages from people who were tracking their travels online, they decided it was too risky to share live updates. The family chooses to reveal their locations only after they have left.
Most of their Bitcoin, about 65%, is stored offline in cold storage. The smaller amount used for everyday spending and trading stays in online wallets, but those are set up with extra approval steps so that one person alone cannot send the funds.
Meanwhile, Chainalysis, a blockchain analytics company, reported on June 5 that the 300 Bitcoin sent to Silk Road founder Ross Ulbricht likely came from AlphaBay, a dark web marketplace. What did the company say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
