4 ms·
Is it me or should he have literally just gotten a hardware wallet, transferred everything to that account, then burned the old key? Of course that txn would s
by tevon 5y ago
Is it me or should he have literally just gotten a hardware wallet, transferred everything to that account, then burned the old key?
Of course that txn would show up on-chain, but if you don't have possession of the private key for the first account, and no digital device has ever "seen" the hardware account then he would've been fine.
This is assuming the key piece of evidence was his private key, and he wouldn't have been prosecuted without it.
Additionally, putting your key in cloud storage sounds like the dumbest thing ever... Just memorize your seed phrase and write it down. Its 4bn for christ sake.
- pshc 5y agoYeah, a hardware wallet is good, although for a billion dollars, 100 hardware wallets would be better. Could even go so far as to split a private key into seven horcruxes using Shamir's Secret Sharing and bury them in locations around the world. Memorizing a seed phrase leaves you vulnerable to a $5 wrench attack, I wouldn't recommend it.
- mekster 5y agoFor the attacker, the problem isn't about protecting the crypto but to launder. If gov got to you, it probably doesn't matter how well you got it protected.
- GekkePrutser 5y ago> Memorizing a seed phrase leaves you vulnerable to a $5 wrench attack, I wouldn't recommend it. Of course the problem is the attacker may not know what method you used and resort to the $5 wrench attack anyway :) Not stealing $3.6B might be an even safer bet.
- jerrre 5y agostill: physical threat + seed phrase cracked > physical threat
- hnburnsy 5y agoThe famous Bitcoin family reportedly spread their hardware wallets across the globe. https://www.cnbc.com/2021/08/11/bitcoin-family-hides-bitcoin-ethereum-and-litecoin-in-secret-vaults.html?&doc=107011542 https://www.cnbc.com/2021/08/11/bitcoin-family-hides-bitcoin...
- rlt 5y agoThe article suggests each location contains 100% of the key, not using Shamir’s Secret Sharing. > Taihuttu is trying to put a crypto cold wallet on every continent so it’s easier to access his holdings. I hope it’s at least encrypted with an additional passphrase, otherwise it’s only as strong as the weakest bank’s security.
- pshc 5y agoWow. > Taihuttu has two hiding spots in Europe, another two in Asia, one in South America, and a sixth in Australia. > We aren’t talking buried treasure – none of the sites are below ground or on a remote island – but the family told CNBC the crypto stashes are hidden in different ways and in a variety of locations, ranging from rental apartments and friends’ homes to self-storage sites. I hope this is all a decoy or else it’s the worst opsec I’ve seen since about five hours ago.
- dboat 5y agoI would not want to be a friend to the sort of idiots who would say stuff like this. Having a target painted on my back as a decoy somehow makes it even worse.
- mbesto 5y agoOr the Winklevoss twins who store their codes in separate banks across the country.
- weq 5y agoReminds me of the man who was sent to jail for refusing to reveal his keys. think this happens alot. https://arstechnica.com/tech-policy/2020/02/man-who-refused-to-decrypt-hard-drives-is-free-after-four-years-in-jail/ https://arstechnica.com/tech-policy/2020/02/man-who-refused-...
- netheril96 5y agoYou don’t need splitting the private key. Bitcoin has multisig setup. For example, you can setup your wallet such that 6 out of 10 private keys need to sign in order to transfer funds. Spread that 10 private keys out. Or 3 out of 10. Or 2 out of 5. Any n out of m.
- pshc 5y agoYou're right, gathering multisigs would be much safer than gathering SSS shares because you wouldn't be carrying around bits of the private key.
- croon 5y agoYou're still memorizing the seven locations around the world. It's the same thing with extra steps.
- TedDoesntTalk 5y ago> Just memorize your seed phrase and write it down. The article mentions he had many wallets.
- anon776 5y agoWith a hardware wallet there is still a paper trail that you bought the device. So the feds will be looking for them. Printing the paper wallets, putting them in a $1 glass jar with a silica packet and burying in your back yard would have been 100 times smarter.
- bluebit 5y agoThere is zero link between a hardware wallet's private key and the original account that purchased the wallet.
- chemmail 5y agoThere really is no such thing as a "hardware wallet."