Didi Taihuttu, the head of the well-known ‘Bitcoin Family’, has completely revamped his approach to digital asset security following a surge in violent incidents aimed at cryptocurrency holders. The family, famous for their complete investment in Bitcoin back in 2017, now conceals parts of their private keys across various locations spanning four continents.
In a recent interview with CNBC, Taihuttu expressed that their previous reliance entirely on hardware wallets has now transitioned to a mixed approach. Taihuttu assured CNBC, “Our entire system has been transformed. Even under the threat of a gun, I could only provide what is available on my wallet or phone, which isn’t much.”
This drastic change in their security protocol is a response to the rising wave of criminal activities like kidnappings and extortion schemes targeting cryptocurrency users. Taihuttu shared that these threats have made them reevaluate and strengthen their security measures.
The family’s seed phrase has been encrypted, divided into four segments, and stored across the globe using blockchain-based services and fireproof metal plates manually etched. These plates are concealed in various physical locations around the world, eliminating potential weak spots in their security network.
In addition, Taihuttu has added a personal layer of encryption by altering some words in the seed phrase, rendering them useless without the correct context. The family, leading a nomadic life, travels worldwide to advocate for Bitcoin. The escalating threats to crypto holders have led them to stop sharing real-time updates about their location on social media.
Taihuttu revealed that about 65% of their assets are now in cold storage following their revised security model. Their hot wallets used for trading and daily expenses are safeguarded by multisignature protocols.
The rise in digital asset prices has led to a spike in crypto-related crime. High-profile incidents connected to cryptocurrency ownership have recently occurred in France, Pakistan, Australia, and Canada. This includes a series of kidnappings, tortures, and extortion schemes targeting crypto investors and their families.
