According to a CNBC report, the Bitcoin Family has completely rethinked its security measures during the rise in crypto-related incentives.
Families who sold all their belongings to invest in Bitcoin (BTC) in 2017 and are now traveling around the world, are taking extreme steps amid the perceived threat. This includes storing some of the Bitcoin Wallet Seedphrases etched into fireproof metal plates stored on four continents.
The family consists of Didi Tai Ithu, his wife Romaine and their three daughters, Joli, Juna and Jessa. The Sun Family has gained the spotlight for many years by living the life of a Bitcoin-supported bank.
Taihuttu told CNBC:
“We’ve changed everything. If someone had held me at the muzzle, they couldn’t give me anything more than what’s on my phone wallet. That’s not much.”
The Bitcoin family is not alone in increasing security measures
Over the past few months, cases of crypto-related temptations and terror have increased dramatically. Earlier this year, David Barlands, co-founder of Hardware Wallet Ledger, and his partner were lured, tortured and reportedly lost their fingers in the ordeal.
Earlier last month, the video attempting to lure the daughter of the CEO of a prominent French crypto exchange during the day has brought astonishing horror among individuals with considerable crypto holdings.
Following the surge in attacks, the French government has vowed to increase security measures for crypto executives. This includes priority access to police emergency situations, home visits and safety guidance and briefings from law enforcement, Politico reported.
A few days after the incident in France, Italian tourists fled the man’s hand from an apartment in Manhattan. The victim was taken hostage for 17 days and reportedly tortured using countless methods, from electric shocks from Taser to being whipped with a gun. The perpetrator, who was trying to force the victim to Bitcoin wallet password, was arrested later last month.
In the middle of the invitation, crypto investors like the Bitcoin family began to step up their security measures. Some of them rely on private security companies to hire bodyguards or armored trucks to ensure safety.
Insurers are also taking the opportunity to start cashing out and adjusting their lure and ransom (K&R) policies for crypto holders.
Taihuttu told CNBC they have reevaluated their security measures, taking into consideration the cases they are rising. He said:
“We’ve talked a lot as a family. My kids have read the news too, especially in France, where the CEO’s daughter was almost tempted on the streets.”
The Bitcoin Family has taken security into their own hands
Amidst the undeniable growth of the threat, the Taihutti family has taken several steps to ensure safety.
Among the changes was the decision to throw away the hardware wallet. This was once advertised as the safest way to store cryptography. Taihuttu said:
“It’s a strange world at the moment, so we’re taking our own precautions. When it comes to wallets, we don’t have a complete hardware wallet. We don’t use hardware wallets anymore.”
The Taihutti family has decided to leave their hardware wallet amid growing concerns about backdoor and remote access capabilities. For the past eight months, the Bitcoin family has switched from hardware wallets to hybrid systems. There, seed phrases were stored in part digital and partially analog ways.
As part of the enhanced security measures, the family split the 24-word Bitcoin Seed Phrase into four sets of six words. Each set of words is stored on a different continent. This means that Taihuttu will need to make at least one international trip, depending on the set of words, in order to access the wallet. However, he can add funds to his wallet without any hassle. Taihuttu explained:
“If someone finds 18 out of 24 words, they can’t do anything.”
Taihuttu stores some of the seed phrases through a blockchain encryption platform, but he etches other parts into fireproof steel sheets with a hammer and letter punch to hide them. He also added another layer of personal encryption to throw away the attacker by switching specific words in the seed phrase.
The family uses the above method to store around 65% of their crypto-holdings, thinking it is safer than using a centralized safe, like the Swiss Alps bunkers owned by Coinbase. This is because Taihuttu is worried that he will have access to his funds in case the company goes bankrupt.
The Taihuttu family also moved away from centralized exchanges and ran about 80% of their transactions through decentralized platforms like Apex.
Taihuttu uses a multi-signature wallet to ensure safety when it comes to family encryption stored in hot wallets for trading. He added that the majority of their cold wallet savings will be treated as pension funds as pension funds, where families will only access once the BTC price reaches $1 million.
Lifestyle changes amid increasing threats
The Taiyo Family has a growing social media presence with tens of thousands of followers across the platform. But the family is out of the spotlight amid growing threat. He pointed out:
“We’ve become a bit more famous in our niche market, but that niche is now becoming a really big market.”
Taihuttu believes the number of crypto robberies will continue to increase, so families are making tough choices, from cutting video shoots to avoiding France.
The family is currently in Thailand, but they have stopped filming videos by posting regular travel updates at home. Taihuttu said:
“We stayed in a very beautiful home for six months. Then I started getting emails from people who understood which home it was. They warned me and told me not to leave my kids alone, so we moved out.
Taihuttu added that while creating content is his passion, his concern over his daughter’s safety is to force him to leave the camera.