There is no obvious solution to this problem
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194 sats \ 3 replies \ @elvismercury 8 May
Additional thought: interesting to me that, with $330m on the line, the laundering happens through Monero.
Some people insist that Monero is worthless (discussion here], but this is a pretty giant fucking revealed preference re: actual utility in a high-stakes situation, as far as I'm concerned.
Especially given that it moved XMR price by 50%. The dude really wanted those funds in Monero.
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401 sats \ 1 reply \ @ek 8 May
You might be interested in this: #879654
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55 sats \ 0 replies \ @elvismercury 9 May
You're right, I was -- thanks!
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0 sats \ 0 replies \ @kilianbuhn 9 May
You're right, it is revealed preference. Not necessarily objectively the technologically best decision.
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109 sats \ 9 replies \ @stack_harder 8 May
I wish they would say how old 'elderly' is, makes a big difference. if you are old as fuck but smart enough to have hodl'd btc all this time and have control over the keys, you're not the usual pig butcher vicim. they'd have to have been way savier than that imo
do we know if they got it from cold storage, or just the usual CEX-type hack?
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280 sats \ 6 replies \ @siggy47 OP 8 May
I'm going to try to get more details. This hits home. I would qualify as elderly. It's easy to say I have been hodling and holding my own keys for years now, but dementia is a real thing. Who knows what my mental acuity will be in the years to come?
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36 sats \ 0 replies \ @elvismercury 8 May
I wrote a longish reply and then decided to turn it into its own post. You're asking an important question and I want to know the answer.
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36 sats \ 4 replies \ @stack_harder 8 May
pretty impressive to be officially elderly but still on the bleeding edge of stacker news. what about Casa's inheritance time lock thing? then if you go off the rails, it would just be in a will along with the other stuff
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0 sats \ 3 replies \ @siggy47 OP 8 May
I didn't mean this reply as me seeking advice on security, inheritance, etc. I have been considering all of this for a while. I will say Casa's shitcoinery turns me off, and any solution involving a third party of course introduces at least some trust.
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36 sats \ 1 reply \ @ca 9 May
Unchained.
Or for extra simplicity for your heirs I would pick Bitkey Inheritance. Great user experience, less room for mistakes for non-bitcoiners.
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0 sats \ 0 replies \ @stack_harder 9 May
out of curiosity, what happens if these companies go out of business in 20 years?
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36 sats \ 0 replies \ @SimpleStacker 8 May
Did you ever write anything up about your inheritance setup? i'd be interested in learning more about that.
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33 sats \ 0 replies \ @Arceris 8 May
Perhaps, but also understand that cognitive decline is often an accelerating process. If they were in their mid/late 60s in 2011, they could be 80 today. It is not out of the realm of possibility that a person who was able to grok bitcoin in 2011, may be unable to resist a scam today.
Of course, we don't know the details here, but I do see it as a possibility, albeit one where the person should have taken steps to protect themselves - however that is the devious nature of cognitive decline, innit.
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0 sats \ 0 replies \ @SimpleStacker 8 May
That was my first though too. Elderly the person may be, but holding that much BTC implies at least some sort of savvy, either in getting in early and hodling for a long time, or being willing to go in that big late in the game...
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300 sats \ 1 reply \ @DarthCoin 8 May
It is. As I always said to many people: stop onboarding old people into Bitcoin. Take their fiat money and buy BTC for you and self-custody for them (if you are a knowledgeable bitcoiner).
Better onboard kids
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0 sats \ 0 replies \ @zapsammy 8 May
i can only imagine the cognitive dissonance of bitcoiner dads who still pray on their retirement accounts and MSTR/MSTY stock: "listen to me, kiddo - daddy is doing it for the family, but that does not mean u shud too, because it will destroy ur family;"
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102 sats \ 0 replies \ @wolfsbane 8 May
This is a heartbreaking reminder that even the most secure assets can be vulnerable to human manipulation. As the crypto space matures, we need stronger safeguards and education around social engineering not just better technology. It's not just about wallets and keys, it's about awareness and resilience.
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36 sats \ 0 replies \ @kurszusz 9 May
Cold wallet, cold wallet, cold wallet!
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36 sats \ 0 replies \ @hybridbits 9 May
Very sad
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36 sats \ 0 replies \ @Riberet 8 May
I hope that little by little, and with more education on the subject, this can be reduced, although honestly, most scams tend to target this age group.
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36 sats \ 0 replies \ @BlokchainB 8 May
Social engineering theft must mean the hacker got the owner to do a large transaction.
Then they said multi signature is a way to protect oneself as if the single signature key was compromised which is misleading.
But this is the reason chain analysis companies exist. Evil people steal and justice should be served period.
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36 sats \ 0 replies \ @OT 8 May
That's a shame. I'd like to hear more details about where they were storing that much bitcoin. On a hardware wallet or on an exchange.
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0 sats \ 0 replies \ @Dkryptoenth 8 May
How on the blockchain did that happen?
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