BELGIUM (CoinChapter.com) — The cryptocurrency industry has seen interest from a lot of people. Whether they are investors, speculators, or people with criminal intentions, there are some unique stories out there. Being tortured with an electric drill may sound like something out of a Hollywood movie, but one Dutch crypto trader experienced it first-hand.
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Robbers Resort To Torture For Crypto
Over the years, there have been numerous crime-related attempts to acquire cryptocurrencies through illicit means. Ranging from hacking exchanges to SIM hijacking to access crypto wallets, the stories are varied and well-documented. Tortue is an angle that is relatively abnormal in this industry, although it can rear its head. For one Dutch crypto trader, February 2021 will be a month to remember.
Per De Telegraaf, a group of three robbers dressed up as police officials. Using this guide, they broke into the trader’s home and began to torture him. The criminals wanted access to his cryptocurrency holdings, although it is unclear if the attempt was successful. The police are not communicating much on the matter other than to acknowledge the cryptocurrency angle.
Although it is not the first time criminals resort to violence, torture is not a popular angle. Especially if that involves torturing an adult in front of his four-year-old daughter. In most cases, people may be held hostage or threatened at gunpoint without any physical harm. However, in this case, the Dutch trader had to spend five days at the hospital to recover from his wounds.
What makes this story intriguing is how the criminals could identify the victim as a crypto user. Sharing information about one’s crypto holdings on social media will always attract the wrong kind of attention. Unfortunately, many people share such details without worrying about the consequences. The Dutch trader may have done so, or the criminals found out via other means. Contrary to popular belief, Bitcoin and other currencies are neither private nor anonymous.
Are Cryptocurrencies A Danger?
Although there have been many debates about cryptocurrency mining threatening the environment, there is another angle to the “risk” these currencies can pose. As users control their cryptocurrency holdings, no one can “bail them out” if something like theft occurs. Unfortunately, that also makes cryptocurrency users a target for criminals. Despite most attacks being digital, torture stories like these show that may not always be the case.
Several influential people have warned about the ‘dangers’ of owning cryptocurrency before. For example, Jameson Lopp hinted at it in 2018, indicating liquid crypto assets can make people more “attractive” to criminal attacks. Nouriel Roubini, a renowned American Economist, and NYU professor issued a similar warning during a debate with BitMEX CEO Arthur Hayes. While both individuals raise a point, the same applies to owning any form of tangible wealth, such as cash, payment cards, precious metals, or jewelry.
None of the above makes cryptocurrencies “dangerous” to own in the slightest. However, users need to be aware of the responsibilities they bear. Every crypto owner is responsible for their assets and what happens to them. There are no recourses if things go awry. Taking proper preparations and not flaunting one’s wealth is essential.
JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.
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