A similar theft previously occurred, but a security system prevented criminals from spending the funds of BTC. A detective believes that the criminals have not yet touched the cryptocurrencies of New Zealand businessman Mark Geor.
It becomes increasingly relevant to protect private keys since the Bitcoin (BTC) ecosystem continues growing. Only the most cautious have dealt with the proliferation of crimes such as scams and fraud.
New Zealand businessman Mark Geor is offering USD 500,000 to anyone who can help him recover his stolen safe. The private keys to his digital wallets, with at least USD 4 million worth of cryptocurrencies, are inside.
Local medium outlet Weekend Herald reported that the criminals robbed his house in Westmere, Auckland, New Zealand. When that happened, it was under remodeling.
Geor said that the thieves stole USD 10,000 in cash, Rolex and Tag Hauer watches, jewelry, diamonds, relics, and his private keys.
Mike Campbell, the private detective conducting the investigation, believes the robbery occurred between 8:30 p.m. and midnight from September 9th to 10th.
Campbell told the Weekend Herald that the substantial reward was an appeal to the culprits to return the entire contents of the safe.
The detective suggested that, according to the closed-circuit security cameras of some neighbors, possible suspects of the theft were nearby., They were driving a Subaru Legacy truck and a Toyota Ute car between 9 and 9:30 p.m. that day.
He added that the safe was bolted to the concrete floor and weighed about 352 pounds. Therefore, it would take a big, strong person to cut it out of the closet on the staircase.
Prevention Helps an American Entrepreneur Conserve His BTC
Another case where the management of private keys helped preserve stolen BYC occurred in the United States. The criminals robbed businessman Callum McArthur took control of his private keys. However, they could not steal the BTC of the victim as he had a security system.
McArthur, a Bitcoin user, placed a multi-signature setup that prevented the thieves from spending a single satoshi.
The businessman said that it is paramount to diversify the security of the most important investments. Otherwise, investors could lose about 10 to 15 years of hard work without the possibility of getting them back.
The holder employed a 2-of-3 multi-signature service, where he stored most of the keys. He could deactivate the stolen key and change its settings to restore complete control over his funds after the theft.
Jameson Lopp, a co-founder of Bitcoin storage company Casa, said some people discover single points of failure in a BTC self-custody setup the hard way.
For that reason, prevention is essential in this ecosystem where the security of wallet keys is constantly at risk. Lopp remarked that an ounce of prevention is worth more than a pound of cure.
The relevance of the pioneering cryptocurrency is increasingly evident in the global economy. For that reason, those investing in it seek ways to protect the keys to their digital wallets. Some users advise using various methods to prevent criminals from stealing their holdings.
By Alexander Salazar
