00:00Security for crypto holders is seeing a lot of demand. According to one blockchain security firm physical attacks used to
00:05coerce crypto holders to give up their credentials rose 75 percent last year resulting in 41 million dollars in known
00:12losses around the world. Ismail Lee joins us now with more. These are called wrench attacks. I'm not totally sure
00:18why because that's a fiscal implement. But in any case you went to the Bitcoin conference in Las Vegas just
00:25a few weeks ago and you saw this in action. The stepped up security.
00:28There was stepped up security. I think wrench attacks it's called that because you use a five dollar wrench to
00:33really actually beat up a person or physically coerce them into doing something. It's like a security term slash crypto
00:39term slash internet slang. No one really knows the history of it but now it's widely used in the industry
00:45because you're seeing a rise when it comes to this. That's why in Las Vegas you see all these VIPs.
00:50I'm not even sure if I'm at liberty to say although I saw them with my own eyes. You can
00:54just think of the biggest names. They all had security. It's a vulnerable and delicate topic because
00:58speaking about them having security raises the stakes but at the same time they do have security. Well it's not
01:03just security that they have which is something that I found fascinating in your piece. It's that they're going to
01:09great lengths to actually move their crypto to locations and involve these intricate long waiting periods in order to access
01:18them. Explain some of the measures that these executives have taken.
01:21So for the executives they have bodyguards and have sophisticated measures like a duress wallet or like again giving their
01:27physical keys to someone halfway across the world. But for normal people like you and me where 20,000, 100
01:32,000 really means like your savings or like you're a huge nest in your retirement. You also want to take
01:38care and be proactive in your measures.
01:41So one of the most popular workshops there was how to protect your Bitcoin in case of all caps home
01:46invasion. And really they talked in length about that. It was a standing room. I was standing for one hour
01:51listening to Ben Perrin who gave the workshop. He also has a YouTube channel and he talks all about Bitcoin
01:58security.
01:58And he also said that one of the most popular videos he has in workshops is how to protect your
02:04Bitcoin.
02:04Why are crypto's executives especially being targeted? Because certainly anyone who holds crypto would be an obvious victim.
02:12One of the people we quoted here said it's high risk, low reward. High risk, low reward. No, it's low
02:19risk, high reward. Because once you identify a target and you siphon their crypto no matter however way you want
02:25to, it's easy to launder that.
02:27And I feel like people always confuse decentralization with anonymity. That's the premise of crypto. It's decentralized.
02:33But you can trace it. You can see wallets move in real time. And if you're sophisticated enough, you can
02:39probably find a person.
02:41What about this one executive who you don't name in the piece, but what this person did was move their
02:49crypto to four different locations, have an extensive waiting period.
02:53So it would actually take a month for the crypto to come out. And this person would actually have to
02:57wait in person at one of these locations.
02:59Yes, you're hearing more and more of that. We obviously don't name the person there because for obvious reasons, but
03:05people are really resorting to a multitude of sophisticated ways.
03:09And it's just funny because the whole premise of crypto is you don't want government intervention.
03:13But then now sometimes you ask for them to help you. And at the same time, it's something so physical
03:18because you can keep your coin in a cold wallet or a hard wallet.
03:22And then if it's with you physically, then if someone goes to your home, they can just take that as
03:27opposed to someone in a bank.
03:29Yeah. I mean, the olden times, I guess you can get cash, but the fiscal safeguards required for something digital
03:33and virtual is pretty remarkable.
03:35Things do come full circle.
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