Altcoins News

A crypto trader was held at gunpoint to transfer virtual coins

Hackers are continuously targeting cryptocurrency wallets that have weak security mechanisms. If they don’t succeed, they dupe crypto traders into surrendering their login credentials. If you are intelligent enough to avoid all of these, they finally come to your physical address and bully you into transferring those coins to their address. In a recent case in Massachusetts, a crypto trader was held at gunpoint to transfer their digital wealth.

The trader who is a LocalBitcoins trader in Northborough said that the attackers broke into his house through the basement window triggering the burglar alarm. At first, holding the trader at gunpoint, they demanded hard cash which he gave them. But they wanted more. They also demanded his bitcoins.

The attackers pretended to be yard workers wearing construction vests. To help cover their tracks, they,

” Ripped off one of my external burglary sirens and cut the internet and TV cables on the outside of my house and on the inside of my basement. They left behind a cigarette, a cell phone, and a bunch of blood drops from where they cut themselves on the glass inside my house. Whoever put them up to this – and it had to be someone, because I had never traded with either of them before – did not exactly send their A-team. In fact, according to the police, the guy who stuck a gun in my face said he was coming down from meth!” said the trader in a post.

although the trader managed to escaped before he make the transfer, he  claimed that he did not recognize the attackers and suspects they may have been directed by people who he may have traded with  in the recent past.

With the security of crypto storages being beefed up every day and the traders being aware not to trust anyone who asks for their passwords, hackers are bound to try their luck by physically attacking crypto traders to get a share of their hard-earned digital wealth.

As the crypto trader was held at gunpoint to transfer his bitcoins, do you think crypto traders should improve residential security as much as they have strong wallet security?

Let us know your thoughts in the comments section below.


Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

  1. Holy crap! That’s crazy and could be avoided by owning some sort of weapons. I dunno though people talk shit like “buy a gun” and all this.. but not EVERYBODY (yes including millionaires) and trained to fight. Personally I think the guy did what he could to stay alive and dely them from getting anything. Now me? You can bet my walls would have been stained with THEIR BLOOD!!!

  2. Philip Maina

    July 19, 2018

    Haha, Kaki I hope it does not come to that. Just make sure you have enough security on your premises and involve the authorities when something seems out of the norm.

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