Third suspect arrested after man was kidnapped and tortured for Bitcoin

So-called "wrench attacks" are more common as Bitcoin's value increases, reports say.

See full article...

 

[puppies]

This is a race of who can post this the fastest.

 

[AdmiralAsshat]

This is a race of who can post this the fastest.View attachment 110335

I mean, I'm pretty sure this is exactly what the author was referencing when they used the term "wrench attacks" in the sub-heading.

 

[EvolvedMonkey]

My fear would be that one day someone may refuse to believe I don’t own any bitcoin. How do you prove a negative like this to the Toecutter?

 

[msawzall]

Use unregulated currencies, expect unregulated actions.

 

[dwrd]

My fear would be that one day someone may refuse to believe I don’t own any bitcoin. How do you prove a negative like this to the Toecutter?

"Nah man, you want the other Lebowski!"

 

[zsak23]

Who needs enemies with friends like this?

 

[bburdge]

Woeltz was apparently well-known in certain US crypto circles. He once served as managing director of Silicon River Capital, an investment fund focused on blockchain technology. And currently, he is an advisor to a Kentucky state office of technology working group, helping lawmakers "use block chain technology to protect natural gas pipelines, telecommunications and other infrastructure," the NYT reported.

I continue to be impressed by the level of integrity and moral fortitude of those who are bringing crypto to the world.

/s

 

[Kaiser Sosei]

My fear would be that one day someone may refuse to believe I don’t own any bitcoin. How do you prove a negative like this to the Toecutter?

It's like when people/jobs ask for what your socials are and you tell them "none". They just don't believe you and assume you are lying.

 

[markgo]

Wouldn’t it be cool if there were a safe place for you to keep your assets? Maybe federally guaranteed and with a some physical locations in case you need them?

 

[Nihilus]

Use unregulated currencies, expect unregulated actions.

Code Wrench is law.

 

[markgo]

Non-crypto billionaires have bodyguards for a reason.
I'm pretty sure it's easier to defeat the 2FA at my (major) bank than to try to hide a few hundred millions in crypto through tumblers.
I know this one was a convenient know-the-mark job, but can we direct all that ... "entrepreneurial energy" towards more worthy targets ?

No, because anything over $10k instantly triggers money laundering investigations. This dumb ass danger is pretty much unique to crypto and cash.

 

[Nihilus]

Non-crypto billionaires have bodyguards for a reason.
I'm pretty sure it's easier to defeat the 2FA at my (major) bank than to try to hide a few hundred millions in crypto through tumblers.
I know this one was a convenient know-the-mark job, but can we direct all that ... "entrepreneurial energy" towards more worthy targets ?

Banks have additional security measures that make stealing that much money almost impossible.

Cryptocurrencies do not have those measures as they require a central authority, for example there's no decentralised method of doing heuristic fraud detection or preventing somebody with your private key from making further transactions.

It's also not hard to launder crypto thanks to decentralised markets that not only act as mixers but let you trade into currencies that implement privacy using zero-knowledge proofs. You can then split up the funds, trade them back into the original currency, "sell" some NFTs or cash out at some Russian exchange etc.

 

[Fatesrider]

I mean, I'm pretty sure this is exactly what the author was referencing when they used the term "wrench attacks" in the sub-heading.

XKCD moment...

Increasingly common, it seems.

Next thing you know, the nouveau riche tecnhobros will sponsor legislation to take XKCD off the web so they don't foster more subversive ideas... It's not like any congresscritter these days doesn't expect payola for their services.

 

[hillspuck]

If there's anything in the article that left me wanting to know more, it's

Two butlers onsite agreed to be interviewed.

 

[scrimbul]

Where are Ars' right wing crypto shills to argue this would have happened anyway with fiat currencies?

There's a lot of pro-crypto commenters who have a lot of fucking explaining to do that can't be called out by username.

 

[Hezio]

My fear would be that one day someone may refuse to believe I don’t own any bitcoin. How do you prove a negative like this to the Toecutter?

Be broke?

 

[Jackattak]

The victim surely missed his calling as a spy/infiltrator. Anyone taking that amount of torture and not giving up the creds is well suited for the work.

 

[raschumacher]

Crypto bro don't need no stinkin' government intervention. MORON LAVE!!

 

[Zephro]

I've said it before but

where bad actors physically attack cryptocurrency holders

This phrasing just makes me think of Hayden Christiansen attacking someone for their Bitcoin

We could just call them "criminals"?

 

[beebee]

Use unregulated currencies, expect unregulated actions.

UUCEUA is not as catchy as FAFO.

 

[ubercurmudgeon]

"Nah man, you want the other Lebowski!"

No funny shtuff.

 

[Me Myself And I1]

If there's anything in the article that left me wanting to know more, it's

You can ask Jeeves...

 

[MedicinalGoat]

My fear would be that one day someone may refuse to believe I don’t own any bitcoin. How do you prove a negative like this to the Toecutter?

Execute a very tight ten minute stand up set mocking cryptocurrency and finish it with a Rodney Dangerfield impression, "Cryptocurrency? Common! I at least got some self respect!"

 

[raschumacher]

Where are Ars' right wing crypto shills to argue this would have happened anyway with fiat currencies?
There's a lot of pro-crypto commenters who have a lot of fucking explaining to do that can't be called out by username.

I think one of them writes for Axios.

 

[s73v3r]

if regulation prevented crime, we’d have no need for police.

That is the absolute dumbest fucking take on the subject possible. Tell me, how do you expect to get things like stopping meatpackers from putting sawdust in sausage without regulation? How do you expect to get companies to stop dumping pollution in the water supply without regulation?

This wild libertarian idea that, because there are some terrible people who break the law, that the law is useless is astonishing.

 

[LexaGrey]

You can ask Jeeves...

Jeeves, bring me the gold plated wrench and more sparkling water for the foot bath.

 

[Rirere]

regulation is the seatbelt; enforcement is the brake, nobody said toss out the brakes.

Do you comprehend that studies unequivocally show that seatbelts, like brakes, also save lives?

What a self own of an analogy in the pursuit of proving how regulations don't work...by using one of the biggest safety triumphs of the last century as your poster child.

 

[fazalmajid]

It was perfectly rational of him not to yield his password, as it was clear they would murder him as soon as they laid their hands on his bitcoins.

 

[Nora Lenderbee]

"Two butlers onsite agreed to be interviewed."

Is it related to "The Butlerian Jihad"?

 

[clackerd]

No funny shtuff.

You mean, coitus?

 

[Random_stranger]

It's like when people/jobs ask for what your socials are and you tell them "none". They just don't believe you and assume you are lying.

I mean, I have like 3 FB posts from 6 years ago, and a few LinkedIn posts when job hunting in '23. That's it. Had my own "home page" in '94, didn't seem that exciting when geocities, myspace, FB, etc basically just made fancier versions..

No way would they care nor would I tell them about my Ars account, my couple of car webboard accounts, etc..