UK Bitcoin Theft Reinforces Importance of Security

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  • A bitcoin theft at a British university is a reminder that you should keep your holdings private
  • The attack, carried out at knifepoint, took place last year after the victim had been discussing crypto with a fellow student
  • Never reveal your cryptocurrency holdings to anyone who don’t implicitly trust

A bitcoin theft as a British university has acted as a reminder of the importance of personal security when it comes to your crypto holdings. The bitcoin theft, which took place last year but is only being reported now, was carried out after the victim fell into conversation with a fellow student during the first week of university and presumably disclosed his holdings. Just days later the victim was ambushed in his room at knifepoint by eight men who forced him to transfer his holdings to them. No one has ever been fingered for the crime, which acts as a harsh reminder that you should treat your cryptocurrency holdings as you should the money in your bank account.

Bitcoin Theft Saw $8,000 Worth Taken

The bitcoin theft occurred last September when bitcoin was around $10,000. The victim was attending fresher’s week at Canterbury Christ Church University and fell into conversation with another new student about cryptocurrency. It is assumed that he gave something away about his holdings because just days later he was attacked by eight men.

The 20-minute ordeal saw the attackers make off with $6,000 ($8,000) in bitcoin as well as £3,000 ($4,100) in university grant money. The bitcoin theft was particularly harsh given that the value of Bitcoin took off shortly after the theft, hitting $65,000 just months later.

Never Reveal Your Holdings

It was soon revealed that the student he had been discussing cryptocurrency with invited eight men from east London to the university on the same day as the victim was attacked, although Kent police dropped the investigation into the individual due to a lack of evidence. This is the same constabulary that has been tasked with tracking down 111,000 Craig Wright claims was stolen from him in February 2020.

The story of the bitcoin hack is another reminder that while it is of course fine to talk about Bitcoin and the broader crypto space with anyone, never reveal your personal holdings. Treat your crypto holdings like you would your bank account – if you wouldn’t tell anyone how much is in your bank, don’t tell them how much cryptocurrency you hold, especially people you have just met.