The Dutch “bitcoin family” spent all their money to buy cryptocurrency and hid it in six vaults on four continents


Tencent technology news on August 12, Didi taihuttu, his wife and three children sold all their assets in 2017 and used the money to buy bitcoin. At that time, the transaction price of bitcoin was about $900 each. Now, the Dutch family of five is protecting most of their cryptocurrency assets in secret “vaults” on four continents.
As the patriarch of the so-called “bitcoin family”, taihutu explained: “I hide my hardware wallet in several countries, so if I need to use bitcoin, I don’t have to fly far.” Tehutu has two vaults in Europe, two in Asia, one in South America and a sixth in Australia.
We are not talking about buried treasures. No Treasury is underground or on remote islands. Tehutu said that they hid bitcoin in different places in different ways, from rental apartments, friends’ home self-service storage points and so on. “I prefer to live in a scattered world where I have a responsibility to protect my assets,” tehutu said
There are many ways to store cryptocurrency. Online exchanges such as coinbase and Paypal will host cryptocurrencies for users, while technicians may choose to bypass intermediaries and save cryptocurrencies in personal hardware wallets. Thumb drive sized devices, such as trezor or ledger, provide a way to protect cryptocurrency. Square is also building hardware wallets and services to “make bitcoin hosting more mainstream”.
People who choose to own cryptocurrency can use “hot wallet”, “cold wallet” or some combination of both. Among them, “hot wallet” can be connected to the Internet, so that holders can relatively easily access their cryptocurrency for consumption. In exchange for convenience, you may encounter bad people.
Philip Gradwell, chief economist of chainalysis, a blockchain data company, said: “a cold wallet usually refers to the cryptocurrency transferred to the wallet, and the private key of the wallet (that is, the password to remove the cryptocurrency from the wallet) will not be stored on the networked computer, so hackers can’t invade the computer and steal the private key.”
Gladwell said exchanges also often use “cold wallets” to protect customers’ cryptocurrencies. According to a recent report by chainalysis on bitcoin wallet, 11.8 million bitcoins are in the hands of long-term investors, 3.7 million are lost, another 3.2 million are circulating among traders, and the remaining 2.4 million have not been mined.
“We can guess which wallets are cold because they have special behaviors, such as receiving a large amount of cryptocurrency from a single source and not sending any cryptocurrency for a long time before clearing, but you can’t say that this is a cold wallet,” Gladwell said
Taking the taihutu family as an example, 26% of the cryptocurrencies held by didi exist in the “hot wallet”. He called this secret hiding place “venture capital” and used these cryptocurrencies for day trading and potential unstable bets. For example, he sold his dog coins for profit and then bought them back when the price of dog coins hit the bottom.
Another 74% of the taihutu family cryptocurrency portfolio exists in the “cold wallet”, including bitcoin, Ethereum and Wright coin. The family declined to say how much cryptocurrency they held. The prices of bitcoin, Ethereum and Wright coin have risen again, rising 57%, 83% and 61% respectively in the past three weeks.
Transferring bitcoin to the “cold wallet” is not a new idea. As long as bitcoin exists, there is a way to refrigerate it. But it needs more maintenance. “The cold wallet needs more permission to enter, whether it’s in a bank vault or buried in the Andes,” said Van Phu, a software engineer at the floating point group, a cryptocurrency financial technology start-up
Although tehutu said it was easy to fill these “cold wallets” with new cryptocurrencies, it was difficult to retrieve them. Using the cryptocurrency stored in the “cold wallet” requires the holder to go to the hiding place in person. Tehutu is trying to place a cryptocurrency cold wallet on each continent to make it easier to access his property.
Tehutu set up a vault in an abandoned military bunker in the Swiss Alps. The bunker was cut off from the Internet and guarded by the on-site security team. According to the website of the digital bank xapo, it is obvious that the vault is “monitored in the air by satellite”, and the “precious commodity” locked and guarded is bitcoin.
Coinbase acquired xapo in 2019. For a company that stores 98% of its customer assets offline, this is not surprising. The purpose is to provide an important security measure to prevent theft or loss. Although a centralized vault like this provides some security, tehutu said it was not safe for him.
Nick Carter, general partner of Castle Island ventures and co-founder of coin metrics, said: “if you want to really store cryptocurrencies in places beyond the reach of the government, you can directly hold these private keys. This is equivalent to burying a gold bar in your backyard. ”
This is why tahutu does not use banks or post offices. He said, “I think it’s too risky! What happens if one of these companies goes bankrupt? Where’s my bitcoin? Can I enter? Once again, you put your trust in the hands of a centralized organization. ”
However, some centralized refrigeration companies provide a significant benefit, according to tehutu. “They have a good inheritance environment,” he said. When you die, these companies will deal with it. I really believe they did a good job. ”

Van Phu, a software engineer at floating point group, a cryptocurrency financial technology start-up, said that multiparty computing (MPC) has also proved useful in the field of digital assets. In this custody arrangement, multiple parties must agree to conduct transactions.
This avoids the risk of storing private keys and authentication credentials in a single location, the so-called “single point compromise”. Fireblock, a digital asset infrastructure provider, said that MPC instead divides the private key into several parts, encrypts it, and then distributes it among multiple parties, which may be the future development direction´╝ł Tencent Technology (reviser / Jinlu)