Crypto crime is booming, from ransomware to good old-fashioned hold-ups. One particular case makes us smile – but there’s a serious side to this, and if you plan to stick around in cryptotown, you’re going to want to be prepared.

A while back, 11 men took part in a raid on several different data centres in Iceland, stealing 600 bitcoin mining rigs worth around $2 million. Most were rounded up and held in prison, including Sindri Thor Stefansson. However, Stefansson decided he didn’t like his low-security confinement and exited via the window. He then used a fake passport to board a passenger plane that also happened to be carrying Iceland’s prime minister. We can draw a number of lessons from this episode:

Thanks to its renewable power and low energy costs, Iceland is a great place to mine bitcoin and start a cryptocurrency business

Iceland does not understand what prison is for - Iceland does not have good airport security - Iceland does not value the safety of its political leaders

Iceland will logically become the de facto base of choice for the crypto crime mafia

On a more serious note: people are just learning that bitcoin is worth serious money and criminals are figuring out all kinds of ways to get hold of it. There have been several cases of traders and holders being robbed at gunpoint, including in the UK <link: http://uk.businessinsider.com/crypto-traders-danny-aston-amy-jay-held-at-gunpoint-moulsford-oxfordshire-2018-1>, which has famously strict gun controls (so imagine how it’s going to get in the US...). It’s only going to get worse as crypto goes mainstream.

If you own crypto, you could be vulnerable to attack, so prepare accordingly. Unlike Goldiath, the UK trader who was held up, it’s probably better to keep a low profile and not advertise your wealth – you’re just a magnet for hackers or worse. As far as security goes, keep your crypto not only in cold storage, but out of your own immediate reach. It doesn’t matter how secure it is from hackers if the keys can still be beaten out of you.

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