The French tax data breach has made me re-evaluate the real risk faced by BTC holders. Even if on-chain assets are secure, they can’t stop an off-chain document from being stolen. Once tax data is taken, many BTC addresses will be exposed together with real identities—followed by targeted phishing, extortion, and even physical attacks that zero in on these people. I’ve always believed that the biggest enemy of BTC isn’t regulation, but holders leaking their own privacy. This incident is another reminder: if you’ve ever done KYC on a centralized platform, it’s hard to truly remain anonymous. I won’t panic-sell my BTC, but I will immediately check my exposure and keep a skeptical eye on any sudden “official notifications.” To me, what’s most terrifying about this leak isn’t losing coins—it’s being identified. Once a hacker knows your residential address, it’s entirely possible to threaten your family to force you to transfer funds. This risk has no on-chain solution; it can only be mitigated offline. So I’ll move large holdings to a more private environment and I’ll also stop disclosing that I hold BTC in public. Over the next few months, we’re likely to see more precision scams targeting this leaked list. What we truly should do isn’t to run, but to cut off information linkages and improve physical security awareness. BTC can bring financial freedom, but the prerequisite for freedom is keeping yourself safe; if you can’t do that, then holding even more is just a burden.