Several disturbing incidents documented in the past few weeks show that crypto traders are becoming more and more targeted for kidnappings and extortion.
According to France Bleu Normandie, a local French outlet, authorities in Le Mans freed a man who had been held captive for ransom by his captors, who had contacted his son, a crypto influencer based in Dubai.
Kidnapped Man Found in Stolen Car
On the evening of January 1st, police from Le Mans stopped a stolen car at a service station. They found a 56-year-old man, drenched in gasoline and bewildered when they opened the trunk. On New Year’s Eve. Assailants in masks caught the victim and his wife, bound them, and then took them across the country, a distance of more than 500 kilometers. His son was held hostage by captors who wanted payment using encrypted networks. The criminals made a quick getaway, and authorities are still trying to track them down.
Crypto Trader Kidnapped for Ransom
The cryptocurrency market became more visible on December 17 when Bitcoin’s price, BTC$98,202, reached a record high of $108,135. Some bad actors have found a way to cash in on the cryptocurrency market’s rising worth. Which has increased from $1 trillion to $3.64 trillion in the last year. They plan to do this through extortion schemes, kidnappings, and malware.
The abduction of a local cryptocurrency trader led. The arrest of seven people in Pakistan on January 3; among them was a member of the Counter-Terrorism Department. Mohammed Arsalan, from Manghopir, Karachi, fell victim to kidnapping on December 25.
Dawn reports that the abductors left him near the tomb of Quaid-i-Azam Mohammed Ali Jinnah after he sent $340,000 via his Binance account. In compliance with Pakistan’s Penal Code, we lodged a first information report (FIR) for the offenses of abduction and extortion.
Woman Lures Princess in Kidnapping Scheme
An Australian dating service lured a Saudi princess into a kidnapping plot. The Daily Mail reports that 24-year-old Catherine Colivas lured three men, including the royal’s lover, to the property, where they ambushed him. The victim faced threats of having his fingers severed and bound in exchange for $40,000 in Bitcoin.
Colivas was able to avoid jail time after pleading guilty to kidnapping, extortion, and theft. On December 16th, the judge sentenced her to a 30-month community corrections term. In considering mitigating circumstances, the judge took into account her mental health, her challenging childhood, and the recent passing of her brother.
The abduction of WonderFi CEO Dean Skurka, a Canadian cryptocurrency exchange, is an ongoing investigation by the Toronto police. A Reportedly, Skurka came out after a ransom of $1 million was paid electronically. After his abduction on November 6 at rush hour in downtown Toronto, as reported by CBC News.
$1.1B Crypto Extorted by Ransomware in 2023
According to statistics from blockchain analytics firm Chainalysis, Crypto Traders Targeted gangs managed to extort victims out of over $1.1 billion in cryptocurrencies in 2023. It is challenging to monitor every incident or trace all ransom payments made in cryptocurrencies. Analysts from Chainalysis stated, adding that the ransomware landscape is widespread and constantly evolving.
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