The surge in kidnappings targeting cryptocurrency millionaires and their families highlights a growing and violent trend, particularly in France and the United States. Criminals are increasingly willing to use force to access victims’ crypto wallets and digital assets.
A Dutch bitcoin millionaire, identified as Bernard, emphasizes the importance of staying under the radar and taking precautions due to safety concerns. He has had to go into hiding several times after crypto exchange hacks that resulted in stolen personal data.
According to American cyber researcher Jameson Lopp, reported incidents of violent kidnappings of crypto millionaires have significantly increased this year. The actual number is likely higher, as many smaller incidents go unreported.
Recent cases include the kidnapping of a crypto vault founder, David Balland, and his girlfriend, who were released after a crypto ransom was paid, but Balland lost a finger. Another incident involved the kidnapping of the father of a crypto millionaire in Paris, who reportedly paid a 5 million euro ransom and also lost a finger.
Criminals are drawn to the perceived anonymity of cryptocurrencies, but experts emphasize that Bitcoin transactions are traceable. Despite the challenges, the growing popularity of crypto crime mirrors the increasing confidence and value placed in digital currencies.
Bernard believes that envy might be a factor, as people perceive crypto wealth as easily obtained. He considers himself an investor and advises caution and discretion when dealing with cryptocurrencies.
The crypto community is divided on visibility, with some influencers being open about their wealth, while others prioritize anonymity. Privacy is a core value within the crypto culture, but complete anonymity is difficult when trading large sums due to “know your customer” regulations.
Criminals are also finding simpler ways to target crypto owners, such as exploiting personal connections or targeting those who brag about their holdings. Two recent American cases involved individuals within the crypto world targeting other crypto millionaires.
One such case involved a group of young individuals who used social engineering to steal $243 million in Bitcoin from a pioneer in the field. Their lavish spending and boasting led to their eventual capture.
Experts recommend securing crypto keys offline in “cold wallets” and using multiple layers of security to protect assets. While cryptocurrencies can be well-secured, the safest approach is to maintain a low profile and avoid attracting unwanted attention.
Authorities have made arrests in several kidnapping cases, indicating that criminals are often caught and brought to justice. Crypto crime is evolving, with street criminals and individuals from within the crypto community becoming involved.