Crypto millionaires and their families are increasingly becoming targets for violent kidnappings, with a significant surge in incidents reported in recent months. According to a survey, the number of reported kidnappings is almost as high as in previous full years. However, the actual number is likely much higher.
In France and the United States, the newly rich are particularly vulnerable to criminals seeking access to their crypto assets. The primary goal in these kidnappings is to gain access to the victim’s crypto accounts or obtain the private keys to their digital wallets.
Recent incidents include the kidnapping of David Balland, a founder of a crypto vault company, and his girlfriend. In another case, the father of a crypto millionaire was kidnapped and held for ransom. A kidnapping attempt targeting the daughter and grandson of the boss of a French crypto exchange was thwarted by her husband and a neighbor. In the US, an Italian bitcoin investor was held for two weeks and tortured until he released his wallet code.
One Dutch bitcoin millionaire, who prefers to remain anonymous, expressed surprise at the focus on cryptocurrencies, suggesting that gold or jewelry would be easier targets. He noted that bitcoins can be tracked indefinitely, making it difficult to launder the money.
The rise in crypto crime is linked to the growing popularity of cryptocurrencies. With increased confidence in digital currencies, criminals are finding the potential rewards worth the violence. Some believe that crypto millionaires, who seemingly amassed wealth quickly, may be viewed with more envy than traditional millionaires.
Experts emphasize the importance of privacy and security within the crypto community. While complete anonymity is impossible when trading large amounts, individuals should carefully choose crypto platforms and ensure their data is protected. Criminal hackers often target crypto exchanges and brokers to steal private data.
There are also cases where criminals learn about crypto holdings through personal connections. In the Netherlands, a man was kidnapped after telling a colleague about his bitcoins.
To secure cryptocurrencies, it is important to store digital keys offline in a “cold wallet,” which is less vulnerable to hackers than a “warm wallet” connected to the internet. Experts recommend securing codes with passwords and storing keys in multiple locations.
While many crypto thefts remain unsolved, suspects have been arrested in several high-profile cases. In France, more than twenty individuals were arrested in connection with a failed kidnapping, with the main suspect apprehended in Morocco. These incidents reveal that crypto-related crime is evolving beyond the hacker world, with “street thugs” now targeting crypto millionaires. In some cases, the perpetrators are members of the crypto community.
One sensational case involved a group of young Americans who stole millions in bitcoin from a pioneer in the crypto space using social engineering techniques. However, their excitement and boasting online led to their eventual capture. This shows that while cryptocurrencies can be stolen, bragging or flaunting them can lead to being caught.