The cryptocurrency market is rising like a meteor every day, and so are the risks faced by traders and investors. Recent incidents involving ransomware, kidnappings, and extortions directed against crypto space individuals represent a series of recent threats.
French police rescued a 56-year-old man found tied up and doused in gasoline in the trunk of a car in Le Mans in a harrowing New Year’s incident. Masked gunmen broke into the couple’s home, then tied them up and forced them to the car, taking the victim across nearly 500 kilometers before dropping him off, packed in a box, at a pharmacy, the local outlet, France Bleu Normandie, reported.
Crypto Crimes Surge as Ransoms and Risks Grow
They demanded a ransom from the victim’s son, a cryptocurrency influencer in Dubai, through encrypted networks. The stolen vehicle had been intercepted by law enforcement at a gas station, and the victim was found disoriented. However, the kidnappers fled, and an investigation continues.
With the price of the world’s most valuable cryptocurrency, Bitcoin, soaring to all-time highs of $108,135 on December 17, crypto-related crime has spiked. With crypto gaining great momentum worldwide, becoming worth $3.64 trillion globally, cyber criminals and kidnappers are turning their eyes on the market in the hope that they can manipulate its unregulated and pseudonymous nature.
On December 25, a crypto trader in Karachi was abducted. A Counter Terror Department officer, the seventh suspect arrested in the case, was among seven suspects rounded up Jan. 3 for the crime. Mohammed Arsalan, the victim, was forced by the kidnappers to transfer $340,000 through Binance before he was released. An investigation of this case has been ordered under Pakistan’s Penal Code.
It isn’t a problem in just one part of the country. A Saudi royal was victim of a kidnapping scheme on a dating app in Australia. According to the Daily Mail, Catherine Colivas, 24, lured the royal to her home then ambushed him with accomplices who demanded $40,000 in Bitcoin. Pleading ‘not guilty,’ Colivas received a 30-month community corrections order.
Dean Skurka, CEO of crypto exchange WonderFi, was abducted on November 6 in rush hour in Canada and was not home at the time. He was held, and his captors were paid a $1 million ransom electronically. The case remains under investigation by Toronto police.
As always, ransomware remains the weapon of choice for the cybercriminals. Chainalysis Ransomware gangs rake in $1.1 billion in 2023 cryptocurrency ransom payments. The analysts pointed out the fast-changing nature of the attacks, making it hard to track the incidents and trace payments.
Experts warn that as the cryptocurrency sector grows, traders and investors should stay alert. From an authority level throughout the world, people are being called upon to adopt strong security measures such as using hardware or cold wallets, multi-factor authentication, and encrypted communication.
But with the crypto boom clearly not slowing down, the risks to those involved in the market are only going to increase. The digital prosperity versus personal safety line is blurring at an increasingly high rate, and governments and law enforcement agencies, in turn, have increasing pressure to address these challenges.
