Surge in Crypto Kidnappings Attributed to Rising Currency Values
Experts are reporting a troubling increase in kidnappings related to cryptocurrency, driven by the escalating value of digital currencies and the perceived low risk for perpetrators. Adam Healy, a former U.S. Marine and the founder of the security firm Station70, stated, “Over the past eight or nine months, we’ve witnessed a significant rise in both the frequency and the brutality of these attacks.” He noted that this trend aligns with the rising price of Bitcoin. Successful ransom payments, particularly in Canada and Europe, have captured the attention of a wider criminal audience who now view these crimes as an opportunity for easy financial gain.
Criminals Find Crypto Abductions More Lucrative
Healy, who provides guidance to companies on how to mitigate these threats, explained that the increase in kidnappings is logical. “When you consider it, it makes perfect sense,” he remarked. “The risk is considerably lower, and potential payouts are much larger compared to traditional crimes like bank heists or convenience store robberies, where armed confrontations could occur.” The rise in cryptocurrency values, with Bitcoin climbing by 54% over the past year, makes tracking these transactions more challenging than cash, further enticing criminals.
Recent Kidnapping Incidents Highlight Growing Threat
The global increase in such attacks has been particularly notable in France. Recently, an attempted kidnapping in Paris targeted the daughter and grandson of a cryptocurrency executive. Four masked men emerged from a van and attempted to abduct the woman while she was out with her husband and young son. During the struggle, she shouted for help as the attackers assaulted her husband. Fortunately, a bystander wielding a fire extinguisher intervened, scaring off the assailants.
Escalating Violence in Crypto-Related Abductions
In another alarming case earlier this month, the father of a successful cryptocurrency investor was abducted in broad daylight in Paris. His kidnappers subjected him to torture, even amputating one of his fingers and threatening him with gasoline. Such incidents underscore the severity of the threat faced by individuals in the crypto industry.
High-Profile Targets Increasingly Concerned About Security
The risks extend beyond executives, as evident in the March 2 break-in at the home of online celebrity Amouranth, known as Kaitlyn Siragusa, where armed intruders demanded her crypto assets. Traditionally, investors primarily focused on cybersecurity threats such as hacking, but many are now adopting physical security measures to safeguard their assets. Jameson Lopp, co-founder of the Bitcoin security firm Casa, commented on this shift, saying, “People are reaching a point where they feel the need to secure their valuables at home, akin to hiding gold under the mattress.”
Training Programs Emerge for Crypto Executives
In response to the rising threat, Healy conducts training sessions for crypto investors, educating them on personal safety and what actions to take if they find themselves abducted. During a recent training event in Las Vegas, attendees learned practical self-defense techniques and strategies to minimize risk. One crucial piece of advice Healy imparts is the importance of having a contingency plan for negotiations with abductors. “Instead of the $10 million, you might say, ‘I can offer you $1 million in liquid assets if you release me,’” he advises his students.
