2024 marked a significant milestone for me as a researcher in the field, with the unprecedented bull run in cryptocurrencies dominating conversations worldwide. The year was particularly noteworthy for the increased adoption of cryptos and the relentless buzz surrounding Bitcoin. Moreover, it was fascinating to observe the meteoric rise in the total valuation of the crypto industry, surging from a trillion dollars to an impressive $3.64 trillion by year-end.
2024 witnessed an uptick in illicit activities related to cryptocurrencies, as some individuals sought to capitalize on its increasing popularity. This included instances of cybercrimes like ransomware attacks, abductions, and blackmailing schemes.
As a result, instances of ransomware attacks, virtual kidnappings, and blackmail schemes are escalating, creating mounting threats to crypto traders and investors due to the industry’s growth. Lately, there have been some distressing occurrences that underscore how crypto traders are increasingly being singled out as potential victims for these criminal activities.
We have collected few instances of crimes related to crypto sector in this news report.
France
According to reports and as detailed by France Bleu Normandie, a local news source, police in France saved an individual who was discovered bound inside the trunk of a vehicle in Le Mans. The suspects had demanded a ransom from his son, a notable figure in the cryptocurrency world residing in Dubai, it seems.
On New Year’s Day night, police in Le Mans stopped a stolen car at a gas station. Upon inspecting the trunk, they found a confused 56-year-old man who had apparently been splashed with gasoline.
On New Year’s Eve, the victim described an incident where masked intruders forced their way into his home, bound both him and his spouse, and then drove him approximately 500 kilometres throughout the nation. Through coded messages, the abductors extorted a ransom from his son.
On January 3rd, a group of seven people, which included an officer from the Counter-Terrorism Department, were apprehended in Pakistan due to their alleged involvement in the abduction of a local cryptocurrency dealer. At present, the authorities are actively investigating this case as the initial culprits have fled the site.
Pakistan
On Christmas Day, Mohammed Arsalan was forcibly taken from Manghopir, Karachi. As stated in a Dawn report, the kidnappers compelled him to transfer approximately $340,000 through his Binance account before setting him free close to the mausoleum of Quaid-i-Azam Mohammed Ali Jinnah.
An initial police report has been submitted according to Pakistan’s Criminal Law, accusing the accused of committing kidnapping and blackmailing offenses.
Australia
In Australia, it was revealed that a member of Saudi royalty became embroiled in a kidnapping case originating from a dating app. A 24-year-old woman named Catherine Colivas enticed the royal to her residence, where he was subsequently seized by three men, one of whom was her boyfriend.
The individual was bound and warned that his fingers would be severed unless he moved $40,000 worth of Bitcoin to another account. Colivas admitted guilt for kidnapping, blackmail, and larceny but managed to escape imprisonment. On December 16, she received a sentence of 30 months under community supervision instead of incarceration.
In the process of determining her sentence, the judge took into account her struggles with mental health, difficult childhood experiences, and the recent loss of her brother as factors that lessened her responsibility.
Canada
Moreover, authorities in Toronto are presently probing the kidnapping incident involving Dean Skurka, head honcho at WonderFi, a Canadian virtual currency trading platform. On November 6, during the busy commuting hours in downtown Toronto, Mr. Skurka was taken captive and later freed after an electronic ransom of one million dollars was paid, as reported by CBC News.
In the year 2023, criminal groups specializing in ransomware collected over a billion dollars worth of cryptocurrencies as ransoms from their victims, as reported by Chainalysis, a company that analyzes blockchain data.
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2025-01-06 15:16