The surge in the cryptocurrency sector has coincided with a spike in criminal activities targeting crypto traders and investors, such as kidnappings and extortion. Recent weeks have seen several alarming cases.
In France, law enforcement saved a man who was discovered bound in the trunk of a car near Le Mans after his abductors demanded a ransom from his son, a crypto influencer residing in Dubai. The incident occurred on New Year’s Eve when masked attackers broke into the victim’s home, restrained him and his wife, and transported him nearly 500 kilometers while demanding ransom using encrypted networks.
In Pakistan, authorities arrested seven individuals, including a Counter-Terrorism Department officer, for kidnapping local crypto trader Mohammed Arsalan on December 25. The kidnappers extracted $340,000 from his Binance account before abandoning him. A legal case has been filed under Pakistan’s Penal Code.
In Australia, a Saudi royal fell victim to a kidnapping plot orchestrated through a dating app. Upon being lured to a residence, the victim was ambushed, tied up, and threatened with mutilation unless $40,000 in Bitcoin was transferred. Catherine Colivas, involved in the crime, was sentenced to community service, with the court considering her mental health and personal circumstances as mitigating factors.
Meanwhile, in Canada, Toronto police continue to investigate the abduction of Dean Skurka, CEO of WonderFi. He was kidnapped during rush hour in downtown Toronto and was released after a $1 million ransom was paid electronically.
Throughout 2023, ransomware gangs have extracted over $1.1 billion in cryptocurrency payments. Blockchain analysts warn that the pervasive and expanding nature of ransomware threats makes it challenging to trace all related activities and payments.
