The bygone year 2024 saw a strong bull run, greater crypto adoption and the world couldn’t stop talking about Bitcoin. The year also saw the total valuation of the crypto industry rising from $1 Trillion to $3.64 Trillion.
With greater crypto adoption in 2024, there was also a sporadic rise in criminal activities associated with the crypto sector. 2024 saw criminals looking to exploit the situation through activities such as ransomware attacks, kidnappings, and extortion schemes.
Consequently, incidents of ransomware, kidnappings, and extortion are on the rise, posing growing risks to crypto traders and investors as the sector expands. Recent weeks have seen several alarming cases that highlight how crypto traders are increasingly becoming targets for these crimes.
We have collected few instances of crimes related to crypto sector in this news report.
France
As per reports, in France, police rescued a man who was found tied up in the trunk of a car in Le Mans. His captors had made a ransom demand to his son, a cryptocurrency influencer living in Dubai, according to France Bleu Normandie, a local news outlet.
The incident occurred on the night of January 1, when officers in Le Mans intercepted a stolen vehicle at a gas station. Upon opening the trunk, they discovered a disoriented 56-year-old man who had been doused in gasoline.
The victim explained that masked assailants had broken into his home on New Year’s Eve, tied him and his wife up, and transported him nearly 500 kilometres across the country. Using encrypted communication, the kidnappers demanded a ransom from his son.
The perpetrators managed to escape the scene, and an investigation is currently ongoing. On January 3, seven individuals, including an officer from the Counter-Terrorism Department, were arrested in Pakistan for the kidnapping of a local cryptocurrency trader.
Pakistan
The victim, Mohammed Arsalan, was abducted from Manghopir, Karachi, on December 25. According to a report by Dawn, the kidnappers forced him to transfer $340,000 via his Binance account before releasing him near the mausoleum of Quaid-i-Azam Mohammed Ali Jinnah.
A first information report (FIR) has been filed under Pakistan’s Penal Code, charging the suspects with kidnapping and extortion.
Australia
In Australia, a Saudi royal was involved in a kidnapping plot that stemmed from a dating app. A 24-year-old woman named Catherine Colivas lured the royal to her home, where he was captured by the three men, including her boyfriend.
The victim was tied up and threatened with having his fingers cut off unless he transferred $40,000 in Bitcoin. Colivas pleaded guilty to charges of kidnapping, extortion, and theft but avoided jail time. On December 16, she was given a 30-month community corrections order.
The judge cited her mental health issues, a challenging upbringing, and the recent death of her brother as mitigating factors in her sentencing.
Canada
Additionally, Toronto police are currently investigating the kidnapping of Dean Skurka, the CEO of WonderFi, a Canadian cryptocurrency exchange. Skurka was abducted in downtown Toronto during rush hour on November 6 and was released after a ransom of $1 million was paid electronically, according to CBC News.
In 2023, ransomware gangs extorted more than $1.1 billion in cryptocurrency payments from victims, according to Chainalysis, a blockchain analytics firm.
Also Read: Crypto Lost $2.2 Billion to Hackers: Top 5 Hacks of 2024
