A Canadian volunteer moderator of a cryptocurrency forum has reportedly gone into hiding with his family after being targeted by kidnappers who allegedly attempted to abduct him and force him to give up his Bitcoin. This incident is just one example of the rising number of robberies, kidnappings, and muggings involving cryptocurrencies over the last year.
The Incident
According to a report by La Presse on January 6th, the victim claimed that the would-be abductors were prepared for horrific violence before he and his children managed to escape. The man told La Presse that the kidnappers had equipment to torture him, including a 2-foot by 2-foot tarpaulin with a hole in the middle and green hoses around it to cut a limb and stop the bleeding.
"It’s incredible violence," the victim stated.
The Motive
The police have concluded that the motive behind the kidnapping was to steal funds from the victim’s crypto wallet. The man explained that he had been moderating a Facebook page for several years and had unknowingly made himself a target by flaunting his involvement with cryptocurrencies.
"They would have seen posts on a Facebook page that I’ve been moderating for several years, and thought I had 2.5 million Bitcoin," the victim said. "That is far from being the case. I’m a very ordinary guy. I may have 10,000 dollars."
A Growing Concern
This incident comes amid a rising number of cryptocurrency-related kidnappings and robberies over the last year. According to Jameson Lopp, a Bitcoin cypherpunk who has tracked at least 181 reports involving crypto robberies, kidnappings, murders, or related incidents since December 2014.
"It’s not just the wealthy who are being targeted," Lopp stated. "Even everyday people like this Canadian moderator can fall victim to these crimes."
Previous Incidents
Some previous incidents of cryptocurrency-related kidnappings and robberies include:
- A French police officer was kidnapped on New Year’s Day in Le Mans after his captors made a ransom demand to his son, a crypto influencer living in Dubai.
- On Christmas Day, a Pakistan-based crypto trader was reportedly kidnapped by several men in a police van and forced to transfer $340,000 while held at gunpoint.
- The wife of another crypto influencer was reportedly kidnapped by three men on Dec. 24, with a police chase leading to a car crash in Belgium.
Staying Safe
Lopp recommends that people take precautions to avoid being targeted by kidnappers and robbers:
"The general premise is that if criminals are less aware of you, they are less likely to target you," he stated.
Some tips for staying safe include:
- Avoid flaunting wealth on social media
- Be cautious when engaging in peer-to-peer trades, particularly with people you don’t trust
- Consider wearing non-descript clothing and avoiding crypto-branded gear
Conclusion
Cryptocurrency-related kidnappings and robberies are a growing concern for individuals involved in the cryptocurrency space. By being aware of these risks and taking precautions to stay safe, we can reduce our chances of becoming a target.
Additional Reading
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Sources
- La Presse: "Un modérateur de forum Bitcoin s’enfuit après une tentative d’enlèvement" (January 6th)
- Jameson Lopp’s Twitter thread on cryptocurrency-related kidnappings and robberies
- Various news articles on the incidents mentioned above
