Entrepreneurs active in the cryptocurrency sector, finding themselves increasingly at risk of robberies. Question lies in the factor making crypto entrepreneurs prevalent targets for thieves.
Peeling Back the Layers of Cryptocurrency Crime
(Following the unfortunate incident involving David Balland, co-founder of Ledger, another chilling tale has unfolded within the realm of cryptocurrencies. Last week, in the heart of Paris, the father of a crypto entrepreneur was kidnapped while taking his dog for a walk. After a harrowing ordeal that lasted days, the 65-year-old was released in Palaiseau, Essonne, only to find his captors had demanded a ransom of millions in digital currencies, severing one of his fingers in the process. Here's a closer look at why these digital money mavericks make tempting targets for illicit activities)
By Solina PrakPublished on
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franceinfo invited Fabrice Gardon, director of the judicial police of the Paris police prefecture, to shed light on why the crypto sector's titans have become prime targets for malefactors. With banks and jewelry stores bolstering their security measures, organized crime is now relentlessly heading toward cryptocurrencies. "We're dealing with people who sometimes have enormous sums, several million euros, and it's been increasingly accessible money,*" the police official stated.
A Delicious Smorgasbord of Virtual Currencies
"Cryptocurrency transactions can be made quickly and painlessly on countless websites. In most cases, these transactions are traceable. It's as if everyone's bank balances could be seen in traditional banks. This ready access to wealth stirs cravings and fosters desires,*" he continued.
Gardon also commended the quick intervention of the police, underlining the "very concerning" level of violence employed by these home-jacking or kidnapping culprits. "Due to their Youth, due to theirinexperience, they may resort to violence as soon as there is any resistance, as soon as things don't go their way," he said. Before adding: "They don't have the intimidating presence that some big-time criminals of the past had, and so things can quickly escalate". Seven suspects, the majority of whom had prior criminal records, were apprehended and detained.
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Entrepreneurs in the cryptocurrency sector often become targets for criminals because of the large fortunes they accumulate in digital assets, which are attractive to kidnappers and extortionists. Fabrice Gardon, director of the judicial police of the Paris police prefecture, explained in the context of a high-profile kidnapping case that the son of the hostage had made a fortune in cryptocurrencies, prompting criminals to demand multimillion-euro ransoms payable in cryptocurrency. This financial allure makes people associated with crypto wealth prime targets for violent crimes such as kidnapping and ransom demands[1][2][3].
Gardon highlighted that the criminals use sophisticated methods including threatening and mutilating hostages to press for ransom payments in cryptocurrencies, which are harder to trace and seize than traditional money. The case involved attackers severing a hostage's finger and sending videos of the mutilation to the victim's family to exert pressure. Law enforcement had to mobilize a large task force combining expertise in banditry, cybercrime, and intervention tactics to deal with the investigation, underscoring the complex nature of crimes linked to the crypto sector[1][2].
In summary, entrepreneurs in the cryptocurrency sector are targeted because their crypto fortunes present lucrative and relatively untraceable ransom opportunities, making them vulnerable to organized criminal acts such as kidnapping and extortion[1][3].
- the large fortunes accumulated by entrepreneurs in the cryptocurrency sector make them prime targets for criminals like kidnappers and extortionists, as the digital assets they possess are highly attractive and difficult to trace;
- due to the financial allure of cryptocurrencies, individuals associated with crypto wealth become prime targets for violent crimes, such as kidnapping and ransom demands, as evidenced by the case involving a crypto entrepreneur's father who was kidnapped and had his finger severed, with the attackers demanding millions in digital currencies.
