Experts are noting a rise in cryptocurrency-related crimes as the value of digital currencies increases and risk factors appear lower.
Adam Healy, a security expert and former US Marine, mentioned that there’s been a noticeable uptick in both the frequency and intensity of these attacks recently. He told the Post, “Over the past eight or nine months, we’ve seen a massive increase.” Healy attributes some of this surge to successful ransom payments, particularly in Canada and Europe, which may have drawn the attention of a larger pool of criminals. “It’s practically easy money,” he added.
He advised businesses on how to counter these threats, explaining why such attacks are becoming more common. “If you think about it, it really does make sense,” Healy said. “The risk is lower and the payoffs are significantly higher compared to, say, robbing a bank or a store. You can avoid a shootout while leaving a bank.”
With Bitcoin’s value soaring—up 54% last year—tracing the money has become even more challenging, Healy pointed out.
Interestingly, attacks have intensified lately in France. Recently, in Paris, a cryptocurrency executive was ambushed during the day by four masked individuals who jumped from a van.
In this alarming incident, the assailants tried to abduct a woman along with her husband and their two-year-old child. As the confrontation escalated, the woman shouted for help while the attacker physically assaulted her husband.
Fortunately, bystanders wielding fire extinguishers confronted the attacker, threatening to use them as weapons.
Earlier this month, a cryptocurrency investor’s father faced a horrific attack; he was tortured and set alight, allegedly after being kidnapped in broad daylight in Paris. The horrific ordeal included mutilation, as one of his fingers was severed.
Previously, those investing in cryptocurrencies were primarily focused on online hacking threats. However, physical security is gaining importance, especially with the use of hardware wallets that make digital theft difficult. Jameson Lopp, co-founder of CASA, a Bitcoin security firm, recently highlighted this shift, saying, “Many people are adopting higher levels of security, but if you’re a public figure, then physical threats become a concern.”
Healy conducts training sessions for investors, teaching them self-defense and personal security strategies in case they are targeted.
One technique involves negotiating with potential abductors, suggesting alternatives to gain their freedom. “I can’t promise you $10 million,” he advises them to say. “But if you let me go, I can give you a million.”
