Crypto Couple Kidnapped in Buenos Aires—Paid Ransom in Digital Assets for Freedom

Russian crypto entrepreneurs snatched in brazen Buenos Aires abduction—freed only after coughing up a ransom in untraceable digital currency. Another day, another crypto crime—but hey, at least they didn’t get rugged by a DeFi project this time.

Details remain murky, but sources confirm the pair leveraged their blockchain expertise to negotiate payment. Because nothing says ’financial revolution’ like getting shaken down for your private keys.

Crypto crime becomes a security concern for holders

Attempts at violence and extortion are becoming a serious risk for high-profile crypto holders. Attackers appear to specifically seek out potential crypto holders to force them to hand over their seed phrases or make transfers of their crypto.

On May 27, French police arrested 12 suspects, including minors, who were involved in crypto-related kidnappings. Authorities claim that the group was involved in two high-profile kidnapping attempts against family members of crypto entrepreneurs.

Another case involved a U.S. tourist who was drugged and robbed by an Uber driver in London. The attacker stole $123,000 in crypto assets from the victim. Although the FBI got involved, there is little hope that the funds will be recovered.

The permissionless nature of crypto transfers means that victims cannot cancel the transactions once they are effected. This means that attackers can get the funds, and provided they can launder them, spend them with impunity.