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Crypto crime at its peak: Investor accused of torture!
A US crypto investor has been charged with kidnapping and torturing an Italian man to extort Bitcoin password.
Crypto crime at its peak: Investor accused of torture!
A 37-year-old US cryptocurrency investor is facing serious charges after being accused of kidnapping an Italian tourist and torturing him over three weeks in a New York townhouse. The victim, a 28-year-old man from Italy, traveled to the city at the beginning of May, where he voluntarily went to the townhouse with the investor. Once there, however, his electronic devices and passport were confiscated and the password to his Bitcoin wallet was demanded Time reported.
After a failed attempt to extort the password, the victim was tied up and subjected to brutal abuse. The perpetrators reportedly threatened him with beatings, electric shocks and even the death of his family. In one particularly graphic moment, the victim was held over a railing on the fifth floor, underlining the level of danger he was in. Eventually, the victim managed to escape the townhouse, which led to the arrest of the main suspect and a suspected accomplice.
Police investigation and evidence
The police arrested the main suspect shortly after the victim escaped and found a pistol and photos of the torture acts in the house. Two employees were also present and will also be questioned in order to clarify details about the background to the kidnapping and the planning.
This incident comes amid an alarming rise in cryptocurrency crime. How Newsbit Reportedly, 2024 saw a sharp increase in kidnappings, extortions and ransomware attacks on crypto traders worldwide. This phenomenon affects not only the United States, but also countries such as France, Pakistan, Australia and Canada, where similar incidents have been reported.
Global trends and security concerns
The dangers facing crypto traders are increasing, increasing the need to invest in security measures. The rapid growth of the crypto market, which has exploded from a total value of $1 trillion to $3.64 trillion, is increasingly attracting criminals looking to profit from the increase in value of digital currencies. Bitcoin also reached a record high of $108,135 on December 17th.
According to Chainalysis, more than $1.1 billion in cryptocurrency ransoms were paid to ransomware gangs in 2023, highlighting the complexity of tracking such payments. Crypto traders therefore face not only market fluctuations, but also an increasing risk of crime. This makes it clear that there is an urgent need for action to ensure security in the crypto sector.