Crypto boomed in 2024, with the Bitcoin network processing $19 trillion in transactions.
Amid this Crypto boom, Crypto kidnappings and ransomware incidents also surged.
One of the most notable incidents was the $1 million kidnap of Wonder-Fi CEO Dean Skurka.
Another 56-year-old was kidnapped from his home, doused in petrol, and transported nearly 500 kilometers across the country.
Finally, the body of Crypto influencer Kevin Mirshahi was discovered in a Montreal park months after being kidnapped.
2024 was an excellent year for the Crypto industry in terms of growth and regulation.
Within the year, Bitcoin hit a new all-time high of $108,000 and processed transactions worth more than $19 trillion.
Other cryptocurrencies also hit all-time highs, with Ethereum crossing the $4,000 mark for the first time since the 2022 bear market.
However, amid these positive developments, the industry also saw a massive surge in kidnappings and crime rates in general.
Here are all the details of this alarming trend and some of the biggest cases throughout the year.
The rising popularity of Crypto in 2024 also did much to attract criminals.
Crypto investors and even influencers are especially attractive to these malicious actors because of the decentralized nature of transactions.
One of the mildest reports of this kidnapping surge came from the CEO of Toronto-based Wonder-Fi, Dean Skurka, who was reportedly forced into a vehicle and robbed of $1 million in Bitcoin.
Dean skurka kidnapped
Skurka was luckily released hours after, unharmed in Centennial Park in Etobicoke uninjured.
However, this happened in November, late in the year.
One of the earliest of these incidents happened in France on New Year's Eve, when a 56-year-old man, Mohammed Arsalan, was kidnapped from his home and transported nearly 500 kilometers across the country.
The victim was tied up and doused in petrol while his captors used encrypted networks to demand a ransom from his son, who is a Crypto influencer based in Dubai.
Fortunately, french police successfully rescued the victim from the trunk of a stolen car, while the perpetrators escaped and remain at large.
Within the year, police in Thailand also apprehended 12 people (including seven police officers) who were part of a Crypto kidnapping and extortion ring.
According to the Bangkok Post, these individuals reportedly tried to extort a Chinese-Vanuatu man of 300 million baht (about 10 million USD) in Samut Prakan province.
The victim allegedly paid them 5.7 million baht after negotiations before the police intervened.
Other cases emerged globally, including the Saudi royal who was lured into a trap via a dating app in Australia.
The kidnappers demanded $40,000 in Bitcoin and threatened to mutilate him before being caught up by the police.
Another incident involved Crypto influencer Kevin Mirshahi, and it didn't quite have a happy ending.
Mirshahi was allegedly found dead and decomposing by a passerby at the Île-de-la-Visitation park on 30 October.
According to local news outlets, Mirshahi was abducted from his condo in June and remained missing until he was found.
Finally, in Pakistan, a Crypto trader was kidnapped by a group who allegedly had help from a Counter-Terrorism Department officer.
The victim was reportedly forced to transfer $340,000 via Binance before being released before authorities luckily arrested the perpetrators.
Bitcoin’s price hit an all-time high of $108,135 in December 2024.
This surge in price throughout the year might have played a significant role in drawing attention to the Crypto market.
The general Crypto market cap soared to around $3.64 trillion, making influencers even bigger targets for criminals.
Other vices, like Ransomware, rose noticeably as bad actors sought to capitalize on the sector’s growth.
Ransomware over the years
In addition to the kidnappings, ransomware attacks also saw a rise, with Chainalysis reporting over $1.1 billion in Crypto payments made to ransomware gangs a year earlier in 2023.
So far, these attacks have become more complex, with perpetrators locking victims out of their own systems until payments are made.
Despite efforts to control these incidents, the decentralized nature of Crypto makes tracking missing funds extremely difficult.
Meanwhile, Bitcoin settled over $19 trillion in transactions last year, more than double the volume from 2023.
The cryptocurrency’s market cap hit a high of $1.9 trillion, which is more than that of Silver.
The introduction of the spot Bitcoin ETFs in the US, as well as the halving event in April, were also major milestones that contributed to its growth.
The increased activity also drove its hash rate to a record-breaking 1,000 exahashes per second.
Still, this growth hasn’t deterred criminals, who continue to exploit the sector’s vulnerabilities.
The expansion of the Crypto industry calls for more security measures to be put in place.
Public and private cybersecurity sectors will need to develop more specialized teams to combat crypto-related crimes.
Most importantly, individuals within the industry must also take steps to guard their assets and personal information.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.