Like many applaudable advances in culture, democracy, and technology, cryptocurrencies come with both their pros and cons. One of the many challenges existing ‘decentralized’ virtual currencies bring is a surge in violent crimes attributable to people wanting to steal this substantially unregulated wealth. Now, with the leveraging of social media platforms, sharing of wealth has become extremely public. This results in the social posturing towards ‘wealthy’ individuals being victims of extreme violence, including kidnapping and robbery. This astonishing phenomenon exposes the increased vulnerability of people dealing with cryptocurrencies.
Kaitlyn’ Siragusa, popularly known as Amouranth, is an OnlyFans model and enjoys a wealth of over 2 million dollars monthly from her online content. Despite the wealth, she has been through potentially life-threatening encounters. This includes an attempted robbery in Houston where three armed men tried to break into her home, demanding access to her digital currencies. Lucky for her, her husband, Nick Lee, got to saving her before she proceeded to die by providing her a melee weapon from one of the dauntless robbers. Essentially, forcing them to flee.
Online Bragging: A Dangerous Signal
Siragusa’s account brings to light a salient point: the problem with some crypto-wannabe influencers showing off their wealth online. As she noted in an interview with the New York Post, “People associate items that are flex-worthy with clout and importance. That is what makes them want to follow you and live vicariously through you. It’s hard to avoid if you want to stay relevant.” This kind of boasting, however, serves as a distraction from the digital threats they possess, exposing them to the claims of criminals desperate to drain their assets.
Kidnapping in France: A Grisly Ransom Demand
This is why the story about the crypto asset Balland, co-founder of the French crypto storage company Ledger, illustrates the extent of the danger very well. In January, he and his wife were abducted in the central region of France. The injury included further mutilation of his person, sending a picture of a severed finger to his colleagues as a means of spurring ransom payment. Although French police managed to extract the couple after partially paying the ransom within two days, it highlights the shocking violence that criminals are prepared to execute in order to achieve their goals.
Chicago Kidnapping: A $15 Million Crypto Ransom
Such events have also taken place in the U.S. In Chicago, a father received a ransom note demanding $15 million in cryptocurrency. Three family members along with their nanny were abducted from their residence. The father met the demand, and the victims were released shortly after. However, despite law enforcement efforts to recover the funds, a large chunk of the ransom money ($9 million) still remains unclaimed.
The Crypto Links: Untraceable and Nameless
With no central authority governing them, cryptocurrencies are more difficult to trace than traditional forms of currency. This makes them useful for laundering money. Their relative anonymity makes it difficult to move and hide stolen money, contributing to the increase of crimes targeting holders of cryptocurrency.
A New Symbol of Status: Rising Threats to Personal Safety Make Private Security Essential
The crypto elite having crypto wealth on display has led to a spike in private protection services. Industry insiders testify that personal security detail has become a reflection of wealth and a growing concern highlighting the known risks that accompany the lavish display of crypto riches.
The Growing Concern of Organized Crime Involvement
Adam Healy, a United States Marine veteran and the founder of the security company Station 70, alerts us that organized crime, such as drug cartels, is increasingly preying on cryptocurrency holders. He maintains that the crypto market’s gaps in security are largely responsible for the shift, as they provide new options for generating income different from drug and human trafficking.
The Wiser People Are Further Away from Dangerous Hubris
Cryptocurrency trader AdioKing offers a more cautious take, stating, “People talk about crypto and think it’s cool to be a bank, but if you screw up, you lose everything.” This illustrates the risks that come with managing large sums of digital wealth, representing a paradox of convenience and security when defenses are weak.
Lesson in Discretion: The Anonymity Advantage
Pierce, the celebrity of the crypto sphere, urges against boastfully displaying one’s riches in the world of digital cash, advising, “Superfluous displays of wealth will earn you nothing, for in this age, anonymity is power.” This teaches us that abnormal levels of silence are preferable in almost every context where a person’s digital wealth can render them the target of criminal attention.
A Renewed Focus Towards Securing Cryptocurrency
Violent crimes committed against cryptocurrency holders are concerning given the risks to human life in the pursuit of digital wealth. Enhanced security measures as well as heightened vigilance become critical as the value of cryptocurrencies oscillates and the technology gets adopted into traditional finance. The message is clear: privacy and security in the world of crypto are not luxuries but essential tools for survival.
