ZachXBT, a prominent crypto sleuth, has raised concerns about an increase in offline robberies targeting crypto traders in Western Europe. Moreover, these thefts are generally conducted in a violent manner, which could be life-threatening as well.
ZachXBT Issues Warning Against Violent Crypto Thefts
In a message shared via his Telegram channel, ZachXBT stated that several individuals involved in the crypto community have been held at gunpoint in recent months. He stated, “Have seen an uptick in irl robberies targeting crypto traders located in Western Europe over the past few months. The cases all involve known people in the crypto community where they were held at gunpoint.”
Thus, ZachXBT warned, “As the rest of the cycle continues be extra mindful of who you share your wins with and meet up with irl.” The rising number of these incidents has put the crypto industry on high alert, with multiple high-profile cases being reported.
One such case involves Nick Drakon, CEO of the crypto research firm Revelo Intel, who stepped down following a violent robbery. On September 5, Drakon took to X and revealed that a sophisticated group targeted him. He revealed that the criminals held him at gunpoint, threatened his family, and forced him to transfer both personal and company funds.
Drakon shared that the attackers had specific knowledge of crypto addresses linked to his businesses, making it evident that they were well-prepared. “The vast majority of stolen funds belonged to me personally,” he said.
Moreover, he also suggested that the group might have been aided by someone within Revelo Ventures, the company’s investment arm. “There is some evidence to suggest that someone in the Ventures syndicate is either part of the group, or passing information onto them,” Drakon added.
Global Nature of Crime
These incidents are not isolated to Western Europe. Similar crimes have occurred in Ukraine, where a foreign national was recently kidnapped and murdered, with his captors stealing $170,000 in Bitcoin. Meanwhile, other parts of the world, including Hong Kong and Singapore, have seen a rise in offline crypto-related robberies.
In July, Hong Kong police arrested two women from mainland China in connection with the kidnapping of a three-year-old boy. The boy was abducted from a shopping mall in Tseung Kwan O on July 3, with the kidnappers demanding a ransom of USDT worth approximately $660,000.
Jameson Lopp, a well-known Bitcoin cypherpunk, has advised crypto traders to avoid flaunting their wealth or engaging in face-to-face transactions with unfamiliar individuals. His warning echoes the concerns of ZachXBT. Meanwhile, the online crypto hacks and scams have also taken a lead with the WazirX fiasco leading the charge.
Also Read: Over $412 Million Lost to Crypto Hacks in Q3: Immunefi