Father of cryptocurrency entrepreneur rescued after being kidnapped for ransom

[Hyphen(-)]

Crypto owners that are known to the public are getting targeted in France. You can remember the co-founder of French crypto-wallet firm Ledger, David Balland, was also kidnapped with his wife in January from their home in the region of Cher of central France.

This should serve as a reminder to many of us here, especially some of us with huge amounts of Bitcoin in their portfolios, that talking about your Bitcoin holdings in public is very risky because people are targeting Bitcoin investors globally, not jut in France or Europe; it can happen anywhere in the world because people now know the value of Bitcoin and cryptocurrency. As a result, their holders need to be careful because kidnappers can demand huge amounts of money as ransom because they will believe that there is money.

I believe crypto holders are targeted more because these thieves have discovered that it's more difficult to track crypto than regular fiat transactions that con be traced very easily across banks.

Actually, crypto is not too difficult to track. Blockchain analytic companies like Chainalysis, Elliptic etc, have shown that cryptocurrency can be easily traced. However, I think the reason criminals prefer crypto in carrying out nefarious activities is because it has greater anonymity. Traditional banking makes use of bank accounts tied to users identity, and as such, they can be easily identified, while crypto does not. It makes use of wallet addresses that are not tied to their identity. Another reason is that crypto is accessible and cannot be frozen (except those issued by centralized entities and the ones on CEXs).

How is it easy to track crypto?
I think the wallet addresses are not attached to our identities, so even if they are able to locate the address containing the coin, if it is a decentralized wallet, they can't get the owner unless some CEXs that might share information are pressured by the government if the need arises.

[Trêvoid]

Bad for the entrepreneur but its simple rule dont publicize your crypto or any assets.

[Hewlet]

Crypto owners that are known to the public are getting targeted in France. You can remember the co-founder of French crypto-wallet firm Ledger, David Balland, was also kidnapped with his wife in January from their home in the region of Cher of central France.

You're not just attacked because you own crypto; anyone can own crypto and yet not attacked. You're going to face attack when you let the public gain knowledge that you own a certain worth of crypto. Say for instance the only crypto you're holding is worth just $100. Will that attract kidnappers to you let alone your family members? What if you hold $200k in cryptocurrency? And you didn't let anyone know that you good such amount of crypto, no one will be disposed to such information let alone try to device means of stealing your asset from you.

In summary, it's not just that you own crypto, it's what you do as a crypto holder. If you live a low profile life, regardless of the amount of crypto you hold, you won't endanger your life or that of your loved ones. Same with doing any other business and exposing how much you own to the public. no knew comes against what they know nothing about.

[Issa56]

Someone was reported to have made his fortune from cryptocurrencies. His father was kidnapped. The kidnappers demanded for ransom but not stated if the ransom was bitcoin or any other cryptocurrencies. I tried to read other news but I did not get the details of the ransom asked for by the kidnappers.

You can read the news yourself from any of these two links:

https://www.bbc.com/news/articles/c2ew98rllxyo
http://www.nbcnews.com/news/amp/rcna204718

But is also happened in France.

Crypto owners that are known to the public are getting targeted in France. You can remember the co-founder of French crypto-wallet firm Ledger, David Balland, was also kidnapped with his wife in January from their home in the region of Cher of central France.

If you are into crypto, you don’t have to make it public to everyone to know, because if people knows that you make money from bitcoin, or maybe you holding bitcoin, then they going to start targeting you, so always make sure you don’t make people know that you holding bitcoin, even if you are teaching anyone about bitcoin, make sure you don’t make use of your main wallet to explain things to them so that they won’t know the amount you are holding, when introducing people to bitcoin, don’t mention the amount you are holding, don’t let them know how much you holding in your wallet, because who you might be trying to help, might end up harming you.

[passwordnow]

Crypto owners that are known to the public are getting targeted in France.

This is not only happening in France. We've been tipping people to avoid showing off their crypto holdings in the public. The bad actors are having an idea on who they may have come across with as their next target. We are all proud with how much we've earned and that's why if some random strangers have come to ask us with how much we own, and if we are into it. We can decline or just make up some stories that we have heard of it but never interested. Our safety is very important to us specially if these bad actors are seeing the fruits of our profits. Coming from buying new gadgets, cars, houses and any other signs of being wealthy through crypto. So, it's best to remain silent and be rich only known by you and a few of your family.

[DeathAngel]

This has happened many times before. It’s just more evidence to support ultimate privacy. Do not discuss your crypto holdings with anybody, even your friends. You never know who is talking behind your back, it doesn’t take a lot for whispers to travel & you find yourself in a similar situation to the guy described in the OP.

[Fiatless]

This has happened many times before. It’s just more evidence to support ultimate privacy. Do not discuss your crypto holdings with anybody, even your friends. You never know who is talking behind your back, it doesn’t take a lot for whispers to travel & you find yourself in a similar situation to the guy described in the OP.

The social media is filled with young people showing off their wealth. You would see them with expensive cars, designer clothing and beautiful houses. Some of them would claim that it was cryptocurrencies that made them rich. These young chaps don't understand that they are not just exposing themselves to danger but their friends and family. If these kidnappers and armed robbers can't locate these rich folks, the next target is friends and families. It is better and safer to keep your wealth secret because we live in a world where people can do anything just to get money.

[o48o]

Someone was reported to have made his fortune from cryptocurrencies. His father was kidnapped. The kidnappers demanded for ransom but not stated if the ransom was bitcoin or any other cryptocurrencies. I tried to read other news but I did not get the details of the ransom asked for by the kidnappers.

You can read the news yourself from any of these two links:

https://www.bbc.com/news/articles/c2ew98rllxyo
http://www.nbcnews.com/news/amp/rcna204718

But is also happened in France.

Crypto owners that are known to the public are getting targeted in France. You can remember the co-founder of French crypto-wallet firm Ledger, David Balland, was also kidnapped with his wife in January from their home in the region of Cher of central France.

This isn't country (france) specific. People have known about the "wrench attack" for a long time. As the weakest link in uncrackable security of privatekey, is the person owning that key.

People have been kidnapped and robbed before in other countries as well because of their crypto holdings, that's why holders in the internet usually want to stay pseudonymous.
Because it's not the crypto they are really after, but the fact that people are flashing cash out in the open. Wearing expensive watches and using their real names and posting locations they are in. Those people will eventually get targeted if someone finds their weak spot. Publicly telling people about your relationships with different people is definitely one way in, as friends or family don't necessary have their own security.

[Salahmu]

Someone was reported to have made his fortune from cryptocurrencies. His father was kidnapped. The kidnappers demanded for ransom but not stated if the ransom was bitcoin or any other cryptocurrencies. I tried to read other news but I did not get the details of the ransom asked for by the kidnappers.

You can read the news yourself from any of these two links:

https://www.bbc.com/news/articles/c2ew98rllxyo
http://www.nbcnews.com/news/amp/rcna204718

But is also happened in France.

Crypto owners that are known to the public are getting targeted in France. You can remember the co-founder of French crypto-wallet firm Ledger, David Balland, was also kidnapped with his wife in January from their home in the region of Cher of central France.

There is nothing good in crypto than keeping a very low profile far away from public known because a lot of bad people could target the person, sometimes someone might not even made there money from crypto but the moment it get to the public hearing that all the persons money came from that source, immediately people's mindset on his asset and bank portfolio will be very small compared to what they would think on his cryptocurrency assets and if the grace is not on that person they will start plotting evil , all this people that was kidnapped because of this should be something taking serious on .

[promise444c5]

Well, there are some people who are consistently targeted without even disclosing much. Their lives revolve around crypto, and this is often publicly know . Such individuals are vulnerable to various attacks, for example, the Ledger co-founder issue in the same article .

I don't know exactly how he exposed himself, but he might have been publicly known to be involved with crypto from the beginning.

Hence, publicly announcing your wealth is just adding to your problems. If you're rich, have crypto holdings, or whatever , keep it to yourself. Nobody cares , other than those who might want to take it from you.

[paxmao]

More reasons if there were not enough to make sure that you do not reveal your net worth, not even with stuff that is not crypto. Any indicaton of wealth needs to be followed by a level of security around you and the people that matter to you, so ... why would anyone? Is it so important for whoever to show-off that they would rather risk this stuff?

[Dunamisx]

I can see the way of how scam have been increasing and the more many are using this kidnapping of a thing for an extortion from the people on what they see is of value to them, attack like this could come in many forms as long as they are using a fraudulent way to take on what belongs to others forcefully,  I wouldn't blame them, the kidnappers didi that because they already have information about the things the son do for a living and they see such as an avenue for them to launch attack by kidnapping the father.

[Dunamisx]

More reasons if there were not enough to make sure that you do not reveal your net worth, not even with stuff that is not crypto. Any indicaton of wealth needs to be followed by a level of security around you and the people that matter to you, so ... why would anyone? Is it so important for whoever to show-off that they would rather risk this stuff?

In addition to this, it is very important that we value privacy, because it's not everything we have to spread across the Internet for other to know about what we do or our net worth, because when they do, we don't know who will be happy about it and those who may set us as target for any form of attack, mind you, if they can't get us, they may target anyone closer to us.

[Franctoshi]

With the recent developments on increasing cases of crypto/Bitcoin hodlers becoming kidnappers victim, it's high time those that hasn't learned from this should do so, because as the news keep spreading,  it also will get to the ears of other criminal elements "kidnappers" who hasn't thought of this before will think of doing it based on their geographical locations, so anyone that comes across this anywhere on the internet should stay guided and protect himself and stopping flagging himself with how much he has earned or hold in his crypto portfolios if normally he does that.

[GiftedMAN]

With the recent developments on increasing cases of crypto/Bitcoin hodlers becoming kidnappers victim, it's high time those that hasn't learned from this should do so, because as the news keep spreading,  it also will get to the ears of other criminal elements "kidnappers" who hasn't thought of this before will think of doing it based on their geographical locations, so anyone that comes across this anywhere on the internet should stay guided and protect himself and stopping flagging himself with how much he has earned or hold in his crypto portfolios if normally he does that.

That being said I also think people should be guided and mind how they spread information because sometimes the media will spread negative news just to tarnish the image of something or someone. Kidnappers has been existing even before the introduction of Bitcoin I don't think it is now a crime for someone to openly talk about Bitcoin since he's holding it, moreover kidnappers has been stealing from people who are holders of Fiat but they still move around spending and living a luxury life, Bitcoin holders should protect themselves and go about with lots of security if possible so that no harm will happen to them.