In recent months, crypto traders and investors are living in fear. As the value of digital currencies continues to rise, so does the number of attacks targeting people in the industry. What once started as online hacking has now turned into violent kidnappings, home invasions, and even torture.
One well-known case is that of Mohammed Arsalan from Karachi, Pakistan. Arsalan became famous for growing his small savings into a large fortune through cryptocurrency trading. He built a following of over 160,000 people online. But on Christmas Day in 2024, his success turned into a nightmare. Men pretending to be police kidnapped him, held him at gunpoint, and forced him to hand over his wallet passwords. Within minutes, his entire life savings were gone.
Arsalan’s case is not the only one. Reports show there have been over 230 physical attacks on crypto holders in the last year and a half. These attacks have happened across the world, from the U.S. to France, Spain, and Pakistan. Victims have been beaten, held hostage, and robbed. In some cases, even family members were harmed.
What makes these crimes easier is the very nature of blockchain technology. While transactions are public and open, they can also reveal how much money someone has. Criminals can use software to track wallets and find out where wealthy traders live. And since crypto transfers are fast and don’t need approval, it’s hard to stop a thief once they get access.
Because of this, many in the industry are now increasing their security. Some hire bodyguards, others avoid posting their locations online. Big companies like Kraken have even started using armed guards to protect their top staff. In France, where several violent attacks have happened, security firms say more crypto investors are asking for protection.
Even so, not many people are insured against such crimes. A report shows that only 10% of crypto holders have insurance for their digital assets. A few companies now offer special kidnap and ransom coverage, but it’s still new and costly.
For Arsalan, the pain of losing his savings was deep. He fell into depression and stayed offline for months. But he’s slowly getting back on his feet, trying to rebuild. He says that despite everything, he still believes in crypto.
These stories show that while crypto offers new chances for wealth, it also comes with serious risks. As the world of digital money grows, so must the safety and awareness of those who use it.
Major industry players like Coinbase Global Inc. (NASDAQ: COIN) may now need to come up with robust security policies to safeguard their staff and customers against this new evolving threat.
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