Crypto - the Perfect Prize for Extortionists

Cryptocurrency is the perfect prize for thieves, robbers, and extortionists. We often hear stories about well-known figures in the crypto world being kidnapped and ransomed. And just yesterday, in Buenos Aires, Oksana Drugaleva – the ex-wife of one of the founders of the now-defunct crypto exchange Garantex – was kidnapped along with her current husband and their three-month-old daughter.

Even though the exchange no longer exists and her former husband died five years ago, she was still hunted down. That’s because, compared to other valuable assets, cryptocurrency is simply the best target for extortion.

What can you take from a rich person?

• Real estate or cars? They require official re-registration.
• Money? It’s usually in banks, which quickly freeze ransom payments once notified.

But cryptocurrency paid as ransom is much easier to use, which is why kidnappers and extortionists actively seek out those known to have it.

If you ever find yourself holding significant crypto, split it across multiple wallets. At least then you’ll have a chance to keep some of it safe if the worst happens.

And don’t use services that tie all your transactions to your name. If you need to swap crypto, head over to rabbit.io. There’s no need to register, and each swap is independent of the others.