Massive Increase in Crypto Attacks: Experts Warn of Rising Ruthlessness

The world of cryptocurrency has seen a significant increase in the frequency and ruthlessness of attacks, according to experts. Adam Healy, a former US Marine and founder of the security firm Station70, has witnessed this trend firsthand.

"What we've seen in the last eight or nine months is a massive increase in the frequency and frankly the ruthlessness of these types of attacks," Healy told The Post. "It kind of coordinates with the price of bitcoin going up." This surge in value has attracted a broader criminal base, which views cryptocurrency kidnappings as an attractive and easy source of wealth.

"Then there's been some successful ransom payouts primarily in Canada and Europe, which have now gotten the attention of a broader criminal base," Healy explained. "It makes sense that they're increasing. If you actually think about it, it makes total sense." The low-risk factor for criminals and the significant payout potential make cryptocurrency kidnappings an attractive option.

Cryptocurrencies have surged in value, with bitcoin up 54% in the last year, making them more difficult to track than traditional currencies like dollars. This anonymity has emboldened criminals to target high-profile individuals.

Recent Attacks Highlight Rising Concerns

In one recent incident, the daughter and grandson of a French cryptocurrency boss were almost kidnapped in broad daylight by four masked men in Paris. The attackers jumped out of a van and tried to pull the woman into their vehicle, but a passerby armed with a fire extinguisher chased them off.

Earlier this month, the father of a man who made a fortune in cryptocurrency was tortured and doused with gasoline after being abducted from the street in Paris. His kidnappers cut off one finger from his hand.

The Shift to Physical Attacks

In the past, cryptocurrency investors have primarily worried about hacking, but they've taken steps to secure their assets by using physical storage devices. However, for high-profile individuals, this may not be enough to prevent a physical attack.

"A lot of people are getting to the hide-your-gold-under-the-mattress level of security," Jameson Lopp, co-founder of bitcoin security company Casa, told The Wall Street Journal recently. "But if you are a high-profile person...that's when you have to worry about the physical attack."

Protecting Yourself from Crypto Kidnappings

Adam Healy, the security expert, teaches classes to small groups of investors about what they can do to protect themselves and what to do if they are taken. One method is to have a plan in place to offer the abductors something else of value.

"I can't give you the $10 million," Healy tells his students to say. "But I can give you $1 million that is liquid if you let me go." By having a solid plan and being prepared, individuals can reduce their risk of becoming a victim of cryptocurrency kidnappings.