Cryptocurrency traders become new targets for kidnapping and extortion, and the amount of crypto extortion exceeds 1.10 billion dollars in 2023

Cryptocurrency traders are increasingly being targeted for kidnapping and extortion, as highlighted by several cases in recent weeks. A man in France was kidnapped nearly 500km, and the kidnappers demanded a ransom from his son, a crypto influencer, via crypto networks; a trader in Pakistan was forced to transfer $340,000 at Binance; and the CEO of WonderFi in Canada was released after paying a million-dollar ransom for kidnapping. According to blockchain analytics firm Chainalysis, in 2023 ransomware gangs extorted more than $1.10 billion from their victims via cryptocurrency. The rapid expansion of the crypto market is attracting more crime and increasing investor security risks.