The transparency of cryptocurrencies, which allows anyone to view wallet balances, is increasingly putting high-profile crypto holders, founders, and influencers at risk as this visibility has been linked to several cases of abduction and ransom demands especially targeted at those with significant crypto holdings.
A Growing Threat to Crypto Holders
The dangers of publicly visible crypto wallets became evident in August when six Malaysian nationals were charged with kidnapping a Chinese national demanding a ransom of $1 million worth of the stablecoin Tether.
Another tragic case involved Kevin Mirshahi, a well-known crypto influencer in Montreal, Canada who went missing in June, and months later, on October 30, his decomposing body was discovered in Île-de-la-Visitation Park by a passerby. With an autopsy confirming his identity, local authorities are investigating his abduction and death.
Last week, a similar incident occurred with Dean Skurka, the CEO of WonderFi, a Canadian-based crypto company, who was abducted and forced to pay a ransom of $1 million for his release, depicting the growing risks crypto leaders face.
The Kevin Mirshahi Case
Kevin Mirshahi’s death has raised many questions. The crypto influencer was abducted on June 21, along with three others, in a Montreal condo building.
Investigations into his death are ongoing, and so far, only one arrest has been made. In August, Joanie Lepage, a 32-year-old woman, was charged with first-degree murder in connection with Mirshahi’s death, and till now authorities have not disclosed whether Lepage was an investor in Mirshahi’s private crypto investment firm.
A Controversial Reputation
While Mirshahi was well-known in Montreal’s crypto community, he had a contentious reputation. Some regarded him as a scammer.
One Twitter user, Bibi, tweeted in June:
“The person that scammed me with my funded accounts and ran with my 5K USD a couple of weeks ago, aka Kevin Mirshahi, got kidnapped in Montreal 2 days ago! LMAOO Allah is great.”
Coupled with the fact that he was prohibited from posting crypto-related content on social media. Québec’s investment regulator banned Mirshahi and two associates from operating as brokers or investment advisers, in 2021.
While transparency is a key feature of crypto, these cases highlight the risks associated with the public nature of blockchain technology, in which it can also expose individuals to threats, especially those with large holdings.
These incidents serve as a reminder for the crypto community to prioritize security and privacy, even as authorities continue their investigations.
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