Second Arrest Made in Cryptocurrency Password Kidnapping Case - Arrest of Second Suspect Accused of Forcing Victim to Divulge Cryptographic Keys
Second Suspect Arrested in Kidnapping over Cryptocurrency Password
A second suspect, a 33-year-old American resident of Miami, has been apprehended in connection with a kidnapping case involving a 28-year-old Italian man. The suspect allegedly collaborated with a co-conspirator arrested last Friday in an attempt to detain the Italian man for extortion purposes. The prime target was access to the victim's Bitcoin accounts.
According to police reports, the suspects took the victim's passport and electronic devices, and when he refused to provide the password, they resorted to violence. They bound him, assaulted him with a weapon, threatened him with a chainsaw, and even threatened to kill his family members. The victim was also intimidated to be thrown off the fifth floor of the building if he did not disclose the passwords.
Kidnapping for cryptocurrency passwords, including Bitcoin, is on the rise globally, though data on its prevalence in the United States is limited. As perpetrators increasingly target cryptocurrency holders, it has sparked concerns and prompted increased security measures. In other countries, similar violent crimes have been reported, such as wrench attacks and kidnappings.
U.S. law explicitly prosecutes such crimes. Perpetrators face federal charges for kidnapping, among other charges, and can face lengthy prison sentences. Additionally, they may be charged with extortion and computer fraud. The U.S. Department of Justice actively pursues cases involving cryptocurrency fraud and extortion, as evidenced by recent seizures of cryptocurrencies linked to fraudulent schemes.
In connection with these crimes, perpetrators could face charges under laws such as the Wire Fraud Statute or the Computer Fraud and Abuse Act. These laws carry significant penalties, including fines and imprisonment.
Jessica Tisch, a news anchor at Fox in New York, reported on the latest development in the global rise of kidnapping for cryptocurrency passwords, including Bitcoin. In the reported case in Miami, a second suspect was arrested for kidnapping a 28-year-old Italian man, hoping to blackmail him for access to his Bitcoin accounts through technology like general-news crime-and-justice.
