Sunday, May 26, 2024

In the crypto industry, $5 wrench assaults appear to be on the rise.

As a crypto fund owner, the only way to access funds is to use a private key. This key is very secure thanks to cryptography software and needs serious processing power to find out. There is a new problem being faced by crypto investors of late.

Mafiosi and criminal gangs have come up with a new idea to go around the private key problem. They have started targeting crypto owners directly in a novel way. They have started threatening crypto owners directly and physically for this information. They use a $5 wrench to do the job. On Wednesday, a group of 8 men were arrested in Maharashtra for kidnapping and threatening a crypto trader. The group included a police officer. They demanded ransom to release him. This incident took place in Pimpri-Chinchwad, a suburb of Pune. Pune is a short drive from the financial capital, Mumbai.

It seems that the police constable Dilip Khandare learned that the crypto trader had $40.1 million in crypto investments during his stint in the cybercrime section. The trader was released after his friend filed a missing person report with the police.

In a similar case in November 2021, 4 people apparently broke into Dentzel Zaryn’s home in Spain and tried to coerce him to part with his private keys. Zaryn is an American tech entrepreneur with $58 million in BTC funds. When he refused to do so, he was tortured for the keys. There are reports of another case in Hong Kong where a crypto trader was held for a week before he was rescued.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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