The crypto community has been left surprised after a couple who had been kidnapped in Palermo Argentina was freed after paying a huge ransom in crypto. As per the report, the couple worked for a local crypto business. This made them the target for the kidnapping where they had to pay a ransom in crypto worth $43,000. 

This incident highlights the ongoing trend where crypto investors have been targeted by kidnappers aiming to get ransom. Kidnappings targeting crypto holders have been on the rise in recent times. 

Couple Pays $43,000 in Crypto to Regain their Freedom

As per a report by a local news publication, two individuals of Chechen origin invited the Russian couple for dinner at an apartment on Gorriti Street in Palermo. After arriving, the couple was tightly bound, preventing them from leaving. However, their cries prompted restaurant employees who later called the police. 

Soon afterwards, the police arrived at the apartment and found the victims bound inside. But the kidnappers had already received crypto worth $43,000 as ransom from a friend of the couple who lived in Partido de la Costa. 

However, the Argentine Federal Police (PFA) confirmed that the suspects fled Argentina via plane. The suspects were headed to the United Arab Emirates (UAE). Though the victims were not injured, they were quite traumatized by the incident. 

While the Interpol is working to apprehend the suspects, the incident underlines the threats to crypto holders. These incidents are rampant mainly in countries where regulations are not fully set up yet.

Crypto-Related Kidnappings are on the Surge

The incident that happened in Buenos Aires, Argentina is not the first of its kind. Rather, kidnapping cases involving cryptocurrency holders and executives have gone up internationally. According to a Chainalysis report, ransomware gangs raked in $1.1 billion in payments in 2023. This means that the ransomware world is growing larger which makes it harder to monitor ransom transactions. 

In a separate incident, a man was pulled out of a car trunk after being kidnapped in France. The abductors had asked the man’s son, a famous crypto influencer, to give them ransom in crypto. 

Another incident happened in Phuket, Thailand, where Russian tourists were kidnapped and forced to pay 900,000 baht in cryptocurrency. But shortly afterwards, local police agencies arrested the suspects. Such cases prove that digital assets holders are susceptible to kidnappings. More security measures should be taken to prevent these incidents. 

How Crypto Holders Can Avoid Being Victims

With crypto-related kidnappings now on the rise, experts suggest several precautions to avoid falling victims. First, crypto holders should avoid disclosing the digital assets they own publicly. 

Crypto holders should also turn on multi-factor authentication for the accounts they use to buy or trade. Holders must also avoid keeping a large portion of their cryptocurrency in offline wallets. By following the above recommendations, digital assets holders can keep a low profile to prevent being targeted.