Crypto crimes escalate
Earlier this week we informed you of North Korea, Crypto Hacking and the Spy's at war which showcased the growing cyber crimes of hackers hunting down crypto projects and locating code weaknesses to steal millions of dollars from projects and investors wallets.
In fact the estimated value of stolen Crypto through honey pot scams, hacks and other online activity is around $US4Billion a rise of $US700 Million from the previous year.
It's a firm reminder of how wild the industry can be and the personal safety measures one must take to ensure they remain safe online. But it's not entirely the fault of investors on their own and government regulation is contributing to the ease of locating targets.
The failure of publicly available information
Crypto Currency is promoted as open and transparent and while it sounds good in theory there are reasons why we don't talk about money or go around town telling everyone how much many we make or hold including assets.
The open nature of having our net value on display is a dangerous ticking time bomb which is starting to manifest in some of the worst crimes imaginable which involve abduction, ransom, torture.
When you think of those things you don't think of Australia and as an Aussie I would never think it would happen in my country, but due to the rising wealth people are earning through crypto currency it is starting to emerge right here in Australia.
The Government worker, Rising Aussie Rap Star and the Million dollar abduction
The 21 year old, Sira Elkheir who worked for Services NSW a government agency that holds a broad range of private information of citizens all in the one place. Ms Elkheir used her access to track down an influencer and Crypto investor's location to abduct and hold Mr Tran Dinh hostage to extort $AUD5 Million.
Rising Star Charged
The Sydney based rapper Tonga who released his own record and was on the path to success has been charged for being involved in the abduction which saw Mr Dinh held for 6 days straight and have teeth pulled from his mouth.
Text messages were sent to his business partner seeking $AUD5 Million in cash to be delivered or they would Cut MR Dinh into pieces. The arrests were undertaken in a delipidated house in Sydney where police used flash bangs and heavily armed police stormed the home capturing 6 offenders.
Public Wallets need to end
It is a firm reminder of the dangers that lurk with public displays of wealth for everyday citizens a rule that is not applied to other wealthy individuals purely for this reason.
In 2014 tax transparency laws in Australia were amended to withhold business transparency so people didn't know how wealthy people were to avoid ransoms, abductions and serious crimes.
Is it time we moved to implement private wallets for crypto users? it is only a matter of time before more people get involved with the digital currency world and their investments are easily found.
image sources provided supplemented by Canva Pro subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.