The crypto world is facing a chilling trend as record-breaking valuations draw criminals into high-stakes kidnappings and extortion schemes targeting traders and influencers globally. Several harrowing incidents in recent months highlight the growing risks.

In France, police rescued a 56-year-old man discovered tied up in the trunk of a stolen car in Le Mans. His captors, masked assailants, had broken into his home on New Year’s Eve, tied him and his wife up, and transported him nearly 500 kilometers. They used encrypted networks to demand a ransom from his son, a Dubai-based crypto influencer. While the perpetrators fled, the victim was doused in gasoline, underscoring the severity of the crime.

The surging crypto market, which ballooned from $1 trillion to $3.64 trillion last year, has become a magnet for criminal activity. Bitcoin’s meteoric rise to an all-time high of $108,135 in December further fueled the wave of kidnappings and ransomware attacks.

In Pakistan, a crypto trader was forced to transfer $340,000 via Binance after being abducted in Karachi. Meanwhile, in Australia, a Saudi royal fell victim to a dating app scam that turned into a kidnapping. Despite the perpetrators’ threats, including cutting off his fingers, the victim escaped with his life after transferring $40,000 in Bitcoin.

Canada saw a shocking case when Dean Skurka, CEO of WonderFi, was kidnapped during rush hour in Toronto. Skurka was released after a $1 million ransom was electronically paid.

The growing prevalence of ransomware payments, exceeding $1.1 billion in 2023 according to Chainalysis, underscores the increasing sophistication of crypto-related crimes. Analysts warn of a rapidly expanding landscape, making it difficult to track incidents or trace ransom payments.

As the crypto industry grows, so does its shadow—a grim reminder of the vulnerabilities lurking behind its dazzling successes.