In a chilling testament to the evolving nature of crypto crime, three teenagers are accused of kidnapping a Las Vegas man at gunpoint last November, robbing him of a staggering $4 million in crypto assets. The incident underscores a growing trend where digital currency enthusiasts find themselves in the crosshairs of offline criminal activities.
A Brazen Heist in the Desert
The victim, fresh from hosting a crypto event in downtown Las Vegas, was reportedly ambushed at his home by the teenage trio. Armed and determined, they allegedly forced him into a vehicle, driving him an hour into the desolate Nevada desert. There, under threats of violence — including claims that the man’s father was also in danger — the teens coerced the victim into relinquishing his passwords. The heist culminated in the draining of his cryptocurrency and NFTs, leaving the victim to trek five miles to a gas station, where he finally reached out to a friend for help.
Las Vegas police have made headway in the case, charging two 16-year-olds from Florida with robbery, kidnapping, and extortion. A third suspect is reportedly out of the country, complicating the legal proceedings. As it stands, one of the accused is detained on a $4 million bail, while the other remains under house arrest, monitored electronically. A preliminary hearing is set for June 2025, with the prosecution pushing to try them as adults.
Crypto Crime: A Growing Threat
This case, while shocking, is part of a broader, unsettling pattern within the crypto community. Digital asset lawyer Sasha Hodder commented on the incident via an X post, emphasizing the shift in criminal tactics: “Crypto theft is evolving. It’s not just social engineering or SIM swaps anymore.”
Indeed, the offline targeting of crypto holders is on the rise. Just last week, in Paris, French police rescued the father of a crypto entrepreneur from a €7 million kidnapping plot. Earlier this year, a UK broker narrowly escaped his captors by leaping from a balcony, avoiding torture for a relatively modest €30,000 in crypto. For a deeper dive into the regulatory implications, see our coverage of the Supreme Court case involving Coinbase.
Jameson Lopp, a prominent cypherpunk and co-founder of Casa, has been meticulously documenting these crimes. His GitHub list reveals a disturbing frequency: 21 incidents in 2025 alone, following 28 in 2024. The figures paint a stark picture of a world where digital assets are not just virtual numbers but very real targets.
Historical Context and Future Implications
The roots of such crimes can be traced back to 2014, with early cases like the attempted extortion of cryptographer Hal Finney, demanding 1,000 Bitcoin — a sum that seemed astronomical then but pales in comparison to today’s valuations. Fast forward to now, and the stakes are higher, with criminals becoming more audacious and innovative in their methods. This follows a pattern of instability in the crypto market, as explored in our recent coverage of crypto token failures.
The implications of these trends extend beyond individual victims, raising broader concerns within the crypto community. As digital assets become more integrated into mainstream finance, security protocols must evolve in tandem to protect against both virtual and physical threats. Are crypto holders prepared for this dual-front battle?
Looking ahead, the industry must grapple with these challenges, fostering a culture of vigilance and resilience. Innovations in security, both digital and physical, will be paramount. As the trial of the accused teens approaches, it serves as a stark reminder of the vulnerabilities inherent in this burgeoning financial landscape. How the community and law enforcement respond may set important precedents for the future.
While the specifics of this case continue to unfold, one thing is clear: as long as crypto remains valuable, it will remain a target. The challenge lies in staying one step ahead of those who seek to exploit it.
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Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
