Florida Teens Kidnap Man, Steal $4 Million in Crypto

Three teenagers from Florida have been accused of kidnapping a man at gunpoint in Las Vegas, driving him to a remote desert area, and stealing approximately $4 million in cryptocurrency and non-fungible tokens (NFTs). The incident occurred after a crypto event in Las Vegas, where the victim was allegedly targeted. The teenagers, identified as 16-year-olds, along with an unidentified third teenager, are facing multiple felony charges.

The victim was reportedly forced into a vehicle at gunpoint and driven to a deserted location outside of Las Vegas. Once there, the teenagers allegedly drained the victim's digital wallets, transferring $4 million in cryptocurrency and NFTs to their own accounts. The victim was then abandoned in the desert, left to find his own way back to civilization. The man was allegedly told to comply with the teens’ demands if he wanted to “live to see another day,” and because they also “had his dad and would kill him.”

After having his accounts drained of $4 million in crypto and NFTs, the victim reportedly walked five miles back through the desert to reach a gas station where he could call a friend for help. Two 16-year-olds are facing charges including robbery, kidnapping, and extortion in connection with the incident. A third teen allegedly involved in the plot has left the country, prosecutors say. One of the young men is behind bars with bail set at $4 million, while the other has been released under house arrest with electronic monitoring. A preliminary hearing is scheduled for June, with both teens set to be tried as adults.

This case illustrates how “Crypto theft is evolving. It’s not just social engineering or SIM swaps anymore.” Digital asset lawyer Sasha Hodder said in a May 10 X post. The incident serves as a stark reminder of the risks associated with holding large amounts of cryptocurrency, as well as the potential for violent crime in the pursuit of digital wealth. The case has garnered significant attention due to the high value of the stolen assets and the brazen nature of the crime. Law enforcement agencies have been involved in the investigation, highlighting the growing concern over the security of digital assets.

Crypto industry participants are increasingly becoming targets for kidnappings and extortion. In a recent case, the father of a crypto entrepreneur was freed by police after being held for several days in connection with a kidnapping plot. In another incident, a crypto broker reportedly jumped from a balcony to escape kidnappers who were threatening to torture and kill him for handing over crypto. Jameson Lopp, a cypherpunk and co-founder of self-custodial firm, has created a list recording dozens of offline crypto robberies all over the world. The first dates back to 2014, when someone allegedly tried to extort a computer scientist and cryptographer of 1,000 Bitcoin worth $400,000 at the time.

This incident underscores the need for enhanced security measures in the cryptocurrency industry. As digital assets continue to gain popularity, the risk of theft and fraud increases. Individuals holding large amounts of cryptocurrency should consider implementing robust security protocols, such as multi-factor authentication and cold storage solutions, to protect their assets from potential threats. Additionally, law enforcement agencies must remain vigilant in their efforts to combat cybercrime and ensure the safety of digital asset holders. The severity of the charges reflects the seriousness of the crime and the potential consequences for the perpetrators. The case is ongoing, and further developments are expected as the legal process unfolds.