Jun 1, 2022

Blockchain pioneers become main target of murderers and extortionists

Posted by in categories: bitcoin, blockchains, business, cryptocurrencies

When reading about the emerging cryptoworld and the new opportunities presented by blockchain technology, you may be enchanted by rags-to-riches stories with billions made overnight, or perhaps be horrified by scams, where the founders of fraudulent projects skip off to Tahiti with their investor’s money. However, it’s doubtful that the first thing that pops into your mind will be grizzly tales of extortion, kidnapping, and even murder. But for blockchain pioneers, falling victim to these horrific crimes is a very real risk that they must be wary about every day.

The explosive profit potential of cryptocurrencies has attracted a myriad of extortionists, scammers, and outright criminals over the years since Bitcoin was first launched in January of 2009. Some developers have had their companies’ reputations damaged by such conmen, and some have ended up beaten, kidnapped, and even killed.

One business that found itself the target of such nefarious opportunists was a Singapore-based company called Skycoin, which is still dealing with the fallout from these attacks to this day. After taking the rather innocuous decision to hire a marketing company to do PR and improve their website, the project and its co-founder found themselves caught in a web of blackmail, deceit, and crime that most people would only encounter in a crime thriller directed by Quentin Tarantino.

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