The popularity of cryptocurrencies has led to a rise in kidnappings, but recent policy changes in the U.S. might change this trend.
Ransom in Crypto: A New Way of Payment
Over recent months, enforcement and police departments of various countries have reported an increase in kidnappings for crypto ransom. In Chicago, six men have been detained for allegedly kidnapping a family for a crypto ransom. The FBI conducted the operation, and the individuals used a gun and threatened to kill the victims if the ransom in cryptocurrencies such as Bitcoin and Ethereum was not paid. Although the criminals demanded $15 million, only $6 million was transferred. The FBI has seized evidence including Airbnb details, a Ford van, and crypto transaction information.
Changes in U.S. Political Stances
The unexpected victory of Donald Trump has contributed to positive changes in the crypto market. The new chair of the SEC is a former commissioner. Now serving his second term, the president is signing orders that pave new paths for the digital currency sector. Since the changes began on July 20, 2024, the crypto market has grown by 75% year-over-year. Nations with structures and favorable regulations for the crypto industry show lower rates of crypto-related crimes. Some countries are moving towards legalizing cryptocurrencies, with El Salvador leading by opening a Bitcoin office in 2021.
Crypto Market: Price Updates
According to data from TradingView, the crypto market cap has reached $3.13 trillion, with a decline of 1.49% intraday and 2.07% over the past 30 days. Despite this, the market cap remains above the 20, 50, 100, and 200-day moving averages. Bitcoin's dominance grew by 4.06% over the month, holding 60.80% of the market, while Ethereum holds 10.81%. Recent gainers included Open Source Network, Treecle, and others. Conversely, the losers list was topped by Floor Protocol, Jerry, and others.
The widespread emergence of crypto ransom presents a serious challenge. However, substantial changes in U.S. policy could decrease the frequency of such incidents.
