Second Arrest in Cryptocurrency Password Kidnapping Investigation - Crypto Password Kidnap Case: Second Suspect Apprehended
In a chilling turn of events, a 33-year-old U.S. resident from Miami has been arrested, accused of collaborating with another suspect in a kidnapping case. The victim, a 28-year-old Italian man, was held captive for several weeks, with the alleged intention of extorting access to his Bitcoin accounts.
The pair, who have yet to be identified, are said to have confiscated the victim's passport and electronic devices when he refused to comply with their demands. The circumstances of the ordeal became more violent, as police reports reveal that the kidnappers resorted to binding, weaponizing, and threatening the victim with a chainsaw to compel him to disclose his passwords.
Rising concerns about Bitcoin extortion through kidnapping have been noted globally, including within the U.S. A recent case in New York involved the arrest of two American crypto investors, accused of torturing a man to retrieve his Bitcoin password. Similarly, three teenagers in Las Vegas were charged for abducting a man after a crypto event, demanding access to his crypto wallets and emptying $4 million in cryptocurrency and NFTs.
Though specific data on the frequency of such incidents in Miami is limited, the FBI's involvement in a January 2025 case indicates that law enforcement is actively addressing crypto-related crimes. The widespread rise in physical violence associated with cryptocurrency crimes is attributed to the emboldened nature of activities in the largely unregulated crypto space, causing anxiety among industry executives and investors.
The Miami Police Department is yet to comment on the arrest and the ongoing investigation. The arrested suspect and the victim are reported to be in stable condition. The authorities are urging anyone with information about this or similar cases to come forward.
Jessica Tisch, a journalist at Fox News, reported on a general-news and crime-and-justice story about a kidnapping case in Miami that involved blackmail through Bitcoin. The suspect is accused of holding a 28-year-old Italian man captive, demanding the crypto password because of the substantial funds in his Bitcoin accounts. The police believe this is another example of the increasing frequency of kidnapping for finance-related reasons in the largely unregulated crypto space, as reported in various cities, including New York.
