Man Allegedly Fakes His Own Kidnapping To Take $1,000,000 in Bitcoin From Investors

A Venezuelan man allegedly faked his personal kidnapping in order to steal roughly $1,100,000 price of Bitcoin from traders.

According to Douglas Rico, nationwide director of the Cuerpo de Investigaciones Científicas, Penales y Criminalísticas (CICPC), 23-year-old Andrés Jesús Dos Santos Hernández concocted a faux kidnapping to defraud his purchasers.


Rico says that the alleged fraudster made up a narrative about being compelled to go browsing to his Binance account and empty his crypto wallets.

“[He] simulated a kidnapping the place his captors allegedly compelled him to enter the Binance platform and make transfers to completely different digital wallets, depleting all of the crypto property in query.”

At time of writing, Hernández’s whereabouts are unknown and he’s believed to be in possession of 23.66 Bitcoin, or roughly $1,140,350.

According to Venezuelan information outlet Primicia, Hernández is needed by police for cash laundering and fraud. His picture is at the moment on the CICPC’s Instagram account with a “Wanted” banner.

In June, the Federal Trade Commission (FTC) reported a 1000% enhance in crypto-related scams since October of 2019, largely blaming it on the nascent house’s rise in the recognition. FTC program analyst Emma Fletcher mentioned that scammers had been making the most of new traders excited to get in on the motion.

“Some say there’s a Wild West vibe to the crypto tradition, and a component of thriller too. Cryptocurrency fanatics congregate on-line to talk about their shared ardour. And with Bitcoin’s worth hovering in latest months, new traders could also be desirous to get in on the motion. All of this performs proper into the arms of scammers. They mix into the scene with claims that may appear believable as a result of cryptocurrency is unknown territory for many individuals.”

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Featured Image: Shutterstock/Vlad L

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