- Three Florida teens kidnapped a crypto investor in Las Vegas.
- Stealing $4 million in digital assets.
- The victim was ambushed at gunpoint, driven to a desert, and forced to transfer his crypto.
- Teens, including Belal Ashraf and Austin Fletcher, facing 22 felony charges and being tried as adults, with one suspect fleeing abroad.
- This case highlights a growing trend of violent crimes targeting cryptocurrency holders.
On May 11, 2025, a disturbing case has emerged from Las Vegas, where three teenagers from Florida are accused of kidnapping a cryptocurrency investor and stealing $4 million in digital assets.
This incident, reported extensively in recent news, not only highlights the vulnerability of crypto holders to physical threats but also reflects a broader trend of violent crimes targeting the decentralized finance (DeFi).
Detailed Account of the Kidnapping
The kidnapping occurred last November 2024, following a cryptocurrency event in downtown Las Vegas. The victim, whose identity remains anonymous, was ambushed at gunpoint outside his apartment complex after parking his car.
The attackers, later identified as Belal Ashraf and Austin Fletcher, both 16 from Pasco County, Florida, along with a third unidentified teenager, forced him into their vehicle. They drove him approximately 70 miles to White Hills, Arizona, a remote desert area about an hour from Las Vegas.
During the ordeal, the victim was subjected to severe threats, including being told, “Comply or die—we have your dad,” with a towel wrapped around his head to obscure his vision.
The teens demanded access to his cryptocurrency and non-fungible token (NFT) accounts, forcing him to transfer $4 million worth of digital assets. Reports indicate they were on the phone with another person, possibly a fourth accomplice, directing their actions.
After the transaction, the victim was abandoned in the desert and had to walk over five miles to a gas station to seek help.
Legal Proceedings
Legal proceedings have moved swiftly. A juvenile court judge, Daniel West Meyer, ruled that Ashraf and Fletcher would be tried as adults, facing 22 felony charges combined, including kidnapping, robbery, and extortion.
During Fletcher’s hearing, his bail was set at $4 million, a reflection of the severity of the charges, while Ashraf was granted release under electronic monitoring, a decision that has sparked debate. Ashraf’s high-profile defense attorney, Ross Goodman, is representing him.
The next court date is scheduled for June 2025, where further details are expected to emerge.
Rising Crypto-Related Crimes
This incident is not an isolated event but part of a growing global trend of cryptocurrency-related kidnappings and violent robberies. Recent reports highlight similar cases, such as in France, where crypto entrepreneurs have been targeted with gruesome tactics.
For instance, in January 2025, David Balland, co-founder of Ledger, was kidnapped along with his partner, with attackers cutting off his finger and demanding a $17.5 million ransom, as detailed by Information Age.
Another case involved a 60-year-old man whose finger was chopped off by attackers demanding ransom from his crypto-millionaire son, reported by The Guardian.
According to Chainalysis 2025 Crypto Crime Report illicit transaction volumes involving cryptocurrency reached new highs in 2024, with ransomware and darknet markets showing significant growth.
While the total value of crypto stolen through hacks and scams has fluctuated, violent crimes targeting crypto holders have seen a steady increase, reflecting the evolving tactics of criminals in this space.
The decentralized nature of cryptocurrency, where transactions can be irreversible and difficult to trace without advanced tools, makes it an attractive target. Additionally, the crypto community’s tendency to flaunt wealth online, may be exacerbating the problem, making individuals more visible targets for physical attacks.
Expert Insights and Security Measures
Expert opinions emphasize the dual need for digital and physical security. Blockchain investigator ZachXBT, who assisted in freezing over $200,000 of the stolen cryptocurrency in this case, shared via an X post: “Just helped freeze $200k+ of crypto stolen in a kidnapping case. Physical security is as important as digital in this space. Stay safe, everyone.”
Law enforcement agencies, including the FBI, have been involved, highlighting the cross-jurisdictional nature of such crimes. An FBI spokesperson stated, “We are seeing a rise in these types of incidents, and it’s crucial for the public to be aware and report any suspicious activities.”
Security experts recommend a range of measures for crypto holders, from using offline storage solutions like hardware wallets to being cautious about their online presence.
© 2024 Cryptopress. For informational purposes only, not offered as advice of any kind.
