Connect with us

Published

on

Last month, Bulgarian plumbers were called to clear a blocked drain at an apartment block in the capital of Sofia.

The blockage turned out to be the decomposing remains of 41-year-old United States crypto mogul Christian Peev — suspected to have been battered to death with a dumbbell by a friend out of jealousy.

Weeks earlier, a group of children stumbled across the body of missing cryptocurrency millionaire Fernando Pérez Algaba in a river in the Buenos Aries province. Police say he was shot three times before being stuffed into a suitcase, pointing the finger at organized crime.

It’s only the two most recent cases in a 10-month-long stretch of crypto-related deaths — including a helicopter crash in France, a fatal stabbing in the U.S., and a suspected suicide in South Korea, to name a few.

So, what’s connecting all of these grizzly deaths around the world?

Organized crime to blame

Ken Gamble, the co-founder and executive chairman of financial crime intelligence firm IFW Global, tells Magazine that many of these kinds of deaths are likely linked to the rise of organized crime and money laundering using crypto. 

“Crypto-related crime has become bigger than ever before. And money laundering using cryptocurrency is now the number one way for every organized crime group on the planet.”

In May, Gamble’s organization took down a billion-dollar call center scam syndicate in Malaysia. His firm has investigated a number of criminal organizations across Asia and Europe over the years. 

“What’s happening is that these organized crime groups, particularly the Chinese, have suddenly come into masses of money. They have had more money now than they’ve ever had traditionally,” said Gamble.

“They’re making so much money that it’s become extremely dangerous now […] they have to now reach out to more groups and more people to try and move the money — broadening their money laundering capabilities,” he added. 

Gamble argues this has inevitably led to crypto holders getting mixed up with the wrong crowds.

Retribution for deals gone south

Matt Hussey, former editorial director of Near Protocol and a founder of crypto media firm Decrypt, has also been trying to make sense of the murders.

In a May 19 blog on LinkedIn, Hussey argued that some of the killings are the result of disgruntled investors simply taking matters into their own hands and blamed the “fuzzy area crypto continues to operate.”

“Because crypto straddles the legal and illegal worlds, it is regarded by many as a place where law enforcement does not tread. As a result, retribution and revenge are, for some, the only recourse they have,” he said. 

Read also


Features

Ordinals turned Bitcoin into a worse version of Ethereum: Can we fix it?


Features

$3.4B of Bitcoin in a popcorn tin: The Silk Road hacker’s story

In April, a 48-year-old woman was abducted and murdered in the affluent Gangnam District in Seoul, with her assailants suspected of trying to get revenge over a failed crypto investment scheme.

In March, a self-proclaimed Candian “crypto king” was kidnapped and beaten over three days after he reportedly scammed investors out of millions of dollars. At least one of his alleged captors was one of the dozens of investors who lost money to the alleged scam. Fortunately, the man survived. 

“There are people being targeted because they hold crypto or they’ve been involved in some shady deals […] There are robberies, there are people that are getting murdered because they hold crypto,” added Gamble. 

Crypto holders are easy targets

Some of the deaths could simply be because rich crypto millionaires are seen as easy targets amid a time when the cost of living continues to drive upward. 

“Crypto is easy to move and easy to steal. Try walking into a bank and taking some money. Yeah, good luck with that. But beat the crap out of someone and drill holes in them? You’ve got a chance of getting away with it,” wrote Hussey.

Gamble said there is “no doubt” that organizations out there are targeting and issuing hits on people who hold a lot of crypto. 

“Organized crime figures are going after crypto because it’s not money in the bank; it’s crypto that you can take off someone — like cash.”

“You can steal their credentials and pack their laptop, and if you’ve got their passphrase, you’ve actually got their money.”

Or, it has nothing to do with crypto

Of course, there is also a good chance that most of the deaths have nothing to do with crypto or nefarious people at all. 

Out of the 10 reported deaths since November 2022, only the Gangnam woman’s murder in Seoul was seen as the direct result of her connection to crypto. None of the reports have mentioned any cryptocurrency being stolen by their suspected assailants either. 

Not to mention, three of the deaths aren’t even being treated as potential homicide.

At the same time, one could also argue that the rise in reported deaths is simply a result of more mainstream coverage of crypto.  

The number of crypto deaths reported by mainstream media went from less than one a year to at least 10 since November 2022, when the crypto industry witnessed the collapse of crypto exchange FTX. 

Data compiled by public relations firm Vuelio shows that the total number of crypto stories pushed by traditional media outlets surged after the collapse of Sam Bankman-Fried’s crypto exchange, sometimes even beating out the number of stories written by crypto media outlets. 

It stands to reason that news desks have become more aware of cryptocurrencies over the past year. Someone dying or being murdered somewhere in the world isn’t likely to make a headline, but someone dying due to their connection to a purportedly shady world of crypto? You bet it’ll make a headline. 

Felix Ng

Felix Ng

Felix Ng first began writing about the blockchain industry through the lens of a gambling industry journalist and editor in 2015. He has since moved into covering the blockchain space full-time. He is most interested in innovative blockchain technology aimed at solving real-world challenges.

Continue Reading

Politics

Conservative Party pledges £1.6bn ICE-style ‘removals force’ to detain and deport illegal migrants

Published

on

By

Conservative Party pledges £1.6bn ICE-style 'removals force' to detain and deport illegal migrants

The Conservatives are pledging to create a new “removals force” to detain and remove 150,000 a year as part of a broad plan to tackle illegal immigration to the UK.

Modelled on the “successful approach” of the US Immigrations and Customs Enforcement (ICE) agency, this new force would be given “sweeping new powers”, and over £1bn in new funding.

The pledge is part of the Conservative Party’s broad new plans to stop illegal migration to the UK, set to be unveiled by Kemi Badenoch on the first day of their annual conference on Sunday, where reducing immigration and creating “Strong Borders” will be one of the key themes.

The new “Removals Force” that she will unveil will replace the existing Home Office Immigration Enforcement (IE) and will be given broad new powers, including being able to use facial recognition without warning in order to spot illegal immigrants.

Please use Chrome browser for a more accessible video player

Sam and Anne discuss how comments made by their leader will be received by Conservatives ahead of their conference.

👉Listen to Politics at Sam and Anne’s on your podcast app👈

It will be given funding of £1.6bn a year, up from the existing £820 million a year, to increase the number of removals annually from 34,000 to 150,000 – which would represent “at least 750,000 removals” across a five-year parliament.

The Tories say this increase in funding would come from the closure of asylum hotels and “tackling the wider costs of our out-of-control asylum system”.

More on Conservatives

However, ICE in the US has been heavily criticised by politicians and the public in recent months, with the agency accused of arresting both legal migrants and US citizens and targeting people based on their race.

Expanding the use of live facial recognition technology is also likely to attract criticism from within the Tory party itself, on the grounds of it being a threat to individual freedom and privacy.

Please use Chrome browser for a more accessible video player

Sky News’ Mark Stone speaks to an undocumented migrant living in fear of detention and deportation in the US.

Tories to withdraw from multiple conventions

In addition to confirming plans to leave the European Convention on Human Rights (ECHR), announced on Saturday, Ms Badenoch will also vow to fully repeal the Human Rights Act, and leave the Council of Europe Convention on Action Against Trafficking in Human Beings.

This, the Tories say, would “end the legal blocks that allow illegal immigrants, and in some cases foreign criminals, to stay in the UK based on flimsy claims”.

Please use Chrome browser for a more accessible video player

The clamour from the right for the UK to withdraw from the European Convention on Human Rights has been growing – would it make a difference?

A radical overhaul of the asylum system would see refugee status granted only to those threatened by a foreign government, and those fleeing conflict or “less tolerant” laws on religion or sexuality would not be eligible, with the party saying “few people will qualify”.

The plan will also see the immigration tribunal abolished, with all decisions on migration taken by the Home Office with only limited rights of appeal in cases where officials have acted without statutory authority.

Immigration cases will be denied legal aid, with the Tories accusing solicitors of having “defrauded” the UK by “coaching” applicants and arguing there is “no need for lawyers” as people “should simply tell the truth about their circumstances”.

Please use Chrome browser for a more accessible video player

Prime minister rules out leaving ECHR

‘Labour is fixing the Tories’ mess’

The plans come as Ms Badenoch faces continued pressure on her right flank from Reform UK, which has already pledged to leave the ECHR and deport up to 600,000 people over five years if it comes to power.

But the party leader said the plans put forward by Nigel Farage’s party are “nothing but announcements that fall apart on arrivals”.

She also said the Labour government offers “failed gimmicks”, adding: “Our Stronger Borders plan is serious and credible and backed by a comprehensive legal analysis. That is the difference the next Conservative government will deliver.”

A Labour Party spokesperson said: “The Conservatives’ message on immigration is: we got everything wrong, we won’t apologise, now trust us.

“It won’t wash – Kemi Badenoch’s party enabled record high net migration as removals plummeted, opened over 400 asylum hotels and wasted £700 million of taxpayers’ money to send just four volunteers to Rwanda.

“This Labour government is fixing the Tories’ mess by smashing the people-smuggling gangs running the vile small boats trade, closing asylum hotels, deporting foreign criminals and signing international returns deals to bring order to Britain’s borders.”

Hear more about the plans from shadow home secretary Chris Philp, live at the Conservative Party Conference in Manchester on Sunday Morning With Trevor Phillips from 8.30am.

Continue Reading

Politics

Bankman-Fried says his biggest mistake was handing FTX to new CEO before bankruptcy

Published

on

By

Bankman-Fried says his biggest mistake was handing FTX to new CEO before bankruptcy

Bankman-Fried says his biggest mistake was handing FTX to new CEO before bankruptcy

Sam Bankman-Fried claimed that handing over FTX to its current CEO was the “single biggest mistake” that prevented him from saving the exchange.

Continue Reading

Politics

Kemi Badenoch says Tories will quit ECHR if they win next election

Published

on

By

Kemi Badenoch says Tories will quit ECHR if they win next election

The Conservative Party will leave a key human rights treaty if it wins the election, its leader Kemi Badenoch has said.

Ms Badenoch announced the policy to leave the European Convention on Human Rights (ECHR) ahead of the Conservative Party’s conference next week.

Despite many Tory MPs having expressed displeasure with the treaty, and the court that upholds treaty rights in recent years, it had not been party policy for the UK to exit it.

The move follows a review on the impact of the UK’s ECHR membership conducted by shadow attorney general Baron Wolfson.

Lord Wolfson’s nearly 200-page report said the ECHR had impacted government policy in numerous areas.

The report said this includes limiting government’s ability to address immigration issues, potentially hampering restrictions on climate change policy, and impacting government ability to prioritise British citizens for social housing and public services.

Read more:
Baroness Mone: I have no wish to rejoin Lords as Conservative peer

More on Conservatives

But leaving the ECHR would “not be a panacea to all the issues that have arisen in recent years”, Lord Wolfson said.

It comes after the Reform Party in August said they would take the UK out of the ECHR if elected.

The Conservatives have increasingly come under threat from Reform and are being trailed in the polls by them.

What is the ECHR?

The ECHR was established in the 1950s, drafted in the aftermath of the Second World War and the Holocaust, to protect people from serious human rights violations, with Sir Winston Churchill as a driving force.

It’s 18 sections guarantee rights such as the right to life, the prohibition of torture, the right to a fair trial, the right to private and family life and the right to freedom of expression.

It has been used to halt the deportation of migrants in 13 out of 29 UK cases since 1980.

Conservative Party leader Kemi Badenoch. Pic: PA
Image:
Conservative Party leader Kemi Badenoch. Pic: PA

A political issue

Leaving the ECHR would breach the 1998 Good Friday Agreement, the peace settlement deal between the British and Irish governments on how Northern Ireland should be governed.

Labour has in recent days said it was considering how Article 3, the prohibition on torture, and Article 8,
the right to respect for private and family life, are interpreted. The sections have been used to halt deportation attempts.

The Liberal Democrats and Greens are in favour of the ECHR.

A general election is not expected until 2029.

Continue Reading

Trending