Young Rich Crypto Miner Kidnapped for Ransom

The prices of many cryptocurrencies have risen sharply in 2023, and this certainly applies to some coins that can be mined. Unfortunately, crypto mining also comes with some risks. Apparently kidnapping is part of it; This happened to a young Russian.

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Russian miner kidnapped

The Russian television channel Ren TV writes that a 23-year-old crypto miner from the city of Izhevsk was kidnapped to extort ransom money. The three kidnappers demanded 15 million Russian rubles as a ransom. This amounts to around 152,000 euros. If he didn’t pay, he would be handed over to the police with drugs in his pocket. According to Ren TV, the three men were reportedly arrested by police.

The incident occurred on Christmas Day in the backyard of his own home. They asked the miner’s brother via Telegram to transfer 15 million rubles. One of the kidnappers is said to know the kidnapped person personally. All perpetrators also had previous convictions, including for armed robbery and extortion. You will be sentenced to up to 12 years in prison.

Crypto mining is very popular in Russia

Last year in particular, crypto mining came into serious question as the prices of Bitcoin (BTC) and many other cryptocurrencies fell so much that it was unprofitable for many miners to continue. Even many listed miners have had a tough time. For example, the world’s largest miner, Core Scientific, filed for bankruptcy earlier this year.

But at the beginning of this year, both Bitcoins stood Hashrate as the Mining difficulty at record highs, suggesting miners are competing harder than ever before. Last Christmas the hashrate reached another record.

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After a major exodus from China in 2021, the United States is currently the most popular location for crypto miners. Notably, Russia became the second largest destination country for miners earlier this year. It is now legal to own and mine cryptocurrencies – the government even encourages it. The legalization of cryptocurrencies has done a lot of good for adoption in Russia.

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