How a crypt was stolen from a Ukrainian businessman (and how to prevent it)

Juscutum Business Security Practice Manager Stanislav Borys and International Business Practice Partner Maksym Grekov describe a real case of cryptocurrency theft from a Ukrainian businessman. And also advise how to prevent this.

The theft of the crypt becomes a quarantine mainstream. The anonymity of crypto ownership has become its disadvantage. How to try to use IT specialists, where the IT industry is sinking, known cases, saved and lost millions - read further in the article. And at the end of the publication - practical advice on legalization of cryptocurrency and rules for structuring cryptocurrencies.
How was the crypt stolen before?

    Far 2016. In Hong Kong's Bitfnex exchange platform, cybercriminals steal about 120,000 units of cryptocurrency, which at the time of the theft is equivalent to $ 72 million. Bitgo's asset protection system failed.
    2017. Blockchain specialist Pavel Lerner is abducted. He pays more than $ 1 million for his freedom.
    2018. Well-known video blogger Jan Balin loses about $ 2 million. Money in the form of various crypts is taken out of his wallet during one of his streams.
    2020. Not easy because of the pandemic, it is also marked by an assassination attempt on an IT businessman. Fortunately, it was warned by law enforcement, the death of the assassination victim was simulated and the customer was detained. He turned out to be the victim's business partner, who estimated the cost of his life at $ 5,000. The pre-trial investigation in this case will be completed very soon and the proceedings will be sent to court.

We will inform you about the latest news in this criminal case later, as we represent the interests of the injured IT entrepreneur.

There are hundreds of such cases, not counting those that have not yet been made public. Often behind the crypt is an investor who has "extra" a few million and is willing to allow promising young people to work with them. The investor's goal is justly mercantile - to earn on their own money and even more money.
How to steal a crypt now: a current case

One day, Juscutum was approached by an IT business owner with questions that at first glance have nothing to do with each other. It was about kidnapping and the need to structure corporate assets. The situation was as follows: more than $ 2 million was withdrawn from the wallets of the investor of this IT business in just a few minutes by unknown persons (approximately 80% of this amount was in bitcoins - ed.).

Less than 5 hours after the theft of money, young men of athletic build visited his house and asked our client to follow them to the car, and then to Kyiv to an apartment that they identified as safe. Looking ahead, we note that immediately after our intervention, the client moved to a place where he is really comfortable and safe.

It was extremely unprofitable for the client not to listen to the requests of the young men: one of them had a hammer with him, and he did not look very much like a carpenter. Therefore, in a few hours, accompanied by unknown people, the client arrived in Kyiv, where he was under their constant supervision for a long time.

These people turned out to be the companions of the investor, who did not hesitate and asked the guys to find out whether our client was involved in the withdrawal of his funds, because he and his team had full asset management.

For self-defense, the owner of the IT business decided to follow the instructions of the young men.

At this stage, the right and completely logical solution would be to appeal to law enforcement agencies. After all, kidnapping and threatening to kill are criminally punishable acts. However, given the fact that the launch of a law enforcement "machine" takes some time (in our reality - at least a month), and the methods of law enforcement leave much to be desired (in this case, they would be reduced to fishing "alive"), the client's position was unequivocal: act independently, as quickly as possible without seeking help from the state.

The client noted: "The investor wants to find out how his money was stolen, we are ready to facilitate this, we will go to the polygraph, provide our equipment and telephone numbers for inspection. Law enforcement officers will not help us. "

Unfortunately, the investor's methods continued to be primitive: intimidation, threats, constant monitoring of actions and movements, without any constructiveness. The details of this case will be enough to write a small book, so let's move on to the finale.

Four polygraph examinations of the IT business owner and members of his team, a dozen joint meetings, letters with explanations to the investor did not yield any results. The client was so intimidated and disoriented that he could no longer make rational decisions.

Together, the client and our lawyers decided to stop unproductive cooperation with the "security forces" of the investor and act more effectively.

A full-scale operation to change the contact details and place of residence of the IT business owner and members of his team was successfully carried out. And also all illegal actions of opponents were counteracted.

It is still unknown who stole more than $ 2 million. After all, access to wallets was not only in