Review of Five Crypto Assets Cases: From the Bali Tragedy to the Kidnapping of the Ledger Founder

In recent years, with the rapid rise in the value of Crypto Assets, there has also been an increasing trend in related criminal cases. This article will review five high-profile cases related to Crypto Assets, from which we can see the security challenges faced by this emerging industry.

Bali Couple Tragedy: A Tragedy in Paradise

In May 2023, a young Chinese couple, only 22 years old, died in a five-star hotel in Bali under horrific circumstances. An official investigation concluded that this was a murder-suicide case, but the possibility that the deceased held a large amount of Crypto Assets has sparked widespread discussion in the coin circle.

There are rumors that the deceased held approximately 200 million RMB worth of Crypto Assets in his hands. Before the incident, the male deceased had exhibited unusually cautious behavior. Numerous details have sparked speculation that there may be more to the case, with some believing it could be related to gang forces in Southeast Asia.

Regardless of the truth, this case reflects the potential security risks faced by Crypto Assets holders, prompting deep reflections on asset security.

Debt Repayment: A Gripping Kidnapping Case

In August 2024, a shocking kidnapping case occurred in Connecticut, USA. The victims were Sushil, a vice president at Morgan Stanley, and his wife, who were abducted by a group of individuals in an upscale community.

The police investigation found that the true target of the kidnappers was Sushil's 18-year-old son, Veer Chetal. Chetal formed a "cyber black group" with several online friends, using social engineering techniques to steal 4,100 coins from an early Bitcoin player, worth approximately 250 million dollars.

Chetal's extravagant lifestyle attracted the attention of criminals. The kidnappers initially planned to force Chetal to hand over the remaining funds by abducting his parents. This case not only exposed a large-scale Crypto Assets theft but also reflected the security threats that holders of Crypto Assets and their relatives may face.

Hal Finney's Last Ransom Call

Bitcoin early contributor Hal Finney faced a malicious extortion incident in the later stages of his life. In the winter of 2014, a hacker used "Swatting" tactics to falsely report an incident to harass the Finney family and extort 1000 coins.

Although there was no direct kidnapping, the ongoing phone harassment and threats severely affected Finney's peace in his final days. This incident highlights the persistent threats that well-known Crypto Assets individuals may face.

The Nightmare of Ledger's Co-Founder on a Snowy Night

In January 2025, David Balland, co-founder of the well-known hardware wallet company Ledger, was kidnapped at his home in France. The kidnappers held Balland in an abandoned warehouse and extorted a ransom from Ledger.

The characteristic of this case lies in the criminals' precise selection of targets. As the founder of a well-known company in the industry, Balland was clearly regarded as a high-value target. The police successfully rescued the hostages within 48 hours and apprehended 10 suspects.

This incident has raised concerns about the security of executives in the Crypto Assets industry and reflects the level of understanding that criminals have about the internal situation of the industry.

Dazing Father with "E Guardian"

In May 2021, a shocking family tragedy occurred in Maryland, USA. A young man named Liam drugged his father to knock him out in order to access the $400,000 in crypto assets in his father's account.

The special aspect of this case is that the perpetrator is the victim's biological son. Liam was once his father's "financial advisor," but his judgment deteriorated due to drug problems. He claims he did this to help his father, but in reality, it nearly endangered his father's life.

This event reflects the potential risks that Crypto Assets may pose to family relationships, and it serves as a reminder for people to remain vigilant in asset management, even when dealing with close relatives.

Conclusion

These five cases cover different types of Crypto Assets-related crimes, from international kidnapping to betrayal within families. They collectively highlight the multiple security challenges faced by Crypto Assets holders, reminding us that while enjoying the conveniences brought by Crypto Assets, we must also pay extra attention to personal and asset security.