Nick Drakon, the CEO of the cryptocurrency research and teaching platform Revelo Intel, reportedly resigned after being forced to transfer investor, corporate, and personal cash under gunpoint.
In a post on X on September 5, Drakon described the terrifying ordeal in detail, stating that he was targeted, monitored, and taken advantage of by a highly skilled organization. The gang knew the deposit addresses of the cryptocurrency firms he ran and was particularly interested in digital assets.
Drakon was forced to access multiple cryptocurrency accounts and withdraw money under duress. His money, as well as working capital and retained revenues from Revelo and cash from the company’s investment arm, Revelo Ventures, were taken by the robbers.
It’s been almost 4 years since I entered the crypto space as a somewhat “public figure” and my time here has been mostly fantastic. I have met hundreds of interesting and kind people, some of whom I now consider great friends.My interactions with 99.5% of folks in the crypto…
— Nick Drakon (@NickDrakon) September 5, 2024
The robbers allegedly threatened Drakon’s wife and their 8-month-old kid as well. According to Drakon, “some evidence” suggests Revelo Ventures employees were involved in the robbery. To ensure that an investigation isn’t hampered, he chose not to publicly provide any further information, noting that doing so “may potentially put my family at further risk.”
Vu Benson, the former chief operational officer, will now take Drakon’s post as Revelo Intel’s new leader.
Plans on recovery
Drakon has given up his stake in Revelo and promised to repay some of the stolen money to lessen the financial hardship on Revelo Ventures members. In addition, the impacted members will receive 30% of the firm’s earnings.
In addition to apologizing to people who lost money as a result of the crime, Drakon acknowledged that he had made serious blunders that made him a possible target. This event comes after four individuals were accused of kidnapping, killing, and stealing $170,000 worth of Bitcoin in a case that was just filed in Ukraine.
Bitcoin cypherpunk Jameson Lopp stated that thieves frequently use conferences, meetings, and social media posts to find possible victims. Lopp discourages wearing apparel with a cryptocurrency brand, displaying money on social media, and engaging in peer-to-peer trading with unreliable people.
Rise in crypto scams
According to Crypto and Investment Scam Statistics for 2024, over 50,000 investment frauds were reported in the first half of 2024, costing customers close to $2.5 billion. This puts the current year in line with 2023 when a record 111,000 investment frauds involving $4.8 billion in damages were recorded.
In 2023, cryptocurrency frauds are expected to reach a record high. Scammers have amassed $679 million in cryptocurrencies during the first half of 2024, making it the second most profitable payment method behind bank transfers.
In the first half of 2024, victims of investment scams lost an average of $9,000. In 2023, the average loss was $8,000. In the first half of 2024, social media was used to contact 45 percent of victims of investment scams—far more than any other approach.
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