A chilling case out of North Carolina has shed light on a lesser-known method of stealing cryptocurrency: violent home invasions.

What Happened: Remy St. Felix, 24, from Florida, was convicted of leading a gang that targeted crypto holders across several states.

Unlike the typical image of a hacker in a dark room, St. Felix’s crew used brute force – breaking into homes, kidnapping victims and forcing them to transfer their crypto holdings at gunpoint.

While Chainalysis reports that hackers targeting exchanges and wallets stole $1.7 billion in crypto last year, physically stolen crypto, like what St. Felix’s gang did, is a growing concern.

St. Felix faces a hefty sentence ranging from seven years to life in prison, but the emotional scars on the victims likely run much deeper.

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Prosecutors detailed a disturbing pattern. St. Felix’s gang meticulously planned their attacks, hacking into victims’ emails and conducting surveillance before striking.

They allegedly used encrypted messaging apps to stay under the radar and laundered stolen crypto through anonymity-focused coins like Monero and services that don’t require strict identity checks.

One harrowing example involved an assault and kidnapping in April 2023.

The terrified victim was forced to transfer $150,000 in crypto to avoid further violence.

“The victims suffered a horrible, painful experience,” said U.S. Attorney Sandra J. Hairston.

This case underscores the urgent need for robust security solutions in the cryptocurrency space.

With the Benzinga Future of Digital Assets conference happening on Nov. 19, the St. Felix case is likely to be a key topic of discussion.

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