Three Florida teenagers face serious charges after allegedly kidnapping a Las Vegas man at gunpoint and stealing $4 million in cryptocurrency and digital assets, according to KTSM 9 News.
Belal Ashraf and Austin Fletcher, both 16, along with a third unidentified teen, are accused of orchestrating the scheme after the man hosted a crypto-related event in downtown Las Vegas last November.
When he returned to his apartment after the event, the teens allegedly ambushed him, forced him into a vehicle, drove him 70 miles to a remote area in the Mojave Desert, placed a towel over his head and threatened his life while demanding passwords to his accounts.
“[The victim] was told if he complied, he would live to see another day, and if he did not comply, they had his dad and would kill him,” police documents state.
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The man was left stranded in the desert. He walked five miles to a gas station and called for help.
Surveillance footage and a vehicle stop in Mississippi later helped investigators link the suspects to the crime.
Victim stranded in desert, police identify suspects on video
Law enforcement matched a gun linked to one teen’s family with images from social media, revealing that all three teens were connected with the same Florida high school.
Authorities charged Ashraf and Fletcher as adults with kidnapping, robbery and extortion.
Fletcher’s bail is set at $4 million, while Ashraf awaits release under electronic monitoring. KTSM 9 News reports that the third suspect may have left the country. The FBI is assisting with the investigation.
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The suspects are accused of stealing millions in cryptocurrency and NFTs from the victim’s accounts.
The $4-million heist in Las Vegas underscores a stark reality: holding large amounts of cryptocurrency can make you a target for violent criminals.
Crypto theft on the rise
Digital assets like bitcoins are designed for fast and anonymous transfers. That means they’re hard to trace if stolen.
And unlike money in a traditional bank, most crypto holdings are not federally insured — leaving victims with limited recourse to recover their digital assets if stolen.
Storing cryptocurrency private keys offline in a physical device, or cold wallet — as opposed to online in a device with an internet connection — can reduce the risk of cryptocurrency theft.
But even that cold storage option is not foolproof. Unless backups are carefully stored, a lost or damaged cold wallet can result in catastrophic loss.
Moreover, a thief can steal a “cold wallet,” or force a user to hand over passwords.
According to the FTC, Americans lost over $12.5 billion to crypto-related fraud in 2024. As digital assets become mainstream, experts warn that casual investors and high-net-worth holders are vulnerable.
Some exchanges have begun rolling out stronger authentication and wallet recovery tools. For now, users shoulder much of the responsibility.
Experts recommend enabling multi-factor authentication and storing recovery keys in multiple secure locations.
As this case shows, theft doesn’t always happen behind a keyboard in the world of digital currency. Sometimes, it’s face-to-face, and at gunpoint — where the physical and psychological risks are of greater concern than cryptocurrency losses.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
