With the rise in criminal activities in the cryptocurrency market, people are a bit confused whether they should continue to do transactions on Bitcoin (BTC) platform or not. Recent news about snatching of BTC worth millions by crypto crooks has disturbed the thinking of crypto traders. And it seems that the Moscow private security firms have decided to seize this opportunity by offering protection to the buyers and sellers of cryptocurrency for cash.
Interestingly, these security firms are also ready to assist the crypto traders in investigating crypto-related crimes. This news is a big relief to the Russian crypto traders as police are reluctant to take up such cases due to non-regulation of cryptocurrencies in the country. But the growing number of fraud and theft related to cryptocurrencies in Russia in the past few months has affected the mindset of the crypto traders who now are afraid to carry on the transactions.
According to Life, an online news portal, recently police made arrests of few members of some organized criminal gang from Dagestan alleged to be carrying out multiple attacks on the cryptocurrency investors. Another crypto crime was reported in December last year when a 20-year-old student lost cryptocurrency worth millions of Russian rubles in a criminal attack. During the attack, criminals kidnapped the student, and threatened him with a knife and later on they took him to his house and asked for cryptocurrency worth 100 million rubles which is equal to $1.6 million. Many more such incidences have been reported in the last few months with Russian crypto traders losing in millions.
More often people confirm the deals from the place they are irrespective of whether they are on the street or home and most of the crypto transactions are conducted through hard wallets, cash transfers or mobile. During such transactions crypto user more often lose the virtual and fiat funds and gets victimized by the smart crypto criminals.
Moscow Security Firms Offering Protection At $15 Per Hour
The Moscow security firms in Russia have already started offering protection to the cryptocurrency traders at $15 per hour. The deal includes offering security escort services to the buyers and sellers of cryptocurrency. However, this rate is just a basic price structure which may go up depending on the demands of the client such as more guards or a company car. The crypto traders demanding such security measures may have to sign a contract with the firms because there are lots of restrictions imposed by the Russian government on private guard services. And hard wallets carrying crypto and suitcases with cash come under this ruling.