San Francisco Crypto Crime: $11M Stolen in Bitcoin Heist

Editor’s Note: The video attached to this article has been updated to remove an image of a house.

SAN FRANCISCO (KRON) — A crypto crime was committed in San Francisco on Saturday.

Police say it happened around 6:45 pm. According to the San Francisco Chronicle, $11 million in cryptocurrency was taken. The newspaper reported that the victim had $11 million in cryptocurrency stolen by a man posing as a delivery person.

According to the Chronicle, the suspect brandished a gun and tied up the victim with duct tape. The suspect reportedly then escaped with the victim’s belongings.

San Francisco police say that officers responded to a residence on Dorland Street in the city’s Mission District around 6:45 p.m. Saturday — a victim inside his home who said he had been physically restrained and suffered what police referred to as “financial loss.”

Paramedics were dispatched to the residence where the victim suffered “non-life-threatening injuries.” As of Monday evening, no arrests have been made in the crime on Dorland Street.

KRON4 spoke with a tech expert about how the currency can be protected.

San Jose State professor Ahmed Banafa wrote a book on how to protect your cryptocurrency and says crimes like the one that occurred in San Francisco over the weekend are happening more often than you think.

Banafa wrote a book on the technology of crypto and has heard of others being targeted for the currency. Some victims even filed reports of kidnapping and torture.

Banafa says the case from Saturday proves the importance of dividing your crypto up when dealing with large sums.

“It’s clear who they are going after, and it’s not a surprise,” said Banafa.

“If you have 11 million dollars, which is the number we’re talking about here, I’m not going to keep it on one device. I can divide it into multiple devices, in multiple wallets. It’s like having your money in multiple accounts in the bank,” Banafa added.

The tech expert also recommends using multi-signature, where cryptocurrency cannot be transferred unless multiple people agree to it. If you’re dealing with millions, security measures around your property are also important.

“Physical security is living somewhere you have cameras, don’t open the door to people unless you make sure that you know them. All the kinds of things to protect yourself,” Banafa said.

If you have any information about what happened, you’re asked to contact SFPD to help with their investigation.

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