Private security firms in Moscow are offering a new service – protection for people buying and selling cryptocurrency for cash. The companies have also expressed readiness to help investigate crypto-related crimes. Police are still reluctant to work on such cases, as cryptocurrencies are not yet regulated in Russia.

Bitcoin Worth Millions Snatched By Crypto Crooks

Several security companies in the Russian capital are now offering protection services to people trading cryptocurrencies offline. Deals often take place right on the street and involve crypto transactions through mobile or hard wallets and cash transfers. Virtual and fiat funds are often lost by a crypto user falling victim to modern day criminals.

A growing number of cases of cryptocurrency-related fraud and theft have been reported by Russian media in the past few months. While police are still reluctant to work on these cases, as cryptocurrencies are not yet regulated in Russia, their colleagues from the private sector have expressed readiness to help with the investigations.

Recently, police in Moscow arrested members of an organized criminal group from Dagestan, who have carried out attacks on crypto investors, the online outlet Life reported. In December, an attack on a 20-year-old student owning cryptocurrency worth millions of rubles became a media sensation. The young man was kidnaped at a subway station. Threatening him with a knife, the attackers took him to his home where they asked for 100 million rubles ($1.6 million) in cryptocurrency.