In a case that reads like a thriller but reveals the dark underbelly of cryptocurrency crime, two brothers from Minnesota have been charged in an elaborate kidnapping scheme aimed at extorting millions in digital assets from a local family.
The brothers, identified as Eybon and Andre Mathieu, allegedly orchestrated a sophisticated plot that culminated in the abduction of a cryptocurrency investor and his family member in December 2023. According to court documents, the pair held their victims at gunpoint while forcing them to transfer approximately $8 million in various cryptocurrencies to wallets controlled by the suspects.
What makes this case particularly disturbing is how it highlights an emerging trend in criminal activity: crypto kidnappings, where victims are specifically targeted for their digital asset holdings. Unlike traditional bank robberies or financial crimes, cryptocurrency heists can be executed with relative anonymity if perpetrators know how to cover their digital tracks.
“We’re seeing an alarming rise in these targeted cryptocurrency crimes,” said Jessica Hann, a cybercrime analyst I spoke with at the recent Blockchain Security Summit in Minneapolis. “The combination of high-value digital assets and the perception of untraceable transactions makes crypto holders particularly vulnerable targets.”
The brothers allegedly researched their victims extensively, monitoring social media accounts and online activity for mentions of cryptocurrency investments. They reportedly spent weeks planning the operation, including surveillance of the family’s residence and movements.
According to the criminal complaint, the victims were restrained in their own home while the brothers used sophisticated methods to force access to digital wallets and exchange accounts. The brothers allegedly threatened harm to family members if the victims didn’t comply with their demands.
Cryptocurrency crimes pose unique challenges for law enforcement. Unlike traditional banking systems with established monitoring and recovery protocols, blockchain transactions, once confirmed, can’t be easily reversed. However, despite the popular misconception that cryptocurrency transactions are completely anonymous, blockchain’s permanent public ledger can actually aid investigators.
“Every transaction leaves a permanent trail on the blockchain,” explained Michael Terpin, founder of BitAngels and himself a victim of a $24 million crypto theft in 2018. “While moving funds might seem anonymous initially, forensic blockchain analysis has become increasingly sophisticated.”
In this case, investigators from a multi-agency task force were able to trace portions of the stolen funds as they moved through various wallets and exchanges. Several cryptocurrency exchanges have already frozen accounts linked to the stolen assets, preventing the brothers from converting portions of their haul into cash.
The Hennepin County prosecutor’s office has charged both brothers with multiple felonies, including first-degree aggravated robbery, kidnapping, and criminal threats. If convicted, they could face decades in prison.
This incident serves as a sobering reminder for cryptocurrency investors about security practices. The vulnerability in this case wasn’t the technology itself but rather human factors—the brothers allegedly gained access through physical coercion rather than hacking.
“Most people still don’t realize how important operational security is when dealing with crypto assets,” said Rachel Siegel, a cryptocurrency educator who advises investors on security practices. “Discretion about holdings, using hardware wallets stored in secure locations, and having duress protocols in place are essential practices that too few investors implement.”
For the broader Minnesota community, this case has highlighted that cryptocurrency crime isn’t just an abstract digital concept but something that can manifest as physical violence. Local law enforcement agencies have subsequently announced increased resources for cryptocurrency-related crime training.
The brothers remain in custody with bail set at $2 million each. Their next court appearance is scheduled for later this month. Meanwhile, investigators are continuing efforts to recover the stolen assets, which include Bitcoin, Ethereum, and several other cryptocurrencies.
As cryptocurrencies continue their push into mainstream adoption, this case underscores the evolving nature of crime in the digital asset space. For investors, the message is clear: while blockchain technology offers revolutionary potential, it also creates new security considerations that extend beyond the digital realm and into personal safety.
The victims, whose names are being withheld for privacy and security reasons, are reportedly safe but deeply shaken by the ordeal. Their experience serves as a stark reminder that with great financial innovation comes equally innovative criminal enterprises willing to exploit any vulnerability—technological or human—in pursuit of digital wealth.
