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A Florida man has been convicted of stealing hundreds of millions of cryptocurrency through home invasions
A Florida man has been convicted of planning to steal cryptocurrency, but not in the way you might expect. Remy St Felix, a 24-year-old from West Palm Beach, was found guilty by a federal jury in North Carolina for his role in overseeing a gang that broke into homes across the United States, violently kidnapped citizens and stole their cryptocurrency.
While 1.7 billion dollars in the encryption was stolen last year, the lion’s share was done by hackers penetrating wallets and exchanges remotely, second to chain analysis. Cryptocurrencies stolen in person, such as by physically forcing a victim to drain an account, are reported much less often.
St Felix was convicted of nine charges, including conspiracy, kidnapping and use of a firearm to further crimes of violence. He is scheduled to be sentenced on September 11 and faces a prison sentence ranging from seven years to life.
According to prosecutors, St Felix led a gang that targeted cryptocurrency owners between September 2022 and July 2023. In total, gang members stole hundreds of millions of dollars in cryptocurrency by forcing their way into homes and holding victims captive until they have drained their accounts.
St Felix planned and orchestrated a series of robberies in Florida, North Carolina, Texas and New York. His conviction Wednesday is one of more than a dozen related to the case.
“A horrible and painful experience”
Once the targets were chosen, the gang would hack their email accounts and conduct physical surveillance before the attacks. St Felix and his accomplices would attempt to hide their tracks using encrypted messaging platforms. Once the funds were stolen, they were laundered through Monero, a cryptocurrency with enhanced anonymity, as well as “instant exchanges” such as Changelly, Shapeshift and ChangeNOW, which do not require know-your-customer audits, according to prosecutors.
One example of an attack presented to the jury occurred in April 2023. Here, St Felix and his crew broke into a house, where they assaulted, zip-tied and held their victim at gunpoint. As the gang threatened further violence against the victim and her spouse, the victim forcibly transferred $150,000.
“The victims in this case have endured a horrific and painful experience that no citizen should have to endure,” U.S. Attorney Sandra J. Hairston for the Middle District of North Carolina said in a statement. “The defendant and his co-conspirators acted purely out of greed and callously terrorized those they targeted. The jury’s verdict in this case is a critical step toward securing justice for these victims.”
This story was originally featured on Fortune.com