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News CEO of Crypto Firm Resigns After Gunpoint Robbery 3 mins ago - Around 3 mins mins to read

Keypoints:

CEO Quits After Robbery: Revelo Intel CEO Nick Drakon steps down after being forced to wire large sums at gunpoint.

Details of Robbery: Hackers hit crypto assets belonging to Drakon; suspected internal involvement in “sophisticated group”.

Company’s Actions: Drakon has resigned, some of the money that was stolen has been returned, and their future profits will go out to the affected members.

Revelo Intel CEO Nick Drakon has departed in a spectacle of drama related to a robbery that forced him to transfer a large amount of funds due to an ultimatum. The threats in that robbery included those against his family, which many speculate involves inside help.

Details of the Robbery

Nick Drakon, the outgoing CEO of Revelo Intel, quit his job after guns were pointed at him and he was forced to transfer large amounts from personal, company, and investor accounts. On September 5, Drakon described the robbers as a “highly sophisticated group targeting crypto assets, which knew the deposit addresses from the crypto businesses I run.” They coerced him into logging into many accounts and transferring the money.

These stolen assets included personal funds of Drakon, the internal working capital of Revelo Intel, retained earnings, and investment funds from Revelo Ventures. The bandits had also threatened to harm Drakon’s wife and 8-month-old son if they were sought after. Drakon said he fathomed that there had been some sort of internal involvement in this crime, though he decided not to take any action in order to save his family and the investigation process as well.

Company Response and Future Steps

After the heist, Drakon stepped down from his position as CEO, and his former COO Vu Benson took over the company. Drakon has given up his ownership in the company and has also promised to refund a portion of the stolen amount back to the members of Revelo Ventures. 30% of his future profits will also be given to members that have been affected.

Drakon accepted fault on his part that had led him to be in the cross-hairs and apologized to those who lost money. The incident among many shows growing risks in the crypto space. It is similar to another story where a foreign national was kidnapped and murdered in Ukraine with $170,000 worth of Bitcoin stolen. Bitcoin expert Jameson Lopp encourages no one to flash their wealth online or be careful while performing peer-to-peer trades as then they become a target.

crypto resigns robbery

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CEO of Crypto Firm Resigns After Gunpoint Robbery