Crypto Firm CEO Resigns Following Armed Robbery of Company Funds

TLDR:

• Revelo Intel CEO Nick Drakon resigned after being robbed at gunpoint
• Personal, company, and investor funds were stolen in the crypto theft
• Drakon suspects possible inside involvement from Revelo Ventures
• Former COO Vu Benson will replace Drakon as CEO
• Drakon forfeited his stake in Revelo to help compensate affected members

Nick Drakon, the CEO of crypto research and education platform Revelo Intel, has stepped down from his position following a harrowing incident where he was held at gunpoint and forced to transfer cryptocurrency funds.

The robbery, which Drakon described as a targeted attack by a “highly sophisticated group,” resulted in the loss of personal funds, company capital, and investor assets.

On September 5, Drakon took to social media to reveal the details of the attack. He stated that the criminals not only threatened him but also his wife and eight-month-old son.

The thieves appeared to have specific knowledge of the deposit addresses belonging to Drakon’s crypto businesses, raising suspicions of potential insider involvement.

It’s been almost 4 years since I entered the crypto space as a somewhat “public figure” and my time here has been mostly fantastic. I have met hundreds of interesting and kind people, some of whom I now consider great friends.

My interactions with 99.5% of folks in the crypto…

— Nick Drakon (@NickDrakon) September 5, 2024

The stolen funds included Drakon’s personal assets, Revelo’s working capital and retained earnings, as well as funds from Revelo Ventures, the company’s investment arm.

While Drakon hinted at possible involvement from within Revelo Ventures, he refrained from sharing further details to avoid compromising the ongoing investigation and to protect his family from potential risks.

In the wake of the incident, Revelo Intel has undergone significant changes in leadership. Former chief operating officer Vu Benson has been appointed as the new CEO to replace Drakon.

In an effort to make amends and provide some financial relief to affected parties, Drakon has forfeited his ownership stake in Revelo. Additionally, the company has pledged to allocate 30% of its future profits to impacted members.

Drakon expressed remorse for what he termed as “severe mistakes” that may have made him a target for the theft. He apologized to Revelo Ventures members who suffered financial losses as a result of the robbery.

The former CEO is now cooperating with local authorities to aid in the investigation and facilitate the recovery of the stolen funds.

This incident shows the ongoing security risks faced by individuals and companies in the cryptocurrency sector. It follows a recent crime in Ukraine where four suspects allegedly kidnapped and murdered a foreign national, stealing $170,000 worth of Bitcoin in the process.

Bitcoin cypherpunk Jameson Lopp commented on these types of crimes, noting that criminals often identify potential victims through social media posts, meetups, and conferences.

Lopp strongly advises against peer-to-peer trades with untrusted individuals, displaying wealth on social media, and wearing crypto-branded clothing to minimize the risk of being targeted.

The cryptocurrency community has been reminded of the importance of maintaining strict security measures and being cautious about publicly sharing information related to crypto holdings.

As digital assets continue to gain value and prominence, they increasingly become targets for sophisticated criminal operations.

Revelo Intel faces the challenge of rebuilding trust with its investors and clients while implementing stronger security protocols to prevent similar incidents in the future. The crypto industry as a whole may need to reevaluate its approach to personal and corporate security in light of these events.