Nick Drakon, the CEO of crypto research and education platform Revelo Intel, has stepped down after he said he was held at gunpoint and forced to transfer personal, company, and investor funds.

A Shocking Revelation

Drakon took to X on September 5 to share his harrowing experience. He wrote, "I was recently targeted, surveilled, and robbed by a highly sophisticated group."

The group had a clear agenda. They were specifically interested in crypto assets and knew the deposit addresses tied to Drakon's businesses. Under duress, Drakon was compelled to log into multiple crypto accounts and transfer funds.

Impact on Revelo Ventures

The thieves made off with Drakon's personal funds, as well as Revelo's working capital, retained earnings, and funds from Revelo Ventures, the firm's investment arm.

Adding to the severity of the situation, Drakon revealed that his wife and 8-month-old son were also threatened during the ordeal. He implied that there is "some evidence" to suggest that individuals within Revelo Ventures may have played a part in the robbery.

However, Drakon chose not to provide further details to avoid jeopardizing the ongoing investigation and potentially endangering his family.

Taking Responsibility

To mitigate the impact on Revelo Ventures members, Drakon has forfeited his interest in Revelo. Additionally, he committed to allocating 30% of the company's generated profits to those affected.

Drakon admitted to making "severe mistakes" that made him a target and expressed his apologies to the members who suffered financial losses due to the robbery.

Context of Increasing Crypto Crimes

The incident with Drakon is part of a troubling trend in the crypto world. Just weeks before, four suspects allegedly kidnapped and murdered a foreign national in Ukraine, stealing $170,000 worth of Bitcoin.

Bitcoin cypherpunk Jameson Lopp pointed out that many criminals identify potential victims through social media posts, meetups, and conferences. Lopp cautioned against peer-to-peer trades with untrusted individuals, flaunting wealth on social media, and wearing crypto-branded clothing.

Conclusion

Nick Drakon's resignation marks a significant event in the crypto community. His ordeal highlights the increasing risks faced by individuals involved in the cryptocurrency space.

As investigations continue, the crypto community will monitor closely to see how Revelo Intel and its stakeholders proceed.