Law enforcement is investigating the 8th century crypto-related losses in California

The California sheriff has launched an investigation into the loss of a 74-year-old man. Reports say that the man, Naipan Hu, disappeared in May after leaving his California home without his phone, and authorities believe the loss of failure is linked to his family’s crypto assets.

According to local law enforcement, they believe that the loss of failure is the result of his family’s wealth through digital assets.

Hou was said to have left the house on Monday without a cell phone, and a few days later it was discovered that his silver Toyota Yaris had been abandoned near the Rancho Cucamonga hiking trail. Authorities declared he was missing on May 4th, and sheriff’s deputies suspected he had been lured.

California Sheriff begins investigation into Woo’s loss disappearance

On July 7, its specialist investigation department began considering Hou’s loss of failure, branding its suspiciously and finding evidence of widespread fraud related to bank accounts. The sheriff’s department said the unnamed suspect had called Hou’s family, impersonating him.

California law enforcement has not yet arrested the suspect in the case, but investigators have not ruled out foul plays. In response to his loss, Hou’s son Wen Hou provided a $250,000 reward to anyone with information that led to his father’s safe return. He believes someone stole the identity of his father and slashed more than $1 million from his account.

Wen, who created the fortune at Crypto, has been the CIO of the coincidence of investment companies and hedge funds since 2019.

Discussing his father’s disappearance, Wen said there was no reason for him to disappear. “I miss him so much,” he told local media. “He’s a kind of guide to my life,” he said in an interview with ABC. He said his father had remodeled the house earlier this year after he discovered a massive leak.

“He didn’t mention anything suspicious. He knew he had bids from multiple contractors,” Wen said. “He actually lived in an apartment provided by insurance, so he wasn’t always directly involved in daily repairs.”

Wen pointed out that the last time he physically saw his father was when they went on a fishing trip. “We had a great time,” Wen said.

Authorities say it is likely that he was accused of days after the fishing trip. Wen said he began to grow suspiciously after texting him to visit his father, and I felt like he wasn’t responding.

Commentators say that wealthy crypto users often target criminals by flaunting their wealth online, ignoring online privacy and security. They added that poor security habits and the misconception that crypto is completely anonymous despite its trackable blockchain also increases vulnerability.

Another comment said users were unconsciously publicised as targets through data leaks, wallet activities and social media posts.

The trend known in the crypto industry as “wrench attacks” is increasingly involving lures, blackmail, hostage hostages and stealing money and seed phrases. The founder of Nick Harris, a cryptocurrency company for blockchain forensics company, said 22 reported cases were reported worldwide in the first half of the year. Harris said police and other authorities are currently deploying cybercrime units and blockchain forensic teams to track transactions for ongoing investigations.