Revelo Intel CEO resigns after armed robbery

Nick Drakon, the CEO of Revelo Intel, has resigned after a dramatic robbery where he was forced at gunpoint to transfer significant funds. The incident has prompted speculation about potential inside involvement.

Sophisticated Robbery Targets Drakon’s Crypto Assets: Family Threatened and Internal Complicity Speculated

On September 5, Drakon detailed the robbery, describing it as executed by a "highly sophisticated group" familiar with crypto assets. The robbers targeted personal, company, and investor accounts, threatening Drakon's family to ensure compliance.

The stolen assets included Drakon's personal funds, Revelo Intel's working capital, retained earnings, and investment funds from Revelo Ventures. The assailants also threatened harm to Drakon's wife and infant son, leading him to speculate on possible internal complicity but opting against immediate action to protect his family and the investigation.

Company Response and Compensation

In the wake of the robbery, Drakon resigned as CEO, with former COO Vu Benson taking over. Drakon has relinquished his ownership of the company and committed to refunding a portion of the stolen funds to Revelo Ventures members. Additionally, he pledged to allocate 30% of his future profits to those affected by the incident.

Drakon acknowledged his responsibility in the situation and apologised to those impacted by the theft. This event highlights the increasing risks in the crypto sector, echoing other high-profile cases such as the murder of a foreign national in Ukraine over stolen Bitcoin.

Bitcoin expert Jameson Lopp advises caution against displaying wealth online or engaging in risky peer-to-peer transactions to avoid becoming a target.

While Drakon's resignation and restitution efforts are steps towards addressing the fallout, the incident underscores ongoing vulnerabilities in the cryptocurrency industry, calling for enhanced security measures and vigilance.