Shocking Kidnapping Cases Using Cryptocurrency
- Two recent kidnapping cases underscore the misuse of cryptocurrency in criminal activities.
- In Hong Kong, a 3-year-old boy was kidnapped, with a ransom demand of 660,000 USDT.
- In the Philippines, two Chinese employees were kidnapped and killed despite a ransom payment.
Cryptocurrency and Kidnapping: A Dangerous Nexus
The recent posts by Wu Blockchain revealed two shocking kidnapping cases. On July 3, a 3-year-old boy was abducted in a shopping mall in Hong Kong and was extorted for 660,000 USDT. Another identical case was witnessed in the Philippines, where two Chinese employees of a medical company who were visiting were kidnapped and killed. In Both cases, the kidnappers demanded the ransom money in the form of a cryptocurrency named USDT.
Case No. 1: Three-Year Boy Extorted for 660k USDT
A shocking kidnapping case in Hong Kong has exposed the dangers of cryptocurrency in criminal activities. On July 3, a 3-year-old boy was kidnapped in a Tseung Kwan O Plaza shopping mall based in Hong Kong. The kidnappers demanded a ransom of 660,000 USDT, a type of cryptocurrency equivalent to over HK$5.15 million.
Source: X
The boy's parents were asked to download Telegram and buy 660k USDT from an offline OTC store. Fortunately, the Organized Crime and Triad Bureau (O Ji) of the Hong Kong Police intervened swiftly. They examined CCTV footage and arrested two suspects within 24 hours. The kidnapped child was also successfully rescued.
Online photos circulated widely, including a CCTV image showing the kidnapping and screenshots of a Telegram conversation. The kidnappers used Telegram to communicate with the victim's family and threatened them with further harm if the ransom wasn't paid in USDT.
Case No. 2: Two Chinese Employees Kidnapped In the Philippines
According to Wu Blockchain's recent X post, two Chinese employees of a medical company who were on a visit were kidnapped and killed in the Philippines.
Source: X
The kidnappers also demanded ransom, with one family reportedly paying 3 million yuan (around US$430,000) in part with USDT.
One family member paid a ransom of 3 million RMB, but the hostages were still killed.
The case is still under investigation with the Chinese, Filipino, and American authorities in pursuit of the perpetrators.
These examples clearly show the need for international collaboration in the fight against crypto criminals. Police departments are trying to identify and confiscate the proceeds of crime in cryptocurrencies.
Conclusion
The recent events in Hong Kong and the Philippines show that cryptocurrencies can be used for criminal purposes, which is rather concerning. The very features that make digital currencies appealing, namely, anonymity and convenience of transfer, make them vulnerable to misuse by criminals. Thus, it is critical to enhance the security measures and the legal requirements for the crypto industry to prevent such incidents in the future.
