As a seasoned crypto investor with a decade of experience under my belt, I’ve seen the digital revolution transform the financial landscape, and not always for the better. The latest string of kidnapping cases involving cryptocurrency ransoms is a grim reminder that our beloved industry isn’t immune to the darker side of human nature.
14 individuals have been arrested by the authorities, while the search continues for four more suspects linked to a kidnapping incident in Malaysia that involved the payment of approximately $1.2 million in digital currency as ransom.
Law enforcement officials in Malaysia are currently pursuing four individuals who are believed to be involved in the abduction of a Chinese citizen and a local woman, which occurred in the city of Cyberjaya on July 11th.
Polis buru empat lagi individu terlibat kes culik warga China #BernamaNews
— BERNAMA (@bernamadotcom) August 12, 2024
Based on community news sources, it’s stated that the abductors set a ransom price of $1.2 million and accepted payment in cryptocurrency. This ransom was duly paid.
According to the reports, Datuk Hussein Omar Khan, the chief of the Selangor police, confirmed that out of the initial four suspects – a woman and three men – who were at large, 14 others had been apprehended or neutralized in police operations.
Law enforcement officials are said to have retrieved around 12.4 million Malaysian ringgits, equivalent to roughly $370,000 USD at present exchange rates. Alongside this, they found several expensive vehicles, designer watches, and other valuable items suspected to be linked to the ransom payment.
As a researcher, I’d like to share an event that occurred on July 15, when the unidentified victims, who had been abducted four days prior, were safely released. It is understood that a relative of the victims made the necessary ransom payment. Earlier, on August 2, Malaysian authorities found themselves in a harrowing shootout with the suspected kidnappers. Regrettably, this encounter resulted in the loss of lives of four suspects, while another four were apprehended by the police.
The event underscores the increasing prevalence of cryptocurrencies being utilized for illicit activities, notably kidnappings. A recent report on crypto.news revealed that authorities in Hong Kong apprehended two suspected kidnappers who demanded a ransom of approximately $660,000 in Tether (USDT) to free their 3-year-old captive on July 4.
In May, there was an occurrence involving cryptocurrencies in Dubai, where a person responsible for managing crypto portfolios was taken captive during his vacation. The kidnappers asked for a ransom of approximately $11 million Euros (equivalent to around $12 million) in both cash and cryptocurrency to secure the release of the victim.
However, the police were able to apprehend the kidnappers before the ransom could be paid.
In Hong Kong during May, it’s said that a pair, father and son, allegedly handed themselves over to the authorities following suspicions they were involved in the abduction of a cryptocurrency investor.
It’s said that a pair, one at 70 and the other at 30, allegedly put approximately $1.9 million into a cryptocurrency investment scheme, which was managed by an individual who had been kidnapped. The authorities suspect that when these two were unable to recover their investments, they turned to illegal activities.
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2024-08-13 12:06