As an analyst with a background in criminal justice and technology, I find the increasing use of cryptocurrencies, particularly stablecoins like USDT, in criminal activities to be a concerning trend. The recent kidnapping incidents in Hong Kong and the Philippines are just two examples of how these digital currencies are being used for ransom demands.
On July 4th, I was horrified to learn that while I was shopping at Tseung Kwan O Plaza in Hong Kong, a young boy was kidnapped from the mall. His mother and he were there with us, and the abductors made a chilling demand: they wanted $660,000 worth of USDT stablecoin – approximately HK$5.15 million – as ransom for his safe return. Thankfully, the police were able to rescue him.
As a crypto investor following news from Hong Kong, I came across an report stating that an incident occurred around Wednesday afternoon. By early Thursday morning, Hong Kong time, authorities had apprehended two suspects in connection to the case and successfully rescued the child involved, unscathed.
A Terrifying Abduction
As a crypto investor, I can tell you that an unfortunate event unfolded at the shopping mall three years ago. My family and I were there for our weekly groceries run when suddenly, something terrifying happened. Instead of me, it was my young son who became the victim. The kidnappers acted swiftly, covering his mouth with a handkerchief to suppress any noise or alarm among the unsuspecting shoppers around us.
Upon discovering the unfortunate incident, I quickly raised an alarm and contacted the authorities. However, it was already too late as the missing boy had been taken from the area. The police were swiftly notified and made their way to the scene, disguising themselves to evade detection of any potential kidnappers who might still be present in the Tseung Kwan region.
Following that incident, images of a boy being forcibly led away by one of the abductors emerged from security cameras. These photos were disseminated across various social media outlets, appealing to the public for any clues regarding the child’s location.
Demands for Ransom
The kidnappers reached out to the parents subsequently, asking for around HK$5.15 million in stablecoin as ransom, implying that the parents possessed significant wealth.
“I want money, you VIP,” read the report.
Two men, posing as kidnappers, ordered the boy’s parents to download Telegram and buy USDT from an offline Over-The-Counter (OTC) dealer using a given crypto wallet address. Unfortunately for them, their plan was foiled when Hong Kong law enforcement discovered their hideout. Detective O Ji apprehended the suspects on site and successfully rescued the boy. The investigation of this organized crime case will now continue under the jurisdiction of the Organized Crime and Triad Investigation Bureau.
Rising Use of Cryptocurrencies in Criminal Activities
The increasing number of incidents underscores the expanding role of cryptocurrencies, specifically stablecoins like USDT, in illicit activities. A recent example comes from the Philippines, where kidnappers demanded USDT as ransom during a kidnapping case. In mid-June, two Chinese nationals visited the country for business but unfortunately met with tragic ends. They were kidnapped only a few days after landing at the Filipino airport on flight PR359.
Prior to their assassination, the abductors made a demand for a ransom of approximately 15 million Chinese Reminbi, which is equivalent to more than 2 million US dollars. They insisted that the payment be made in US Dollar Tether (USDT) and transferred to a specified digital wallet.
Despite being able to pay 3 million RMB for their family’s needs, only one of the families unfortunately could not save the life of their loved one. Tragically, both individuals were discovered deceased, approximately 400-500 kilometers north of Manila, the Philippines’ capital city.
The autopsies on the bodies, which remain in the Philippines, are pending to determine the causes of their deaths. The investigation into this matter is being carried out by law enforcement agencies from China, the Philippines, and the United States, due to the Chinese-American identity of one of the deceased individuals.
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2024-07-04 13:30