In a shocking incident in Tseung Kwan O, Hong Kong, two kidnappers recently demanded a ransom in stablecoin, underscoring growing concerns about cryptocurrency-related crimes.
The disturbing abduction occurred on July 3 when a three-year-old boy was taken while shopping with his mother. The criminals, as reported by local media, demanded 660,000 USDT (USD Tether) as ransom from the parents through the messaging app Telegram.
CCTV footage captured the brazen daylight kidnapping, showing the toddler being whisked away, his cries stifled with a handkerchief.
The Hong Kong Police Organized Crime and Triad Bureau (OCTB) swiftly initiated a comprehensive investigation into the kidnapping. Within a day, by July 4, the police successfully rescued the child and apprehended two suspects involved in the crime.
Crypto kidnappings
The incident in Hong Kong underscores a concerning trend, prompting law enforcement agencies worldwide to reconsider strategies and technologies to counter crypto-related crimes effectively.
With the rising popularity of cryptocurrencies, there has been a noticeable surge in ransom demands involving digital currencies. This reflects a broader pattern where criminals exploit the complexities of crypto transactions to evade detection.
The use of digital currencies in ransom demands highlights their untraceable nature, posing significant challenges for traditional law enforcement methods.
Although Hong Kong typically maintains low crime rates, particularly concerning child safety, this case has deeply unsettled the community and garnered widespread media attention.
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