Kidnappers arrested after demanding a $660,000 USDT ransom

Two Hong Kong kidnappers demanded a stablecoin ransom before getting arrested, highlighting concerns over crypto-related crimes and safety.

The interesting and jarring kidnapping took place in Tseung Kwan O, Hong Kong, and saw criminals demanding a cryptocurrency ransom for a three-year-old boy. The child was abducted on July 3 while shopping with his mother. 

According to local media reports, the criminals demanded a ransom of 660,000 USDT from the parents for the release of the boy through the messaging app Telegram.

The abduction, captured on CCTV, showed the toddler being taken in broad daylight, his cries muffled with a handkerchief. 

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The Hong Kong Police Organized Crime and Triad Bureau (OCTB) immediately launched a thorough investigation. By July 4, the police had rescued the child and arrested two suspects. 

Crypto kidnappings

This incident in Hong Kong is part of a growing pattern, raising concerns among law enforcement agencies worldwide about the need for enhanced strategies and technologies to combat crypto-related crimes.

As crypto has gained in popularity, there has been a noticeable increase in the number of ransom demands involving digital currencies, reflecting a broader trend in which criminals exploit the complexities of crypto to evade detection. 

This incident highlights the growing trend of criminals utilizing digital currencies for ransoms due to their untraceable nature, adding a difficult layer to traditional law enforcement efforts. 

While Hong Kong is known for its low crime rates, especially concerning children’s safety, this case has deeply shaken the community and sparked media coverage.