- Kidnapper Demands Stablecoin Ransom
- A Bigger Syndicate of Crypto Kidnappers
- Investigation and Court Proceedings
Six Malaysians have been charged with kidnapping a Chinese national and demanding a ransom of 4.44 million Malaysian ringgit ($1 million) in Tether (USDT).
Kidnapper Demands Stablecoin Ransom
The accused, aged between 25 and 29, allegedly kidnapped the man at one of the exit points of an expressway connecting Kuala Lumpur and Putrajaya on July 11. The group then demanded a ransom of 1 million USDT (USDT) for the victim’s release. The charge sheet alleges the wrongful detention of the Chinese man for a ransom amounting to 1,007,696 USDT.
A Bigger Syndicate of Crypto Kidnappers
Selangor police chief Datuk Hussein Omar Khan confirmed that four other members of the gang were shot and killed on August 3 in separate encounters. Local police are also working to track down four additional suspects connected to the abduction, all of whom are members of an 18-person gang of experienced kidnappers.
Investigation and Court Proceedings
On August 15, the six accused pleaded not guilty to the abduction charges. Judge Amir Effendy denied bail to the alleged kidnappers and set the next court hearing for October 8. If convicted under the Kidnapping Act, the six Malaysians will face a minimum prison sentence of 30 years or a maximum of 40 years and caning.
This case underscores the risk of using cryptocurrency in criminal activities and the complexity of investigations related to such incidents. The investigation is ongoing, and Malaysian police are actively working to apprehend all members of this criminal syndicate.
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