This incident highlights the growing use of cryptocurrencies, particularly stablecoins such as USDT, in criminal activities.
On July 4, Hong Kong police rescued a 3-year-old boy who was kidnapped from the Tseung Kwan O Plaza shopping mall. The child was abducted while shopping with his mother, with the kidnappers demanding $660,000 worth of the USDT stablecoin (equivalent to about HK$5.15 million) as ransom.
According to a local news report, the incident took place on Wednesday afternoon. By about 5:25 a.m. Hong Kong time on Thursday, the police had arrested two men involved in the case and rescued the child unharmed.
A Terrifying Abduction
The 3-year-old boy had gone to the shopping mall with his mother for groceries when the terrifying incident occurred. The kidnappers used a handkerchief to cover his mouth to avoid raising suspicions among other shoppers.
On realizing what had happened, the mother raised an alarm, but it was too late as the boy was already gone. Immediately, the police were alerted and arrived at the scene in disguise to avoid scaring the kidnappers who were still in the Tseung Kwan region.
Shortly after, photos of the boy being dragged away by one of the kidnappers were obtained from CCTV and circulated on social media platforms, seeking information on his whereabouts.
Demands for Ransom
The parents were later contacted by the kidnappers, who demanded approximately HK$5.15 million in stablecoin, claiming that the parents were wealthy and could afford the ransom.
“I want money, you VIP,” read the report.
The kidnappers instructed the boy’s parents to download the messaging app Telegram and purchase the USDT from an offline OTC store, providing a specific crypto wallet address for the transaction. However, their luck ran out when the Hong Kong police uncovered their hideout. Detective O Ji arrested two men at the scene and rescued the boy. The case has been transferred to the Organized Crime and Triad Investigation Bureau for further investigation.
Rising Use of Cryptocurrencies in Criminal Activities
This incident highlights the growing use of cryptocurrencies, particularly stablecoins such as USDT, in criminal activities. Recently, another kidnapping incident occurred in the Philippines where the kidnappers also demanded USDT for ransom. On June 20, two Chinese nationals went on a business trip to the Philippines where they met their untimely end. Both were kidnapped a few days after arriving at the Filipino airport on flight PR359.
Before their murder, the kidnappers had requested the families to pay 15 million RMB, worth over $2 million, as ransom. The criminals demanded the money be converted to USDT and sent to a designated wallet.
However, only one of the families was able to pay 3 million RMB, but it did not spare the life of their loved one. Both individuals were found dead 400 to 500 kilometers away from the country’s capital, Manila.
Their bodies are still in the Philippines, and the families are awaiting autopsy results to uncover the cause of death. The case is currently being investigated by the Chinese, Philippine, and US authorities, as one of the deceased was a Chinese American.
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