Kidnapped 3-Year-Old Boy Rescued After USDT Ransom Demand
In Tseung Kwan O, Hong Kong, a 3-year-old boy was abducted from a shopping mall on July 3. The kidnappers demanded a ransom of 660,000 USDT, which is about HK$5.15 million.
Hong Kong Kidnappers Demand USDT
In Hong Kong, criminals demanded 660,000 USDT for the kidnapped three-year-old child.
In one of the districts of Hong Kong, unknown individuals abducted a three-year-old child at the Tseung Kwan O Plaza shopping center. pic.twitter.com/aKrNxh3L4X
The boy’s parents were instructed to download the Telegram messaging app and purchase the USDT ransom from an offline OTC store. They were also warned against contacting the police to keep their child safe.
The Hong Kong Police Organized Crime and Triad Bureau (OCTB), which specialises in organised crime, took immediate action. Late at night on July 3, detectives combed through CCTV footage from Tseung Kwan O Plaza and nearby areas to trace the kidnappers. By 5:25 a.m. on July 4, the boy was found unharmed, and the suspects were apprehended.
Notably, the city has experienced a 9.4% rise in violent crime during the first five months of this year. The cases increased to 4,237 compared to 3,872 in the same period in 2023.
Illicit Use of USDT
Tether, the company behind USDT, has been linked to many illicit transactions. In 2023, it was involved in $19.3 billion of illicit transactions, down from $24.7 billion the previous year. The stablecoin, particularly on the Tron blockchain, was the preferred currency for terrorist financing in 2023.
The United Nations (UN) also released a report stating that stablecoin had been a frontrunner in money laundering and scams in Southeast Asia.
Meanwhile, police in Sichuan province, Southeast China, dismantled an underground bank that was involved in illegal foreign currency exchanges using the USDT stablecoin earlier this year. This underground operation handled transactions worth at least 13.8 billion yuan ($1.9 billion).
The criminal group, primarily based in Chengdu, served individuals seeking to smuggle medicine and cosmetics or purchase assets overseas. Authorities arrested 193 suspects nationwide and froze assets valued at 149 million yuan.
Rescue Operation: A Swift Response
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 occurred 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
Hong Kong police arrest 2 women over allegedly abducting 3-year-old boy for HK$5 million crypto ransom
When the terrifying incident occurred, the 3-year-old boy had gone to the shopping mall with his mother for groceries. The kidnappers used a handkerchief to cover his mouth to avoid raising suspicions among other shoppers.
Realising 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 Organised Crime and Triad Investigation Bureau for further investigation.
Crypto Kidnappings: A Growing Trend
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 kilometres 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.
Concerns Over Crypto-Related Crimes
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 and Police Response
The abduction, captured on CCTV, showed the toddler being taken in broad daylight, his cries muffled with a handkerchief.
The Hong Kong Police Organised 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, the number of ransom demands involving digital currencies has increased noticeably, reflecting a broader trend in which criminals exploit the complexities of crypto to evade detection.
This incident highlights the growing trend of criminals utilising 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.
Conclusion
The kidnapping in Tseung Kwan O highlights the growing use of cryptocurrencies in criminal activities. The demand for USDT ransom shows how criminals exploit the anonymity of digital currencies. While the Hong Kong Police’s swift response and rescue of the child are reassuring, they underscore the need for more sophisticated strategies to combat crypto-related crimes.
