China Arrests Kidnappers Demanding ‘Hundreds of Bitcoins’ in Ransom

Chinese officials arrested four individuals on suspicion of kidnapping one person and demanding “hundreds of bitcoins” in exchange for their release. While the purported kidnapping occurred in the Philippines, the two countries’ collaboration resulted in the arrest and eventual punishment of the Chinese kidnappers.

A Demand for Ransom

Four Chinese individuals have been arrested on charges of kidnapping and seeking bitcoin as ransom, according to the Chinese Embassy in the Philippines. Two of the defendants — Liu and Zhang — were sentenced to eight and twelve years in jail, respectively. Cong and Jia were sentenced to life in prison.

According to the Embassy’s statement, the four are suspected of kidnapping an individual identified as “Su” in August 2019 in the Philippines. The kidnappers demanded “hundreds of bitcoins” in exchange for Su’s safe return, which equates to more than $3.1 million or more than 20 million yuan.

The Embassy and domestic law enforcement launched a manhunt for Su’s kidnappers in response to the kidnapping. The four defendants were eventually apprehended and brought to court in 2019, according to the statement.

Meanwhile, the Embassy reaffirmed the Chinese government’s zero tolerance for any illegal and criminal acts, including internet gambling, telecom fraud, and kidnappings, in the same statement. Additionally, in a warning to Chinese residents living in the Philippines, the Embassy emphasised that collaboration between the Chinese government and its counterpart will ensure that all Chinese lawbreakers in the Philippines be apprehended.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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