Crypto Crimes Rise in Frequency

YEREVAN (CoinChapter.com) — Hong Kong faces a rise in violent crypto crimes targeting cryptocurrency owners. Recently, two mainland Chinese women abducted a three-year-old boy from a shopping mall in Tseung Kwan O on July 3. They demanded a ransom of US$660,000 in USDT, as reported by the Hong Kong Free Press. Subsequently, police raided the apartment where the boy was held, arrested the suspects, and found the child unharmed.

An image that appears to be a screengrab of surveillance footage showing a boy is taken away by a masked person on July 3, 2024. Photo: Internet.

Kwan King-pan, Chief Superintendent of the Organised Crime and Triad Bureau, emphasized their ability to trace cryptocurrency.

“Some criminals have mistakenly thought that cryptocurrencies are harder to trace, but I stress the force is capable and determined on bringing them to justice,”

he said.

Crypto Trade Lures and Violent Abductions in Hong Kong

This incident is part of a broader trend in Hong Kong and other regions. For example, in March, a 19-year-old was lured to a hotel room in Hung Hom for a supposed cryptocurrency trade. Instead, nine individuals demanded his HK$180,000 crypto earnings and beat him with baseball bats when he resisted.

In another case in May, four men abducted a 55-year-old crypto investor in Sheung Shui. They stopped her car, attacked her husband with a stun gun, and then kidnapped her. After an hour, they released her. The abduction was linked to a $1.9 million crypto investment dispute.

Crime Spree: US Conviction and Deadly Kidnappings in the Philippines

These crimes are not isolated to Hong Kong. Last month, a US court convicted Remy St Felix, 24, for leading a “robbery crew” targeting cryptocurrency owners in violent home invasions across four states. According to the US Department of Justice, in April 2023, St Felix and an accomplice assaulted a victim, zip-tied them, and threatened more violence while other co-conspirators transferred over $150,000 in cryptocurrency from the victim’s account.

St Felix Conviction for Crypto Crimes. Source: Justice.gov

In the Philippines, authorities have also reported crypto-related kidnappings. Last month, two Chinese businessmen, Xia Kefu and Sun Jing, were abducted. On June 21, their families received ransom demands for US$2 million in USDT. Tragically, both men were found dead near Manila on June 27.

Police Warn: Crypto Crimes Can Be Traced and Recovered

Police remind the public that while cryptocurrencies are digital, they are not immune to traditional crime. They stress their ability to trace and recover stolen assets.

These recent cases highlight the increasing focus of law enforcement agencies worldwide on tracking and apprehending those who use cryptocurrency for criminal activities.

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