Thailand Kidnappers Extort $30,000 In Cryptocurrency

Key Points:

• A case of kidnapping for ransom with cryptocurrency has just happened in Thailand.
• 4 police officers kidnapped a man and his interpreter with a ransom of 30,000 USDT for them.
• Thai authorities are strengthening controls on cryptocurrencies to avoid illegal cases.

Frauds and scams are on the rise. And not only that but forms of crypto-extortion are also applied to hide the money transfer. One case of kidnapping in Thailand committed such an act.

According to SCMP‘s article, four Thai immigration police officers are facing charges of kidnapping a Chinese man and his female translator and extorting 1 million baht ($29,170) in crypto from them.

The event on March 10 came to light when the Thai lady submitted a police complaint, according to Deputy National Police Commissioner Surachate Hakparn. She stated fraud that she and the Chinese national were kidnapped as a result of immigration.

The Chinese guy had requested the interpreter’s assistance in renewing his passport and visa at a government office in Bangkok. However, according to The Nation digital daily, authorities denied his application. The pair eventually went home when five guys packed them into a vehicle and drove them around a Thailand capital district before returning the victims to their homes.

The kidnappers demanded 30,000 USDT. He supposedly instructed his son to send the coins to the accused using the imToken app. The individuals claimed to be innocent, but a further inquiry found that four immigration police bureau personnel were involved in the case. Arrest warrants have been filed for the cops, and the Chinese guy has fled to China.

In the same case, a Chinese businessman filed a police report after his wife and older brother were abducted in Chonburi province, southeast of Bangkok. When the event happened, the victims were coming home on Monday after dropping the man’s kid off at an international school in the Bang Lamung area. A motorcycle-riding intruder hit their vehicle and drove away. The businessman got a ransom call demanding one million yuan ($145,500) for the release of his family.

The businessman sent the suspect 200,000 yuan (nearly $30,000) in cryptocurrencies, and a search is now underway to find the couple.

The above events are also visible in Thailand when the rate of cryptocurrency adoption in this country is very high in Asia. The country’s financial authorities have policies to control cryptocurrencies as well as issuing regulations to limit illegal forms through virtual assets.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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