Kidnappers demand $2M in USDT

Some horrible news is coming out of China involving cryptocurrency and kidnapping. Two Chinese employees, Sun and Xia, from a medical company were kidnapped and killed in the Philippines. 

cryptocurrency kidnapping

These kidnappers asked the families of victims to raise 15 million RMB and convert them to USDT, about to $2M and then transfer the amount. 

One of the family member was someone able to raise about 3 million RMB ($412,000), but the kidnappers still killed the hostages. 

One of the person who was kidnapped was a family member of Chinese-American Sun, who had previously worked for a multinational medical company. 

Both of them had gone to Philippines for business for 2 days. They arrived on June 20th.

At time of writing of this article, family members have not been able to get autopsy report. 

On 2nd of July, the Chinese embassy in the Philippines got report of kidnapping and is said to have made all human endeavors to carry out rescue work. 

It is sad to see more and more criminals using cryptocurrencies while demanding ransom. But they do not understand that most of these criminals will not be able to cash out from their trained crypto addresses.