Coin World reports:
On July 3rd, a 3-year-old boy was kidnapped from a shopping mall in Tseung Kwan O, Hong Kong. Following the incident, the kidnappers demanded a ransom of $660,000 USD, approximately HK$5.15 million.
The Hong Kong kidnappers demanded USDT
The parents were instructed to download the Telegram messaging app and purchase USDT from an offline OTC store for the ransom. They were also warned against contacting the police for the child’s safety.
Hong Kong Police Force’s Organized Crime and Triad Bureau, specialized in organized crime, immediately took action. Detectives scoured CCTV footage from Tseung Kwan O Plaza and nearby areas on the late night of July 3rd. By 5:25 AM on July 4th, the boy was found safe, and a suspect was arrested.
It is noteworthy that in the first five months of this year, the city’s violent crime rate rose by 9.4%, reaching 4,237 cases compared to 3,872 during the same period in 2023.
Illegal use of USDT
Tether, the company behind USDT, has been linked to numerous illegal transactions. In 2023, the company was involved in $19.3 billion worth of illegal transactions, down from $24.7 billion the previous year. Stablecoins, especially on the Tron blockchain, have become the preferred currency for terrorist financing in 2023.
The United Nations (UN) has also released a report stating that stablecoins have been at the forefront of money laundering and fraud in Southeast Asia.
Meanwhile, earlier this year, police in Sichuan province in southeastern China dismantled an underground bank accused of using USDT stablecoins for illegal forex exchanges. This underground operation handled transactions worth at least 13.8 billion yuan ($1.9 billion USD).
The criminal group, primarily based in Chengdu, provided services to individuals seeking to smuggle drugs and cosmetics or purchase assets overseas. Authorities nationwide arrested 193 suspects and froze assets worth 149 million yuan ($21.9 million USD).
