Hong Kong Toddler Kidnapped, Ransom Requested in USDT: Report
In Tseung Kwan O, Hong Kong, a 3-year-old boy was taken from a shopping mall on July 3, according to reports. Following the incident, the kidnappers demanded a ransom of 660,000 USDT, which is equivalent to approximately HK$5.15 million. The boy’s parents were instructed to download the Telegram messaging app and acquire the USDT ransom from an offline OTC store. They were cautioned against contacting the police in order to ensure their child’s safety.
Responding swiftly, the Hong Kong Police Organized Crime and Triad Bureau (OCTB), specialized in handling organized crime cases, launched an immediate investigation. Detectives meticulously reviewed surveillance footage from Tseung Kwan O Plaza and its vicinity to trace the kidnappers. By 5:25 a.m. on July 4, the child was found unharmed, and the suspects were apprehended.
It is worth noting that the city has witnessed a 9.4% increase in violent crime during the first five months of this year, with reported cases rising to 4,237, compared to 3,872 during the same period in 2023.
The use of USDT, a stablecoin offered by Tether, has been associated with numerous illicit transactions. In 2023, the stablecoin was involved in $19.3 billion worth of illicit transactions, a decrease from the previous year’s $24.7 billion. Notably, it became the preferred currency for terrorist financing on the Tron blockchain in 2023, according to reports. Additionally, the United Nations (UN) released a report highlighting the prominent role of USDT in money laundering and scams in Southeast Asia.
Earlier this year, authorities in Sichuan province, Southeast China, dismantled an underground bank involved in illegal foreign currency exchanges utilizing the USDT stablecoin. This illicit operation facilitated transactions worth at least 13.8 billion yuan ($1.9 billion). The criminal group, primarily operating in Chengdu, catered to individuals seeking to smuggle medicine, cosmetics, or acquire overseas assets. Authorities across the country arrested 193 suspects and froze assets valued at 149 million yuan as part of the crackdown.