As an analyst with a background in financial crime and cybersecurity, I find the recent kidnapping incident in Tseung Kwan O, Hong Kong, and the demand for USDT ransom payments deeply concerning. While I’m relieved that the child was found unharmed, the increasing trend of using cryptocurrencies like USDT in illicit activities is a serious issue that needs attention.
In Tseung Kwan O, Hong Kong, a 3-year-old boy was abducted from a shopping mall on July 3.
After the occurrence of the abduction, the captors made a demand for a ransom equating to approximately 5.15 million Hong Kong dollars or 660,000 USDT.
Hong Kong Kidnappers Demand USDT
The boy’s parents were instructed to download the Telegram messaging app and purchase the USDT ransom from an offline OTC store. They were also warned against contacting the police to keep their child safe.
In the early hours of July 4, the Hong Kong Police Organized Crime and Triad Bureau (OCTB), where I have reports of their expertise in organized crime investigations, sprang into action. Late at night on July 3, they meticulously scanned through CCTV footage from Tseung Kwan O Plaza and its surrounding areas to trace the kidnappers. By 5:25 a.m., I was relieved to learn that the boy had been found unharmed, and the suspects were swiftly apprehended.
As a researcher studying crime trends in this city, I’ve observed a significant increase in violent crimes during the initial five months of the current year. Specifically, there has been a noteworthy rise of approximately 9.4%, which translates to a total of 4,237 reported cases, contrasting the 3,872 incidents documented during the same period in the previous year (2023).
Illicit Use of USDT
USDT, the digital currency issued by Tether, has been implicated in a large volume of illegal transactions. In 2023, such transactions amounted to $19.3 billion, a decrease from the previous year’s record of $24.7 billion. Notably, on the Tron blockchain, USDT was frequently used for terrorist financing activities during that year.
The UN published a report indicating that stablecoins have been leading the charge in money laundering and fraudulent activities in the Southeast Asian region.
In Sichuan province, Southeastern China, authorities recently shut down an clandestine financial institution. This hidden network, which operated throughout the year, facilitated illegal foreign currency trades using Tether (USDT) stablecoin. The total value of these transactions is estimated to have reached approximately 13.8 billion yuan ($1.9 billion).
As a researcher studying organized crime, I’ve come across a notorious criminal network headquartered in Chengdu. This group specialized in facilitating the smuggling of pharmaceuticals and cosmetics for individuals looking to bypass regulations, as well as assisting clients in purchasing overseas assets. In a nationwide crackdown, law enforcement agencies apprehended 143 suspected members of this organization and seized assets worth approximately 149 million yuan.
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2024-07-07 02:56