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Hong Kong police have rescued a 39-year full-time crypto trader after being held hostage for a week by kidnappers who tried to extract a ransom of HK$30 million ($5.2 million).
Hong Kong Police Arrests 7 Over Kidnap of Crypto Investor
Police officers in Hong Kong have arrested seven people in connection with a week-long kidnapping of a cryptocurrency trader caught up in a cryptocurrency investment scam.
Officers said that on Nov. 6, the crypto trader went on to meet a buyer he met online to sell Tether (USDT) tokens worth about HK$4 million. Apparently, the buyer brought the victim to an industrial building, where a group of men was waiting for him and began attacking him with hammers and metal chairs upon his arrival.
That resulted in him being forced to surrender his mobile phone and passwords for his online bank and cryptocurrency trading accounts. He was also forced to call his family and friends to ask them to pay a ransom, officers said.
"After being rescued, the victim was unable to log on to his account with a cryptocurrency trading platform. We believe he suffered a loss. We are still investigating," acting Senior Superintendent Alan Chung of the Kowloon West regional crime unit said.
The victim’s family reported the case to police last Tuesday, three days after he had been kidnapped. Officers said the victim had managed to escape on November 12, and that they arrested two people in the area the same day with the police arresting five more people in the next two days.
Hong Kong Police Warns Citizens Over Rising Crypto Scams
Commenting on the incident, the Hong Kong Police warned the citizens to select credible platforms for cryptocurrency transactions and avoid carrying a large sum of cash during the transactions.
"There has been growing concern about criminals using different excuses to set up face-to-face meetings for potential transactions.”
Cryptocurrency scams have been on the rise, with police recording 496 cases in the first half of this year in Hong Kong. This is the first known crypto crime that involved kidnapping.