Hong Kong Boy Kidnapped, Ransom Demanded in USDT: Report

In Tsung Kwan O, Hong Kong, a 3-year-old boy was kidnapped from a shopping mall on July 3.

Following the incident, the kidnappers demanded a ransom of US$660,000, equivalent to about HK$5.15 million.

Hong Kong Kidnappers Demand USDT

The boy’s parents were I ordered To download the Telegram messaging app and buy USDT ransom from an offline OTC store. They were also warned to contact the police to keep their child safe.

Hong Kong’s Organized Crime and Gang Suppression Bureau, which specializes in organized crime, took immediate action. Late on the night of July 3, investigators examined CCTV footage in Tsung Kwan O Square and surrounding areas to track down the kidnappers. By 5:25 a.m. on July 4, the boy was found safe and the suspects were arrested.

It is worth noting that the city witnessed a 9.4% increase in violent crimes during the first five months of this year, as cases rose to 4,237 cases compared to 3,872 cases in the same period in 2023.

Illegal use of USDT

Tether, the company behind USDT, has been linked to a significant number of illicit transactions. In 2023, it was involved in $19.3 billion worth of illicit transactions, down from $24.7 billion the year before. Stablecoins, particularly on the Tron blockchain, were the preferred currency for terrorist financing in 2023.

The United Nations also released a report stating that stablecoins were at the forefront of money laundering and fraud in Southeast Asia.

Meanwhile, police in Sichuan Province, southeast China, dismantled an underground bank earlier this year that was involved in illegal foreign exchange swaps using the USDT stablecoin. The undercover operation processed transactions worth at least 13.8 billion yuan ($1.9 billion).

The Chengdu-based criminal group catered to individuals seeking to smuggle drugs and cosmetics or buy assets abroad. Authorities have arrested 193 suspects nationwide and frozen assets worth 149 million yuan.