Personal Tether swap turns into Kidnapping and Torture

Bitcoin (BTC) owners aren’t the only ones at risk of hijacking attempts – stablecoin proponents also fall victim to opportunistic attackers hoping to get their hands on these coins.

According to Hong Kong-based media company Ta Kung Pao, criminals continue to target over-the-counter (OTC) in-person traders – in the most recent attack, a crypto trader with sizeable tethered funds was hospitalized after an attack and seven people were arrested.

Police said they were looking for “at least seven or eight” other suspects in connection with the alleged crime.

In a “shocking” case, reminiscent of a recent incident in Spain, an unnamed “full-time” crypto trader (39 years old) who had tokens worth around USD 3.1 million in wallets on exchanges met with a Person who apparently posed as a real crypto buyer in order to sell the latter Tether (USDT) worth USD 0.5 million.

Victim was tortured for Tether

The dealer met with the “buyer” in an industrial building in Hong Kong’s Kowloon Bay, where the victim was allegedly ambushed and taken to a separate residential area, where he was “forced to use his mobile phone, online bank account login information and hand over his crypto-exchange passwords. ” The attackers appear to have used force, repeatedly punching and kicking the victim and using “hammers and other tools” to inflict pain and injuries – the dealer suffered “multiple hand and foot fractures and severe physical injuries”.

The alleged kidnappers attempted to contact the victim’s family and extort a ransom of around US $ 4.7 million for the trader’s release. The family refused to pay the ransom, according to police, and on November 12, the trader escaped by crawling through a “narrow attic window”.

Police found the dealer shortly thereafter and entered the premises where the victim was held and arrested two suspects on the spot.

Officials said the suspects (six men and one woman) all came from “gang backgrounds” and were either unemployed or worked in the catering, transportation and automotive industries.

Police arrested the group for kidnapping and conspiracy to conduct kidnapping, alleging the victim suffered “non-life-threatening injuries”.

However, the story may not have a happy ending: when the trader tried to access his account on the trading platform, he found that he had been locked out and that the password had been changed. Possibly, the media company concluded, “all the coins worth $ 3.1 million in the wallet” had already “been transferred.”