Ransom demanded in USDT for kidnapped Hong Kong boy


The company responsible for USDT, Tether, is currently under increasing scrutiny as a result of its purported involvement in significant illicit transactions.

On July 3, a three-year-old child was abducted from a retail facility in Tseung Kwan O, Hong Kong. The hijackers demanded a ransom of 660,000 USDT, which is approximately HK$5.15 million, in the aftermath of the incident.

The parents of the youngster were directed to download the Telegram messaging app and acquire the USDT ransom from an offline OTC store. In addition, they were cautioned against contacting the police in order to ensure the safety of their infant.

The Organized Crime and Triad Bureau (OCTB) of the Hong Kong Police, which is highly specialized in organized crime, promptly implemented measures. On July 3, detectives conducted a thorough examination of CCTV footage from Tseung Kwan O Plaza and the surrounding area in order to identify the perpetrators late at night. The suspects were apprehended and the boy was discovered unharmed by 5:25 a.m. on July 4.

It is important to note that violent crime in the city has increased by 9.4% in the first five months of this year. The number of cases increased to 4,237 from 3,872 during the same period in 2023.

A substantial number of illicit transactions have been associated with Tether, the entity that operates USDT. It was involved in $19.3 billion of illicit transactions in 2023, a decrease from $24.7 billion the previous year. In 2023, the stablecoin was the preferred currency for terrorist financing, particularly on the Tron blockchain.

Additionally, the United Nations (UN) issued a report asserting that the stablecoin had been a prominent factor in money laundering and frauds in Southeast Asia.

In the meantime, police in Sichuan province, Southeast China, dismantled a clandestine bank earlier this year that was engaged in illicit foreign currency exchanges using the USDT stablecoin. This clandestine organization executed transactions valued at a minimum of 13.8 billion yuan ($1.9 billion).

Chengdu was the primary location of the criminal organization, which provided services to individuals who were interested in purchasing assets overseas or smuggling medication and cosmetics. Authorities have apprehended 193 suspects throughout the nation and frozen assets worth 149 million yuan.

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