Chinese Nationals Kidnapped and Killed in Philippines: Ransom Paid in Crypto
5 days ago a report from local Chinese media noted that two Chinese nationals, a Chinese citizen and a Chinese-American, were kidnapped in the Philippines. Both worked in the medical device industry and were taken shortly after arriving in the country. Their families received ransom demands and managed to pay 6 million pesos (around $109,000) in USDT (Tether) cryptocurrency. Despite this, the victims were found dead a few days later. Chinese, Philippine, and U.S. authorities are jointly investigating the case. The Chinese Embassy in the Philippines condemned the crime and demanded a thorough investigation to bring the perpetrators to justice.
Today a similar kind of report again came to the public domain. As per local media reports, In the Philippines, two Chinese nationals, a medical device executive and an Austrian-Chinese friend, were kidnapped and later killed. This incident followed the kidnapping and disappearance of another Chinese citizen, Li Jia, who went missing after part of his ransom was paid. In the recent case, the ransom demand was 10 million pesos (around $182,000), with 6 million pesos (approximately $109,000) paid in USDT (Tether) cryptocurrency. Despite the payment, the victims were found dead. Chinese, Philippine, and U.S. authorities are investigating.
The two kidnapping cases in the Philippines highlight a disturbing trend of targeting Chinese nationals for ransom. The use of cryptocurrency like USDT (Tether) for ransom payments complicates tracking and recovering the funds. These incidents underscore the need for enhanced security measures and international cooperation to combat such crimes. Crypto’s role in ransom payments also raises concerns about its potential misuse in criminal activities, requiring stricter regulations and monitoring.
Cryptocurrencies are fully prohibited in mainland China, creating challenges for Chinese authorities in tracing the ransom paid in crypto to kidnappers in the Philippines. This prohibition complicates efforts to track and recover the funds.
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