Criminal activity in the crypto world as hit a new turn. While there have been many occurrences of hacks and data breaches, kidnapping has now been added. According to a news story from the South China Morning Post, crypto businessman Mark Cheng kidnapped and tortured recently.

Cheng was forcefully taken in Thailand while on business. He was in the company of one of his partners, Kim Lee Yao Wei, when they were accosted by a few masked men. The criminals then crammed the two men into a pickup truck and took them away.

The kidnappers requested that Cheng pay 1 million Singapore dollars – about $740,000 – in ransom. The money was to be paid in Bitcoin (BTC) to secure his own release. Without access to the requested amount, the victim was only able to transfer all of his available Bitcoin, just a little more than $46,000. Probably angered by the small amount, they planned to kill him.

In a story published by media platform Lianhe Wanbao, Cheng says he was able to escape just before they could kill him.

“One of them held the gun against the back of my head while the others stepped away. Fortunately, I know martial arts. I reached behind my head and grabbed the pistol, and then I fled.”

Investigations later pointed to his associate Kim Lee Yao Wei as the mastermind. He has since been arrested and charged

Image Credits: Pixabay


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