China Jails Kidnappers That Demanded ‘Hundreds of Bitcoins’ as Ransom Payment

Chinese authorities have jailed 4 people that have been accused of kidnapping one individual and demanding “a whole bunch of bitcoins” as a ransom cost. While the alleged kidnapping is reported to have occurred within the Philippines, the cooperation between the 2 nations ultimately led to the arrest and eventual sentencing of the Chinese kidnappers.

A Ransom Demand

Four Chinese residents accused of kidnapping and demanding bitcoin as ransom cost have been jailed, China’s Embassy within the Philippines has mentioned. Two of the accused — particularly, Liu and Zhang — have been handed jail phrases of eight and 12 years, respectively. The remaining two, Cong and Jia, have been sentenced to life in jail.

According to a statement launched by the Embassy, the 4 are believed to have kidnapped a person recognized as “Su” within the Philippines in August 2019. For Su’s protected return, the abductors demanded “a whole bunch of bitcoins” that are equal to over $3.1 million or greater than 20 million yuan.

The kidnapping prompted the Embassy and home regulation enforcement to launch a manhunt for Su’s captors. According to the assertion, the 4 accused have been ultimately caught and dropped at justice in 2019.

Meanwhile, in the identical assertion, the Embassy reiterated the Chinese authorities’s zero tolerance for all unlawful and felony actions that embody on-line playing, telecoms fraud and kidnappings. Also, in a warning directed to Chinese residents residing within the Philippines, the Embassy urged the Chinese authorities’s cooperation with its counterpart will guarantee all Chinese lawbreakers within the Philippines can be dropped at justice.

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