China Jails Kidnappers That Demanded ‘Hundreds of Bitcoins’ as Ransom Payment – Regulation Bitcoin News

Chinese authorities have jailed four individuals that were accused of kidnapping one person and demanding “hundreds of bitcoins” as a ransom payment. Although the kidnapping was allegedly committed in the Philippines it is believed that the Chinese authorities eventually facilitated the capture and sentencing the kidnappers.

A Ransom Demand

Four Chinese citizens accused of kidnapping and demanding bitcoin as ransom payment have been jailed, China’s Embassy in the Philippines has said. Two of the accused — namely, Liu and Zhang — were handed prison terms of eight and 12 years, respectively. Cong and Jia were sent to prison for life.

According to a statement released by the Embassy, the four are believed to have kidnapped an individual identified as “Su” in the Philippines in August 2019. For Su’s safe return, the kidnappers demanded “hundreds of bitcoins” which are equivalent to over $3.1 million or more than 20 million yuan.

The kidnapping prompted the Embassy and domestic law enforcement to launch a manhunt for Su’s captors. The statement states that the four suspects were finally caught and brought to trial in 2019.

Meanwhile, in the same statement, the Embassy reiterated the Chinese government’s zero tolerance for all illegal and criminal activities that include online gambling, telecoms fraud and kidnappings. Also, in a warning directed to Chinese citizens living in the Philippines, the Embassy suggested the Chinese government’s cooperation with its counterpart will ensure all Chinese lawbreakers in the Philippines will be brought to justice.

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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.