There was a Bitcoin heist, a Bitcoin mugging, and now there’s a Bitcoin kidnapping in South Africa, where three suspects have been detained in connection with the disappearance of a 12-year-old named Katlego Marite.
The family, unfortunately, is not relieved at this news as their child has still not been returned to them.
The kidnappers sent a ransom note on Sunday that demanded 15 Bitcoin (~$118,000) in payment for Katlego’s safe return, threatening to hang and decapitate the child if the family failed to pay up.
The terrified family was at a loss for words, as they didn’t know what steps they would need to make to meet these demands.
Leonard Hlathi, the brigadier in charge of the case, said that they have yet to make an official arrest or a charge, clarifying that the individuals found have simply been taken in for questioning.
The only thing tying them to the kidnapping is some CCTV footage from a neighbor’s house that revealed the kidnappers’ car, a silver Toyota Corolla. The same car was found outside of a bar, prompting police to take the individuals inside it and question them.
All the Marite family can do now is ride out the tension as they wait for the police to finish their interrogations.
Criminals in the past used to rely heavily on cash, but as cryptocurrencies gain popularity, the anonymity of some coins leads some to switching tactics in hopes of evading the authorities.
If these kidnappers had gotten their ransom and it were paid to a wallet that never touched an exchange, it wouldn’t be difficult to further launder the money in such a way that they would be able to withdraw it with ease once the heat dies down.
A few months ago, Taiwan suffered its first-ever Bitcoin burglary where a few thieves posing as prospective buyers lured a Bitcoin holder to a secluded area in Taichung and stole his phone, which had 18 Bitcoin loaded into its wallet.
These kinds of crimes are nothing new to authorities, as they have similar troubles when criminals use, steal, and launder cash in their dealings.
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