Six Malaysian nationals, including a married couple, have been charged with the kidnapping of a Chinese citizen and demanding a ransom of $1 million in Tether (USDT), a widely used cryptocurrency. The suspects, aged between 25 and 29, allegedly carried out the abduction on July 11 at an expressway exit between Kuala Lumpur and Putrajaya.
Details of the Case: Ransom Demand and Court Proceedings
According to the charge sheet, reported by local media outlet Malay Mail, the group held the Chinese national captive, demanding the substantial sum in Tether. The suspects appeared in court on August 15, where all six pleaded not guilty to the charges. However, Judge Amir Effendy denied bail due to the severity of the offense, scheduling the next court hearing for October 8.
“After considering all arguments and the nature of the charges, the court has decided that bail will not be granted,” Judge Effendy declared.
Links to a Larger Criminal Syndicate
The case has brought to light a broader criminal network involved in cryptocurrency-related kidnappings. Selangor police chief Datuk Hussein Omar Khan disclosed that authorities are also pursuing four additional suspects linked to the abduction. These individuals are reportedly part of an 18-member gang notorious for similar crimes. In a related development, four members of this gang were killed in separate police encounters on August 3.
If convicted under Malaysia’s Kidnapping Act, the accused could face prison sentences ranging from 30 to 40 years, along with caning.
Cryptocurrency and Crime in Malaysia: A Growing Concern
This kidnapping case underscores the growing intersection of crime and cryptocurrency in Malaysia. The country has been grappling with illegal activities related to digital assets, particularly in the realm of cryptocurrency mining. Deputy Minister of Energy Transition and Water Transformation, Akmal Nasrullah Mohd Nasir, recently revealed that illegal crypto-mining operations have resulted in significant electricity theft, costing the country an estimated $723 million between 2018 and 2023.
Since August 2019, Malaysian authorities have been cracking down on illegal cryptocurrency mining operations. In some instances, seized mining equipment has been destroyed by steamroller as part of the disposal process. Authorities have also taken action against unregistered cryptocurrency exchanges. In May of the previous year, the Securities Commission Malaysia ordered Huobi Global, a major cryptocurrency exchange, to cease operations for failing to register its trading services.
Currently, only six cryptocurrency trading platforms—HATA Digital, Luno, SINEGY, MX Global, Tokenize Technology, and Torum International—are registered and permitted to operate in Malaysia.
Recent Efforts to Combat Cryptocurrency-Related Crime
The Malaysian government has intensified its efforts to tackle cryptocurrency-related crime. Recently, authorities dismantled a forex investment fraud and cryptocurrency syndicate operating in the country. The syndicate, involved in laundering funds obtained through overseas scams, was targeted in a series of raids across the Klang Valley from May 13 to 21. These raids resulted in the arrest of eight local men and two women, as well as the seizure of substantial assets.
As Malaysia continues to address the challenges posed by the intersection of crime and cryptocurrency, cases like this kidnapping highlight the ongoing need for vigilance and robust law enforcement in the digital age.
Powered by Crypto Expert BD
Follow us on Twitter: https://x.com/CryptoExpert_BD
Join our Telegram channel: https://t.me/CryptoExpert_BD
