Malaysian police pursuing four suspects after $1.2m crypto kidnapping ransom

Four suspects remain at large in a Malaysian kidnapping case where $1.2 million in cryptocurrency was paid as ransom, with police already arresting 14 others.

Police in Malaysia are on the hunt for four people suspected to have taken part in the kidnapping of a Chinese national and a Malaysian woman in the city of Cyberjaya on July 11.

According to local reports, the kidnappers demanded and received a $1.2 million ransom, which was paid in crypto.

The reports quoted police chief Datuk Hussein Omar Khan, who heads the Selangor police, confirming that while the four suspects—a woman and three men—were on the run, 14 others had either been captured or killed during police operations.

The police have also reportedly recovered about $1.65 million in Malaysian ringgits, which is approximately $370,000 at current exchange rates. They also recovered several vehicles, luxury watches, and other high-value items believed to have been part of the ransom payment.

The kidnappers released the two unnamed victims on July 15, four days after abducting them, with the ransom paid by a relative of the victims. Malaysian police had earlier engaged in a shootout with the alleged kidnappers on Aug. 2, which resulted in the deaths of four suspects and the arrest of four others.

The incident highlights the growing use of cryptocurrency in criminal activities, especially kidnappings. On July 4, crypto.news reported that police in Hong Kong had arrested two kidnapping suspects who had demanded a $660,000 ransom be paid in Tether (USDT) in exchange for their 3-year-old victim.

Another crypto-related incident took place in Dubai in May, where a crypto portfolio manager was abducted while on holiday in the city. The kidnappers demanded $11 million euros ($12 million) in cash and cryptocurrency to release the victim.

However, the police were able to apprehend the kidnappers before the ransom could be paid. 

Also in Hong Kong, in May, a father-son duo reportedly surrendered to police after being suspected of involvement in the kidnapping of a crypto investor. 

The two, aged 70 and 30, reportedly invested about $1.9 million in a crypto investment scheme run by the kidnapping victim. The police believe that when the two couldn’t retrieve their funds, they resorted to criminal action.