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

Four suspects remain at large in Malaysia after a kidnapping in which $1.2 million worth of cryptocurrency was paid as ransom, while police arrested 14 more people.

Malaysian police are searching for four people suspected of involvement 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 ransom of $1.2 million, paid in cryptocurrency.

Reports cited Selangor Police Chief Datuk Hussein Omar Khan as saying that four suspects (one woman and three men) escaped while 14 others were either captured or killed during police operations.

Police also reportedly recovered around $1.65 million worth of Malaysian ringgit, equivalent to around $370,000 at current exchange rates. They also recovered several vehicles, luxury watches and other high-value items believed to be part of the ransom payment.

The kidnappers released the two unnamed victims four days after kidnapping them on July 15, in exchange for a ransom paid by a relative of the victims. Malaysian police had previously engaged in a shootout with the alleged kidnappers on August 2, which resulted in the deaths of four suspects and the arrest of four more people.

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

Another crypto-related incident occurred in Dubai in May, when a crypto portfolio manager was kidnapped while on vacation in the city. The kidnappers demanded €11 million ($12 million) in cash and cryptocurrencies to release the victim.

However, the police managed to catch the kidnappers before the ransom was paid.

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

The duo, aged 70 and 30, reportedly invested around $1.9 million in a crypto investment scheme run by the kidnapping victim. Police believe the pair took criminal action after they were unable to get their money back.