Six Malaysians Charged with Kidnapping, Demanding $1M in Tether in Ransom

Six Malaysian nationals, including a married couple, have been charged with kidnapping a Chinese citizen and demanding a ransom of 1 million USDT.

The suspects, aged between 25 and 29, allegedly abducted the victim on July 11 at an expressway exit linking Kuala Lumpur and Putrajaya.

The charge sheet, as reported by local media outlet Malay Mail, details that the group held the Chinese national captive, demanding the substantial sum in Tether, a popular cryptocurrency.

Suspects Plead Not Guilty

During a court appearance on August 15, all six accused pleaded not guilty to the charges.

However, Judge Amir Effendy denied bail, citing the severity of the offense. He set 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,” the judge stated.

The case has drawn attention to a larger criminal syndicate involved in cryptocurrency-related kidnappings.

Selangor police chief Datuk Hussein Omar Khan revealed that the authorities are also pursuing four additional suspects linked to the abduction.

These suspects are part of an 18-member gang known for similar criminal activities.

In a related development, four members of this gang were reportedly killed in separate police encounters on August 3.

If convicted under Malaysia’s Kidnapping Act, the accused could face a prison sentence ranging from 30 to 40 years, along with caning.

Illegal Crypto Miners in Malaysia Steal Electricity

The case also highlights broader concerns about the intersection of crime and cryptocurrency in Malaysia.

Deputy Minister of Energy Transition and Water Transformation, Akmal Nasrullah Mohd Nasir, recently disclosed that illegal crypto-mining operations have led to significant electricity theft, costing the country an estimated $723 million between 2018 and 2023.

Kerajaan heboh nak laksanakan agenda peralihan tenaga sebab nak tambah sumber tenaga yang baru.

Tapi dalam masa yang sama kecurian elektrik sampai ratusan juta, ada tahun mencecah berbilion ringgit setahun berlaku di negara kita.

Ironi sungguh. pic.twitter.com/ZkWz7eIWrn

— Akmal Nasir (@akmalnasir) July 10, 2024

The Malaysian authorities have been cracking down on cryptocurrency miners since at least August 2019, with Nasir emphasizing that these procedures are carried out in accordance with the country’s criminal procedure laws.

Some seized machines have even been crushed by a steamroller as part of the disposal process.

In addition to addressing illegal mining operations, Malaysian authorities have taken action against unregistered cryptocurrency exchanges.

In May of the previous year, the Securities Commission Malaysia ordered Huobi Global, a cryptocurrency exchange, to cease its operations as it had failed to register its trading services.

Currently, HATA Digital, Luno, SINEGY, MX Global, Tokenize Technology, and Torum International are the only registered cryptocurrency trading platforms in Malaysia.

More recently, Malaysian authorities dismantled a forex investment fraud and cryptocurrency syndicate that had been operating in the country.

The syndicate, which had been laundering funds obtained through overseas scams, was targeted in a series of raids conducted across the Klang Valley from May 13 to 21.

As a result, eight local men and two women were arrested, and substantial amounts of assets were seized.