Hong Kong Boy Kidnapped for Ransom

CoinWorld reported:
On July 3rd, a 3-year-old boy was abducted in a shopping mall in Tseung Kwan O, Hong Kong.
Following the incident, the kidnappers demanded a ransom of $660,000 USD, approximately HK$5.15 million.
Hong Kong kidnappers demanded USDT.
The boy’s parents were instructed to download the Telegram messaging app and purchase USDT from an offline OTC store for the ransom. They were also warned against contacting the police for the child’s safety.
Hong Kong Police Force’s Organized Crime and Triad Bureau, specialized in handling organized crime, promptly took action. Detectives searched for the kidnappers from CCTV footage in Tseung Kwan O Plaza and surrounding areas late into the night of July 3rd. At 5:25 AM on July 4th, the boy was found safe and sound, and the suspect was arrested.
Notably, in the first five months of this year, the city’s violent crime rate increased by 9.4%, rising from 3,872 cases during the same period in 2023 to 4,237 cases.
Illegal use of USDT.
Tether, the company behind USDT, has been linked to numerous illegal transactions. In 2023, the company was involved in $19.3 billion worth of illegal transactions, down from $24.7 billion the previous year. Stablecoins, especially on the Tron blockchain, have become the preferred currency for terrorist financing in 2023.
The United Nations (UN) also released a report stating that stablecoins have been at the forefront of money laundering and fraud in Southeast Asia.
Meanwhile, earlier this year, police in Sichuan province, southeastern China, dismantled an underground bank suspected of using USDT stablecoins for illegal foreign exchange transactions. This underground operation handled transactions worth at least 13.8 billion yuan ($1.9 billion).
The criminal group operated primarily from Chengdu, offering services to individuals seeking to smuggle drugs and cosmetics or to purchase assets overseas. Authorities nationwide arrested 193 suspects and froze assets worth 149 million yuan.