South African Bitcoin Trader Kidnapped by Local Criminals and Paid Bitcoin Ransom

Bhushan Akolkar
By Bhushan Akolkar
Posted on Dec. 4, 2018
South African Bitcoin Trader Kidnapped by Local Criminals and Paid Bitcoin Ransom

In yet another incident of cryptocurrency-related crime, a horrifying incident from South Africa recently came to surface. The Bitcoin trader (victim) from Lanseria narrated the whole incident about how he was kidnapped, tortured, and looted, to a local news publication Soweto Urban

The victim, identified by the name of Andrew said that he was invited for a presentation on digital currencies at the Natui Street in Meadowlands Zone Five. Later, in an undisclosed residence, Andrew delivered his presentation to a group of six people. At that time, one of the attendees suddenly attacked him from behind. The attacker stuffed a piece of cloth on his face which was reportedly soaked with a sleeping drug that made Andrew unconscious.  

Andrew doesn’t remember what happened post that until the time he recovered from the unconsciousness to find himself in a different resident. At that time Andrew was surrounded by five people - three men and two women. 

These kidnappers later stripped off his clothes, beat him, and tortured him. Later they asked Andrew for his bank account details of First National Bank (FNB) and his cryptocurrency wallet. They threatened him that if he refused to cooperate, they would sear him with hot iron rod or kill him. 

Andrew remained reluctant to give out the details, but after a session of severe torture, he buckled under pressure. Later he made a wire transfer of Bitcoins worth R 800,000 (around $59,000) to the kidnapper’s wallet address. The assailant also forced him to transfer R 100,000 (around $7,200) to his bank account. 

In addition to this, Andrew also lost two laptops and two iPhones along with a cash of R 3,000 (around $200). Later the kidnappers blindfolded him and dropped him to Kliprivier Road, thankfully alive. 

Andrew is currently admitted to the Alberton Union Hospital where he is placed in the Intensive Care Unit (ICU) and given the necessary medical treatment. The local police have registered his complaint and are further investigating into the matter. 

Crypto Crime Cases Are On the Rise

A number of criminal cases related to cryptocurrencies have been reported this year across the globe. In October, a man was brutally murdered in Norway following a Bitcoin trade. A 24-year-old crypto investor identified by the name Heikki Bjørklund Paltto, was murdered and looted of cash which he exchanged with one party whom he sold his Bitcoins. 

Also, in Cape Town earlier this year, a 65-year-old businessmen Liyaqat Parker was kidnapped and tortured until his family paid 50 Bitcoin as ransom to get him released. 

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