In Hong Kong’s Tseung Kwan O, a 3-year-old boy was taken from a shopping mall on July 3. The kidnappers demanded a ransom of 660,000 USDT, equivalent to about HK$5.15 million. The boy’s parents were told to get the USDT through an offline OTC store after downloading the Telegram app. They were warned not to involve the police to ensure their child’s safety.
The Hong Kong Police Organized Crime and Triad Bureau (OCTB) acted swiftly. Detectives reviewed CCTV footage from Tseung Kwan O Plaza and nearby areas. By 5:25 a.m. on July 4, the boy was found unharmed, and the suspects were taken into custody.
Violent crime in the city has risen by 9.4% in the first five months of this year, with 4,237 cases reported compared to 3,872 in the same period last year.
USDT, associated with Tether, has been used in numerous illicit transactions. In 2023, it was linked to $19.3 billion in illicit activities, down from $24.7 billion the previous year. The stablecoin, especially on the Tron blockchain, was commonly used for terrorist financing in 2023.
The United Nations (UN) reported that USDT played a significant role in money laundering and scams in Southeast Asia. In Sichuan province, Southeast China, authorities shut down an underground bank earlier this year that conducted illegal foreign currency exchanges using USDT. The operation, centered in Chengdu, facilitated transactions totaling at least 13.8 billion yuan ($1.9 billion). 193 suspects were arrested nationwide, and assets worth 149 million yuan were seized.
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