Singapore Crypto Guide Kidnapped for $1 Million Ransom

Singapore Crypto Guide Kidnapped for $1 Million Ransom

Bitcoin
January 14, 2020 by Bitcoin Report
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Singaporean Mark Cheng was lately kidnapped in Thailand and tortured for a $740,000 ransom in Bitcoin (BTC), the South China Morning Put up and others report on Jan. 14. After transferring all his obtainable funds of $46,000, he allegedly made a daring escape as his captors ready to homicide him. Cheng was on a enterprise
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Singaporean Mark Cheng was lately kidnapped in Thailand and tortured for a $740,000 ransom in Bitcoin (BTC), the South China Morning Put up and others report on Jan. 14.

After transferring all his obtainable funds of $46,000, he allegedly made a daring escape as his captors ready to homicide him.

Cheng was on a enterprise journey to Thailand with affiliate Kim Lee Yao Wei when a bunch of masked males grabbed them and put them in a close-by truck, Cheng advised Singapore Chinese language publication Lianhe Wanbao.

Cheng additionally implicated Thai actor Chano Pemberger because the proprietor of the pickup truck the place he was transported. Thai police have reportedly recognized the actor as an individual of curiosity pending additional investigation.

The captors have allegedly tortured Cheng and requested a ransom of 1 million Singapore {dollars} ($740,000) in Bitcoin (BTC). The businessman was solely in a position to present the equal of simply over $46,000 to the captors, who then seemingly determined to execute him. Cheng was in a position to escape his alleged destiny, recounting to Wanbao: 

”One in every of them held the gun in opposition to the again of my head whereas the others stepped away. Thankfully, I do know martial arts. I reached behind my head and grabbed the pistol, after which I fled.”

Thai police later recognized his affiliate Kim because the mastermind of the kidnapping and charged him with a number of felonies, to which he confessed. The cash seems to have been since returned, in accordance with some sources.

Cheng’s troubled latest historical past

Mark Cheng seems to have begun his enterprise profession with Avelife, a non-profit socio-environmental group. In 2016, he acquired a Queen’s Younger Leaders Award from Queen Elizabeth II for his work.

Since then, he took an curiosity on the earth of cryptocurrencies, showing in 2018 as an advisor to X Infinity, a Singaporean preliminary coin providing venture that has proven no indicators of life since April 2019. A meetup associated to the venture describes him as a accomplice at Gladiolus Capital and advisor to Begin-Up Brunei.

A number of sources together with Wanbao and The New Paper report that Cheng was being prosecuted for misappropriating funds from an funding group he was working at in 2014. He was launched on bail for a reported quantity of 120,000 Singapore {dollars} ($89,000) on Jan. 8, arriving in Thailand the following morning.

Courtroom paperwork partially revealed to Cointelegraph appear to substantiate this. Cheng is accused to have knowingly labored in an funding fund missing the suitable licenses, Zabel International Investments Ltd., and allegedly embezzling the equal of over $220,000.

This isn’t the primary time that businessmen concerned with crypto have been focused by kidnappers. In 2017, a Bitcoin dealer was kidnapped in India by one other BTC investor. In the identical yr, the director of cryptocurrency trade EXMO was kidnapped in Ukraine, with the captors reportedly extracting a $1 million ransom.





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