Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

15 Bitcoins Demanded by South African Kidnappers

Before Bitcoin entered the mainstream industry, the cryptocurrency has been widely used by criminal organizations. The most prominent of this was called Silk Road, an online black market residing in the deep web.

Drugs, extortion, illegal gun sales, and a host of other criminal activities were among the illicit activities that Silk Road catered. But since the cryptocurrency’s inauguration in the general economy, the technology has been used to improve varying sectors in both private and public organizations.

However, cryptocurrency’s past still followed it like a shadow. Kidnappings, robbery, swatting, and other activities are still tied with Bitcoin and other digital currencies.

The latest of this is the kidnapping of a 13-year old boy in South Africa. Reports are saying that the incident happened in the town of Witbank while the teenager was playing near his home. Witnesses recalled a Toyota Corolla pulling up near where the boy was and dragging him in the car before speeding away.

The gang then demanded 15 Bitcoins for the release of the boy, which roughly converts to over $100,000. Police Spokesman Leonard Hlati confirmed the incident and said in a press statement that they’re currently investigating the situation.

The first deadline for the ransom passed Monday night. The kidnappers wrote in the note they left at the scene that they’re going to kill the boy if their demand isn’t met.

The boy’s parents were at a loss how to deal with the situation since they don’t even know what Bitcoin is. Local media was quoted that the parents were devastated following the incident. The mother pleaded on Tuesday to the kidnappers, begging for the release of her son.

Police said that this seems to be the first case of kidnapping in the country where the criminals asked for cryptocurrency as a form of payment. While this might be the case for South Africa, crimes involving cryptocurrency is rampant in other regions. In December 2017, Exmo Finance CEO Pavel Lerner paid a $1 million in Bitcoin for his release after being kidnapped in Ukraine.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.