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Homepage / News November 16, 2017 211 views

Police Bust Turkish Gang That Kidnapped Wealthy Bitcoin Holders

Police Bust Turkish Gang That Kidnapped Wealthy Bitcoin Holders


Turkish police are toasting their good results right after capturing an enterprising gang of crypto kidnappers. Their targets had been key bitcoin holders. The quintet have been caught as they prepared to pounce on their second victim, possessing already extorted 450 bitcoins, worth U.S. $3.3 million, from a wealthy businessman.

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Kidnapped for Crypto

The incident took place in Merter, a suburb in the west of Istanbul. As the country’s Habertürk newspaper reports, the audacious gang followed their initial victim to his car prior to kidnapping him, laptop and all. They then pressurized the man into parting with 450 BTC. The ordeal lasted for eight hours, throughout which the victim was detained in a minibus and threatened with violence.

The criminals evidently weren’t really great at covering their tracks, both in the genuine globe and online, and police had been known as to investigate right after the shaken victim filed a complaint. After identifying the gang members, Turkish police launched a surveillance operation which integrated covertly filming the 5-some as they went about their business.

Police Bust Turkish Gang That Kidnapped Wealthy Bitcoin Holders

What Happens on the Blockchain Stays on the Blockchain

In addition to conducting true-globe surveillance, cybercrime officials followed suit, watching the flow of stolen coins as they passed through the blockchain. Police then launched a sting operation and succeeded in catching the culprits red-handed as they had been preparing to kidnap their second victim. Turkish justice is swift and draconian, with a report&nbspstating that one particular of the ringleaders has been convicted of extortion and sentenced to 30 years in prison.

Police Bust Turkish Gang That Kidnapped Wealthy Bitcoin Holders
Police raided 3 addresses simultaneously.

It seems the gang targeted their 1st victim after seeing social media posts in which he showed off his luxury life-style and posed alongside his beaming new fiancée. As cryptocurrency holders the globe more than are starting to find out, it is prudent not to flaunt your wealth. Bitcoin does not attract criminals – income attracts criminals. As the cost of bitcoin continues to rise, the need to have to preserve crypto portfolios locked down and low-important heightens.