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Police in Turkey Arrest Suspects for Kidnapping For a Bitcoin Ransom

Nov 17, 2017 Posted /  6612 Views

Police in Turkey Arrest Suspects for Kidnapping For a Bitcoin Ransom

Kidnappers Target Rich Bitcoin Holders

Recently some kidnappers in merter, a suburb in west Istanbul were rounded up by police following their role in the robbery of about 450 Bitcoins from a wealthy Businessman. The gang who trailed their victim and later kidnapped him put the businessman inside a minivan where they threatened him till he transferred about 450 BTC to the kidnappers Bitcoin wallets. The kidnappers later let him go and took off with the Bitcoins in their wallets. However somehow the Businessman was able to identify some of the kidnappers to the police. The police did their investigations putting the gang members under surveillance before they successfully arrested the gang members one by one from their respective residence as they prepared for their second heist.

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Blockchain Help in Tracing the Stolen Coins

The cybercrime department of the Turkish Police Force flex their expertise muscle while following the five gang members who were setting up a kidnapping and robbing spree in the country. The police traced the movement of the stolen Bitcoins in the Bitcoin Blockchain combining it with real-world surveillance till they successfully apprehended the criminals.

The gang members are said to have identified their target in a Facebook video when the wealthy businessman man was showing off his lavish lifestyle in a video posted on Facebook. The gang ringleader whose identity was not disclosed was sentenced to up to 30 years in prison with the other members getting between 2 to 30 years prison terms according to their roles in the kidnapping and robbery as determined by the investigators. Many Bitcoin users were surprised that stolen Bitcoin Could be traced and successfully paid back. A user who preferred anonymity was quoted saying.

“ Thank you for the information! I didn't know bitcoins could be traced 1) by law enforcement; and 2) if they're not bought in whole units. So, if I buy .0037 bitcoin from a personal vendor, like through, and that vendor is selling coins that have been stolen somewhere down the line, like 10-20 transactions earlier, then I could be forced--in order to avoid prosecution--to transfer the .0037 bitcoin I've just purchased to whomever the police say the coins stolen from” he asks,

Staying safe with your Hundreds of Bitcoins

Meanwhile the human nature is characterized by the love of good things and wanting to show off to peers it is risky for Bitcoin investors or people dealing in any significant volume to bitcoin to adapt this lifestyle. Being a virtual money makes bitcoin more difficult to securely keep than cash in your bank account. Publicizing your wealth as a bitcoin investor or user would attract attention from various type of criminals. From hackers who send malwares and rats to your computer in an attempt to illicitly obtain the private keys to your wallet to gangs member who physically trail you to obtain your money in one way or the other. It is a safe practice for Bitcoin users and investors to keep their lavish lifestyle low key to avoid the risk that is associated with the publicity.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: bitcoin Bitcoin Holders Kidnapping Turkey cybercrime

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