Singapore Crypto Consultant Kidnapped for $1 Million Ransom
Cointelegraph By Andrey Shevchenko's original article for cointelegraph.com reduced by 56%%
Singaporean Mark Cheng was recently kidnapped in Thailand and tortured for a $740,000 ransom in Bitcoin, the South China Morning Post and others report on Jan. 14.After transferring all his available funds of $46,000, he allegedly made a daring escape as his captors prepared to murder him. Cheng was on a business trip to Thailand with associate Kim Lee Yao Wei when a group of masked men grabbed them and put them in a nearby truck, Cheng told Singapore Chinese publication Lianhe Wanbao.
The captors have allegedly tortured Cheng and requested a ransom of 1 million Singapore dollars in Bitcoin. Mark Cheng appears to have begun his business career with Avelife, a non-profit socio-environmental organization. Multiple sources including Wanbao and The New Paper report that Cheng was being prosecuted for misappropriating funds from an investment group he was working at in 2014.
Cheng is accused to have knowingly worked in an investment fund lacking the appropriate licenses, Zabel Global Investments Ltd., and allegedly embezzling the equivalent of over $220,000. In the same year, the director of cryptocurrency exchange EXMO was kidnapped in Ukraine, with the captors reportedly extracting a $1 million ransom.
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CN [too long; didn’t read]
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