Man Fakes Own Kidnapping For Bitcoin Ransom By BTC Peers

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© Reuters Get the Bitcoin or Die Trying: Man fakes his own kidnapping for Bitcoin ransom

How far are you willing to go to have some in your wallet?

With a price tag of almost $ 50,000, very few people can afford to buy 1 Bitcoin. However, Andrés Jesús Dos Santos Hernández was willing to do anything to become a Bitcoin millionaire. The 23-year-old Venezuelan man allegedly defrauded several people of their Bitcoin by faking his own kidnapping.

While it is still not clear how Hernández got his hands on said Bitcoin, the director of the Scientific, Criminal and Criminal Investigations Corps (CIPC, forensic science), Douglas Rico, has said that Hernández was a “financial trader” of several people and institutions related to crypto activities. Hernández told his victims that their funds were stolen after his kidnapping. According to his fictional story, his captors forced him to transfer his Bitcoin holdings from Binance to multiple wallet addresses.

Hernández is now wanted by the country’s largest national police agency over the $ 1.15 million fraud case. For the moment, it is not known where he is.

While this isn’t the first time the kidnappers have demanded a crypto ransom, Hernández’s story doesn’t hold up. Earlier this month, a Venezuelan trader was killed after his family failed to pay a 0.5 BTC ransom for his kidnapping. Likewise, in late 2017, an executive at the crypto exchange Exmo was kidnapped and then released after paying a million dollar crypto ransom.

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