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A Singaporean entrepreneur escaped from kidnappers who demanded $740,000 in BTC

A Singaporean entrepreneur escaped from kidnappers who demanded $740,000 in BTC

Cryptocurrency entrepreneur and consultant Mark Cheng, who was kidnapped and tortured by kidnappers demanding a ransom of $740,000 BTC, managed to escape.

Chen was on a business trip in Thailand with a colleague, Kim Lee Yao Wei, when a group of masked men grabbed them and put them in a truck, he said
Chen to the Singapore edition of Lianhe Wanbao. Chen said that Thai actor Chano Pemberger (Chano Pemberger) owned the truck that the kidnappers were on. Thai police are reportedly considering the actor as one of the suspects in the case.

The kidnappers tortured Chen and demanded a ransom of $740,000 in BTC. The businessman was able to transfer just over $46,000 to the criminals, after which they decided to kill him. However, Chen managed to escape, as he told Wanbao in an interview:

“One of them put a gun to the back of my head, and the others retreated. Fortunately, I know martial arts. I was able to grab my gun and run away.”

Later, Thai police identified his assistant Kim as the mastermind of the kidnapping and charged him with numerous criminal offenses, to which he confessed. The stolen money was returned to Chen.

Some media sources, including Wanbao and The New Paper, say that Chen was previously prosecuted by police for misappropriating funds from an investment group where he worked in 2014. He was released on $89,000 bail on January 8 and arrived in Thailand the next morning.

This is not the first time that entrepreneurs associated with cryptocurrencies have become victims of kidnappers and extortionists. In late 2018, a trader from South Africa was kidnapped
with the purpose of stealing cryptocurrency, and earlier in the same year, a businessman from Cape town was
kidnapped and released only after his family paid a ransom of 50 BTC.