A terrifying event occurred when a Malaysian person kidnapped in Manila was discovered dead in the Philippines; the ransom was purportedly paid in cryptocurrencies. During a news conference, Datuk Seri Ramli Mohamed Yoosuf, the director of the Commercial Crime Investigation Department (CCID), revealed details that shed light on the terrible series of events.

When the victim’s brother reported the kidnapping to the Philippine police on October 22, the incident became public knowledge. A bunch of men had kidnapped the victim and were demanding RM330,000 from his brother in exchange for his release.

Even when the ransom was paid, things became worse. On October 23, the police in the Philippines found a body near San Simon, Pampanga, that fit the victim’s description. This sad development indicates that the Malaysian victim of this horrible murder has passed away.

Cryptocurrency Investigation and Ransom

The authorities in the Philippines asked their Malaysian counterparts for help in tracing the ransom transactions made through cryptocurrency exchanges in an attempt to identify the offenders. The funds were transferred to an unregistered exchange in Malaysia, which was discovered by investigating cryptocurrency transactions.

“Information received from that exchange disclosed the identities of six foreign persons who are now under investigation,” said CCID Director Datuk Seri Ramli Mohamed Yoosuf. Law enforcement authorities face difficulties when using cryptocurrencies in these crimes, necessitating increased efforts to find and detain those engaged in illegal activity.

Forex Trading Fraud Using Cryptocurrency

Ten cases involving an RM4.7 million currency investment scam were submitted to the authorities in a different event. Through a website that operated outside of the nation, victims were promised monthly income and returns on capital. Through the “Zoom” application, the suspects conversed with the victims, fostering trust in the investment scheme.

Values of investments between RM437,253.00 and RM864,303.00 were exchanged via the Huobi platform, a cryptocurrency exchange app. Via its study of Bitcoin, CCID was able to identify a global syndicate that was engaged in questionable transactions totaling more than RM1 billion.

The cases demonstrate the connection between conventional crimes and the usage of cryptocurrencies in illicit activity, even though investigations are still ongoing. To meet the difficulties brought on by the changing nature of financial crimes involving digital assets, law enforcement authorities keep adjusting and working together.