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Singapore Crypto Consultant Kidnapped for $1 Million Ransom

BlockClutch Team

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Singaporean Mark Cheng was kidnapped in Thailand and tortured to get a $740,000 ransom at Bitcoin (BTC), the South China Morning Post and many others report on Jan. 14.

After moving all of his available funds of $46,000, he supposedly made a bold escape because his captors ready to kill him.

Cheng was on a business trip to Thailand with partner Kim Lee Yao Wei if a bunch of masked men caught them and place them in a nearby truck, Cheng told Singapore Chinese book Lianhe Wanbao.

Cheng additionally implicated Thai celebrity Chano Pemberger because the owner of the pickup truck in which he had been hauled. Thai authorities have allegedly identified the celebrity as a man of interest pending additional investigation.

The captors have supposedly tortured Cheng and asked a ransom of 1 million Singapore dollars ($740,000) at Bitcoin (BTC). The businessman was just able to present the equivalent of just over $46,000 into the captors, who afterward apparently decided to execute him. Cheng managed to escape his alleged destiny, recounting to Wanbao: 

“One of these held the gun against the back of my mind while others resigned. Luckily, I know martial arts. I reached behind my head and caught the pistol, then I fled.”

Thai police later identified his partner Kim as the mastermind of the kidnapping and charged him with many felonies, to which he confessed. The money seems to have been because returnedaccording to some resources.

Cheng’s troubled recent history

Mark Cheng seems to have started his business career with Avelife, a nonprofit socio-environmental organization. In 2016, he received that a Queen’s Young Leaders Award from Queen Elizabeth II for his job.

Ever since that time, he took an interest in the realm of cryptocurrencies, emerging in 2018 as an advisor to X Infinity, a Singaporean preliminary coin offering job which has shown no signs of existence because April 2019. A meetup associated with the job refers to him as a spouse in Gladiolus Capital and adviser to Start-Up Brunei.

multiple resources such as Wanbao and The New Paper report that Cheng was being prosecuted for misappropriating funds from a investment group that he had been working at in 2014. He had been released on bond for a reported number of 120,000 Singapore dollars ($89,000) on Jan. 8, coming in Thailand the morning after.

Court documents partly revealed to Cointelegraph appear to verify that. Cheng is accused to have intentionally worked within an investment fund inducing the right permits, Zabel Global Investments Ltd., also allegedly embezzling the equivalent of over $220,000.

This isn’t the first time that businessmen involved with crypto are targeted by kidnappers. In 2017, a Bitcoin dealer was kidnapped in India by a different BTC investor. At precisely the exact same year, the manager of cryptocurrency trade EXMO has been kidnapped in Ukraine, together with the captors allegedly yanking a $1 million ransom.

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