Crypto Consultant Kidnapped in Thailand for $1 Million Bitcoin Ransom

Michael LaVere
  • Singaporean crypto consultant Mark Cheng was kidnapped and tortured while on a business trip to Thailand.
  • Cheng was able to escape from his captors after paying S$1 million in bitcoin as ransom.

A Singaporean crypto consultant was kidnapped and tortured in Thailand after his captors demanded S$ 1 million (US$ 742,000) in bitcoin as ransom. 

According to a report by the South China Morning Post, Mark Cheng was recently kidnapped while on a business trip in Thailand. Cheng, alongside acquaintance Kim Lee Yao Wei, was approached by a group of masked men and forced into a nearby truck.

In a complaint filed authorities, Cheng claimed he recognized the pickup truck as belonging to an unnamed Thai actor he had met for drinks on several previous occasions. Once in the vehicle, Cheng was transported to a deserted location before being assaulted and tortured by his captives, who ordered him to pay millions wroth of Singaporea dollars in bitcoin as ransom. 

Cheng was able to escape from the kidnappers only after transferring S$1 million (US$ 742,418) in bitcoin. 

He told Singapore Chinese publication Lianhe Wanbao, 

One of them held the gun against the back of my head while the others stepped away. Fortunately, I know martial arts. I reached behind my head and grabbed the pistol, and then I fled.

Thai authorities have detained Cheng’s acquaintance Kim alongside three others who were thought to be involved in the abduction. 

Featured Image Credit: Photo by Lacie Slezak on Unsplash