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<ul class="news-points">
 <li>Hong Kong authorities are gaining experience in handling crypto-related crimes.</li>
 <li>Authorities thwarted an attempt to kidnap a boy from a plaza in Hong Kong.</li>
 <li>Stablecoins can be frozen in one day, unlike traditional banks, which take longer.</li>
</ul>
Hong Kong authorities are <a href="https://www.scmp.com/news/hong-kong/law-and-crime/article/3270368/hong-kong-authorities-gaining-experience-disrupting-illicit-crypto-activities-experts" target="_blank" rel="noopener noreferrer nofollow">reportedly</a> gaining experience in handling crimes involving cryptocurrencies. According to a recent report, authorities in Hong Kong thwarted a kidnapping attempt where the kidnappers demanded a 660,000 USDT ransom after kidnapping a boy from the Tseung Kwan O Plaza shopping center.
Commenting on the recent event, renowned crypto investor Louis Li Sze-Chung, an adviser to local tech start-up association 852Web3, noted that <a href="https://coinedition.com/tag/stablecoin/" rel="noopener noreferrer nofollow">USDT stablecoin</a> is traceable. Li explained that companies issuing USDT convert U.S. dollars of equal amounts, storing them in custody as pegs throughout the stablecoin’s existence.
Meanwhile, Li noted that in the event of a crime, the authorities could ask a stablecoin issuing company to freeze or destroy coins held in wallets. Such cases are similar to a case from last November when the U.S. Secret Service spotted a human trafficking syndicate running pig-butchering farms link…
The post <a href="https://coinedition.com/hong-kong-authorities-nab-kidnappers-demanding-ransom-in-crypto/" rel="noopener noreferrer nofollow">Hong Kong Authorities Nab Kidnappers Demanding Ransom in Crypto</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Hong Kong Authorities Nab Kidnappers Demanding Ransom in Crypto

Coin Edition

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