Key Takeaways
- Binance has assisted in recovering portions of a $4.5 million kidnapping ransom.
- Binance’s crypto investigations traced over a dozen kidnapping co-conspirators.
- The victim’s wife has been charged as a key conspirator in the kidnapping.
An investigation into a kidnapping conspiracy in Malaysia has seen leading crypto exchange Binance prove instrumental in tracing the suspects and recovering a huge portion of the $4.5 million ransom paid to release the victim.
Binance Malaysia
As per the Binance blog, the leading crypto exchange has been instrumental in the pursuit of Malaysian criminals involved in the Oct. 13, 2024, kidnapping of a 59-year-old businessman, who was held and released for a ransom of 20 million ringgit, or roughly $4.5 million.
Using advanced blockchain analysis and investigative techniques, Binance reports that its team, in collaboration with the Royal Malaysia Police (RMP), was able to trace the crypto portion of the ransom and identify key suspects in the conspiracy.
Senior Officer at the Commercial Crime Investigation Department, Nurul Aqila, commented:
“Binance’s assistance was instrumental in helping us trace cryptocurrency flows and identify key suspects across borders. Their expertise in blockchain analysis allowed us to pinpoint the exact transactions and follow the money trail, which was crucial in apprehending the suspects and recovering a significant portion of the ransom.”
Specifically, the investigation has recovered some $1.6 million, or about a third of the ransom payment total.
As noted in the Binance blog, the original ransom included 1.95 million ringgit ($443,000), 1 million Singapore dollars ($760,000) in cash, and 1.75 million ($398,000) worth of crypto.
Close to Home
The investigation revealed some uncomfortable truths, namely that the victim’s wife, Chan Wan Kooi, was one of the key conspirers in the plot.
As per local media reports, Kooi, the 57-year-old spouse of the kidnapping victim—her husband nonetheless—was arrested and charged and faces up to 40 years if convicted.
She allegedly worked with several other individuals, including other businessmen and Vietnamese nationals, to orchestrate the kidnapping in the Malaysian city of Johor Bahru.
Despite attorney pleas for bail, citing medical conditions, family commitments, and others, bail was denied. The next trial date is set for Nov. 27, 2024.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
