The suspects pleaded not guilty in the kidnap case after allegedly demanding a ransom of $1 million in USDT.
Six people from Malaysia, a married couple, and four other individuals were charged with abducting a Chinese citizen and demanding a ransom of 4.44 million Malaysian ringgits ( approximately $1 million) in Tether’s USDT stablecoin.
The suspects, aged 25 to 29, reportedly abducted the victim on July 11 at an exit along a highway linking Kuala Lumpur and Putrajaya at about 11 am. The group demanded a ransom of 1 million in USDT for his release.
Suspects Plead Not Guilty
According to the local media outlet Malay Mail, the charge sheet alleges that the Chinese man was wrongfully held in exchange for a ransom totaling 1,007,696 USDT.
On August 15, the six accused entered a plea of not guilty to the kidnapping charges. However, Judge Amir Effendy denied bail to the alleged kidnappers and scheduled the next court appearance for October 8.
“After considering all arguments and the nature of the charges, the court has decided that bail will not be granted,” the judge ruled.
Local authorities are actively pursuing four more suspects linked to the kidnapping. These individuals are part of an 18-member gang known for their expertise in abductions.
Selangor police chief Datuk Hussein Omar Khan also confirmed that four additional gang members were shot and killed in separate incidents on August 3.
Up to 40 Years in Prison if Found Guilty
If found guilty under the Kidnapping Act, the six Malaysians could receive a prison term ranging from a minimum of 30 years to a maximum of 40 years, along with possible caning.
Kidnap and ransom are no strange acts in the crypto space. Just recently, the National Police of Ukraine arrested and charged four suspects for the kidnap and murder of a man over 3 bitcoins (BTC) worth approximately $170,000.
The combined efforts of police units and investigators resulted in the identification and arrest of the four suspects. The court has remanded all suspects in custody without the option of bail. They face potential life imprisonment.