Sad News: Kidnappers now requesting bitcoin as ransom in Nigeria {Gov might ban}

[CryptopreneurBrainboss]

It's quite a sad time to be a bitcoin (cryptocurrency) enthusiast in Nigeria. While we're trying to spread the positive benefits of the currency across the country and Africa continent as a whole irrespective of the government showing negative signs towards the currency, we have recorded some set backs. Each time we take one step forward the bad eggs of the nation take advantage of the hype and leverage on the anonymousity of the currency. First it was the news of Nigerians using the currency to defraud foreigners, since it was easier and they can't be tracked easily. That development lead to a serious attack on account associated with bitcoin transaction irrespective of your source of income. Some accounts  were reportedly frozen while others were blocked for some days (can't confirm this though since I wasn't affected directly).



Recently, the kidnappers are using it to stay anonymous and avoid been traced. The first time such incident was recorded on the continent was when some Kidnappers requested a random of $120,000 to be paid in bitcoin to release a 13yrs old teenager in South Africa.{CNN reports} now the Nigerians (kidnappers) are buying into the idea of using the currency for their dirty operations. It worries me because what ever Nigerians are engaged in an activity be it good or bad they do it to the extend it becomes a trend which will definitely bring about more regulation and probably a ban on the usages or association with the cryptocurrencies in the country.

The recent development [Kidnappers free Abuja victim after ‘$15,000 ransom paid in bitcoin] will definite damage the image of the currency in the country and around the whole especially Africa, if it becomes a trend. What are the possible solution to avoid this trend becoming an easy way out for the kidnappers thereby spoiling the currency image. And what's your take on this issue.

In other positive news: Nigerian crypto educator returns $80k in bitcoin recieve by mistake.

[ahmadakbari]

Is this the first time a kidnapping has taken place?
Didn't the kidnapping happen before the creation of Bitcoin?
Didn't the kidnappers get money before?

[Coyster]

Kidnappers have always demanded ransoms in diverse/distinct currencies, if this is to create a bad reputation for the bitcoin, then it ought to have destroyed that of the fiat currencies a long time ago.
Bitcoin transactions are difficult to trace, but in the "case" of a high profile case, it can be. Kidnappers usually demand ransoms(fiat) dropped at specific pickup points, this act to me is usually as difficult to trace as bitcoin transactions are.

All the furore is just the same old negativity towards the system, whichever way kidnappers choose to carry out their illicit trade, it's no business of ours, but that of the police to do their job effectively.

[pixie85]

Shouldn't this be positive news? Even halfwits from poor African countries who can't find a job and have to kidnap people to bring food to the table are using Bitcoin.

This goes against all those who say Bitcoin is only for tech geeks and an average person won't know how to use it or won't spend time to learn.

[Bountyhonter]

Kidnappers all over the world are already requesting bitcoin as ransom so it shouldn't be a surprise that kidnappers here in Nigeria too are also adopting the system, Our government has never shown interest in bitcoin and i don't think this will have any negative effects.

[samputin]

Seems like bitcoin is in demand and is now really known not only by technologically inclined people but those regular people too (with regular, I meant kidnappers). Because these kind of people are now becoming more witty than before, this should be a wake up call to the authorities and the government to regulate cryptos well.

[DDante]

If kidnappers or any criminal organizations are requesting for bitcoin for settlement or ransoms they are obviously requesting for money, bitcoin has gotten to that stage of standing next to fiat so i don't see how this is any different

[RapTarX]

Muslims are seen as terrorist because of IS. Somedays ago, an attack on NZ Mosque by a Christian proved that "Terrorist has no religion."
Terrorist needs to be safe, they are using bitcoin. It doesn't necessarily have anything to do with the image of bitcoin. Before bitcoin was invented, didn't kidnapper kidnap? You can't blame here bitcoin. If for this reason, Nigerian govt ban bitcoin, I would say all these bitcoin kidnapping is a drama created by govt in order to ban bitcoin.

[bitbunnny]

Shouldn't this be positive news?

I guess, at some point, it can be considered positive. At least, bitcoin is in demand and is now really known not only by technologically inclined people but those regular people too (with regular, I meant kidnappers). Because these kind of people are now becoming witty than before, this should be a wake up call to the authorities and the government to regulate cryptos well.

What is wrong with you? How could use of Bitcoin for criminal purposes be a good news? Or just matters to you that Bitcoin is used, no matter for what
Even without such news Bitcoin still struggles with reputation of illegal activities currency that some people are still convinced in.

[o_e_l_e_o]

Kidnapping and human trafficking is abhorrent. It saddens me that bitcoin, something designed to bring freedom, is being used to facilitate this behavior. I hope justice is swift.

Whenever I see any story about bitcoin being used for illegal activities, I am reminded of an argument made by Andreas Antonopoulos which goes along these lines:

Every currency in the world is used for illegal activities. The black/illegal market is the second largest market in the world in terms of volume, second only to food and drink. If your currency can't be used in the second largest market in the world, then it's not really a currency at all.

[mazdafunsun]

lol. Your screenshot shows that the ransom was asked in 2018. They are not realy smart to ask for BTC, it is easily traceable . If they were smart they would ask for some crypto which is privacy oriented.

[CryptopreneurBrainboss]

lol. Your screenshot shows that the ransom was asked in 2018. They are not realy smart to ask for BTC, it is easily traceable . If they were smart they would ask for some crypto which is privacy oriented.

Revisit the image, that's a twitter account that tweet facts about Africa. All the account is trying to points out was that something similar happen in 2018 in South Africa. Then the account tweeted the recent incident of kidnappers demanding bitcoin in Nigeria, 2019. Read the OP clearly also, i have already inserter links to verifiable sources of the development dating back to 2018 when CNN first reported the news of kidnappers demanding ransom to be paid in bitcoin in South Africa.

Also included the link to the recent reported incident of kidnappers (in Nigeria) demanding ransom to be paid in bitcoin (which has already been paid).

[The Cryptovator]

I am really not feeling good during read OP. This is really not good for bitcoin community at all. Bitcoin community want to spread positive words worldwide about bitcoin, so every government will realise about bitcoin future. But if happen like this kidnap, then government will take step against bitcoin once a time. There major crime happening with real money, but seems criminals moving into bitcoin in order to stay anonymous. Bad news is, bad thing always spread with high speed. So worldwide criminals would know about bitcoin and its anonymity. So they might follow current criminals who have kidnapped. In a result crime rate would increase and criminal will be anonymous.

I have no idea how we will prevent that kind of crime. Perhaps government could trace them through communication. Because criminals should have contact with victims family any way. So government could use latest technology to trace them. I think by this way we could prevent criminals and we could save the trust of bitcoin.

[pundit]

Its really sad that such incidents are taking place in Nigeria or other parts of the world. I think the worst part is not that kidnappers are asking ransom in Bitcoin but it is that kidnappers exist and govt is unable to eliminate them. If there would not be Bitcoin then kidnappers will find other way to get money as ransom, there is no limit, ,they may ask for any valuable thing. Currently its BTC because its hard to trace transaction done on blockchain and a high amount can be transferred within no time. Govt should take some hard steps to stop criminal activities.

[coin-investor]

They saw Bitcoin as something that can make things easier to acquire than asking for fiat, all they need is a transaction txt and they can check if the funds have arrived. Kidnapping is a very very old crime and it did not come because Bitcoin exists, people can prefer to use fiat. gold or anything, we should not blame Bitcoin or feel sad because of any form of payment can be used in a kidnapping.

If the criminals are careless, they can be tracked they should have opted for privacy coins instead.

[omone1]

This should be the first time this men of the underworld are demanding for bitcoin as a ransom payment in Nigeria. And from the information I saw, though am yet to authenticate the source of the info, it seems the kidnappers have been caught. We certainly can't take bad guys off their game, the law is there to deal with them.

[crypthough]

The fact of Kidnapping is very sad and things like that shouldn't be a part of this world. But it's no matter if they demand BTC or Doller or some other currency the fact that they kidnap is the real problem. And the governments should focus on avoiding kidnaping or other bad and illegal activities instead hate BTC for this. BTC don't kidnap people.

[Brakt]

The problem is that all the advantages butcoin has all can also be use by kidnappers. The problems is not Bitcoin, the problem are the goverments and the people how dont understand BTC and don't know how to adress regulations or policies to avoid the missuse of BTC. Their ignorance of the subject makes them think BTC is the devil.

[stompix]

The recent development [Kidnappers free Abuja victim after ‘$15,000 ransom paid in bitcoin] will definite damage the image of the currency in the country and around the whole especially Africa, if it becomes a trend. What are the possible solution to avoid this trend becoming an easy way out for the kidnappers thereby spoiling the currency image. And what's your take on this issue.

None.
What's the solution of stopping a thief running away in a car or on a motorcycle?
What's the solution to stop drones filled with explosives or drugs flying around?

Criminals will use what's more convenient and easy to get for their activities and bitcoin, in this case, fits both.

Just think a bit, in a high ransom kidnapping, you can kidnap the victim, tie it up in some forgotten place, get out of the country even before the family finds out about the crime and then demand the ransom from a continent away.  You get paid, you tell (or not) where the victim is and good luck for the police on finding you. By the time they pinpoint you you would have already managed to enough some coins at some kyc free atms , get a new set of fake papers and enjoy your new life in another country with no extradition policy.
Do you think the police in Bolivia will care about a kidnap in Laos? Or the Kazakh about one in Mali?

Accept it and get over, there will be far worse cases to come, it doesn't change the basics.

[Distraction]

It is frustrating to hear that we see Bitcoin's name in dirty works too. It doesn't mean that Bitcoin is dangerous but there will be many people that will believe Bitcoin is mostly used for things like this.