Kidnapped Chinese Student In Bitcoin Ransom Returned To Family

Kidnapped Chinese student in Australia who went missing late last month has officially been reunited and returned to his family. The student was kept hostage during a bitcoin ransom of $800,000 as we read in the previous altcoin news on DC Forecasts.

The Chinese Consulate-General in Sydney confirmed that the 20-year old student Ye Jingwang who was studying at the University of Technology Sydney was found in good health. While the consulate did not reveal how Jingwang was rescued, the news reports revealed that the 80 Bitcoin ransom was paid to secure his release. At the current price, 80 bitcoins sums up to $828,000 and with the annual tuition fees at the University that reach up to $20,000 AU, this amount equals the tuition fees by an entire class of more than 50 students for one year. According to the reports, Jingwang’s parents came from China to Australia in late August and ended up paying the ransom.

After the incident, the kidnapped Chinese student is now suspected that he participated in a fake kidnapping. Fake kidnappings occur more with the era of digital currencies because these frauds involve scammers pretending to be Chinese government officials (in this case) who blackmail their victims accusing them of being involved in some seriously punishable crimes in China. The fraudsters usually force their victims into convincing their family members in China that they have been kidnapped before they even demand a ransom. Last year, the Australian Federal Police warned that the fake kidnapping scam was not only on the territory of Australia but was also spread in Canada and in the United States. The ransom is not always demanded in Bitcoin.

However, as we reported in the latest cryptocurrency news, there are many reports that show that the kidnapping was real. According to a friend and relative of Jingwang, the kidnappers used low electricity to shock him and later tie him up. At the time he was missing, he has reportedly been held in the back of a car for ten days according to the Chinese news reports. The student is luckily home safe and is doing well but it is unknown whether he will press charges at this time.