Kidnappers kill Venezuelan citizen for not paying ransom required in bitcoins

A Venezuelan trader has been kidnapped and killed after his family failed to get a ransom, which clearly demanded that the kidnappers be paid in bitcoins. The criminals demanded the amount of 1.5 bitcoins to free the hostage, and then reduced the ransom to 0.5 bitcoins. The victim’s family eventually failed to receive a ransom.

Venezuelan Citizen Kidnapped, Ransom Demanded In Bitcoins
The Venezuelan national, identified as Gustavo Torres Gonzalez, was killed yesterday when his family failed to collect a ransom and his kidnappers demanded payment in bitcoins. Torres was kidnapped on August 10 and allegedly went home in Zulia state, according to police. According to local media, the kidnappers quickly contacted Torres ‘ family and asked them to pay 1.5 bitcoin to free him. However, his family was unable to raise money and managed to reduce the ransom to 0.5 bitcoin in communication with the kidnappers.

However, it was a tragically huge sum to be bought by his family, who managed to collect only 0.062 bitcoins ($2750). Torres ‘ body was later discovered on the local highway on August 11 with six gunshot wounds.

No Clear Link To Cryptography
Although the kidnappers made it clear that they would only receive the ransom in bitcoins, Torres did not have a clear relationship with cryptocurrencies. He owned a local ISP internet company in the area called Tutonet Investments. However, it is not clear whether the Venezuelan citizen is involved in cryptocurrency mining or accepts payments in cryptocurrency for his services.

The popularity of cryptocurrency in the country has led to an increase in fraud and crime using these new assets. Cryptocurrencies, thanks to their innovative design, can sometimes be more difficult than money carried on traditional Fiat channels. However, statistics show that the vast majority of crimes are still committed with Fiat money rather than cryptocurrencies.

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