Malaysia police recover $1.6M ransom with Binance help in kidnapping case, showcasing successful public-private cooperation in tackling digital crime.
In a remarkable example of public-private cooperation, the Royal Malaysia Police (RMP) have successfully recovered 7 million Malaysian ringgit (approximately $1.6M USD) of the 20 million ringgit ($4.5M USD) ransom paid by the family of a local kidnapping victim. The ransom was paid in both cash and cryptocurrency. It led investigators to uncover a sophisticated cross-border criminal network.
The kidnap was carried out on October 13 when a 59-year-old businessman was kidnapped in Johor while waiting for a taxi to the airport. The victim was freed after the kidnappers had received the ransom money the same day. The investigation was initiated immediately, and local law enforcement and Binance’s FIU started tracking the further distribution of the ransom, including cryptocurrencies.
The tools used to investigate the case were from Binance’s blockchain analysis. The investigators used these tools to follow the flow of the cryptocurrencies and found some of the main actors involved and their relation to the criminal organization. RMP, the regional police force, and Binance worked in unison to advance the investigation.
Malaysia Police Seize $1.6M, Firearm, and Crypto in Kidnapping Operation
RMP’s CCID Senior Officer, ASP Nurul Aqila, agreed that Binance is vital in tracing cryptocurrency flows. They said that with the help of their blockchain knowledge, they could identify transactions and follow the money. Aqila stressed that this case proves that combating digital crime is possible only through cooperation with foreign partners.
The amount included 1.95 million ringgit ($443K) and one million Singapore dollars ($760K) in cold hard cash, as well as 1.75 million ringgit ($398K) in cryptocurrency. Further, the investigators seized a Pietro Beretta pistol, 250 rounds of bullets, and handcuffs. So far, police have arrested 14 people in connection with the crime, including those who coordinated the kidnap and others who dealt with the ransom.
Erin Fracolli, the Binance Global Head of Investigations, pointed out that cryptocurrency can be used in criminal activity. She said that Binance worked very closely with the RMP to track the culprits and recover the ransom. Fracolli also emphasized that Binance continues to cooperate with law enforcement and help victims.
This operation’s success shows that public-private partnerships have emerged as a key component of the fight against digital crime. In particular, it indicates the increasing popularity of cryptocurrency in their unlawful business. Authorities could disrupt the criminal network by combining technological expertise with cross-border cooperation. As a result, they recovered a significant portion of the ransom.
