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Cryptocurrency Abduction: Hong Kong Businessman and Son Held by Police

A 70-year-old businessman and his 30-year-old son were apprehended by authorities in connection with an investigation into the abduction of a cryptocurrency investor. They voluntarily surrendered to police at Tai Po Police Station, accompanied by their legal representative.

Although not directly implicated in the actual abduction, the businessman and his son were arrested on suspicion of false imprisonment and assault. Police uncovered a link between the suspects and the abduction upon discovering that the getaway vehicle belonged to the family.

An insider source alleged that the businessman had invested a significant sum of HK$15 million (US$1.9 million) in virtual currency through the victim approximately 18 months ago. Reportedly, difficulties in retrieving the investment arose, and the victim became increasingly difficult to contact over time.

The victim, a 55-year-old woman, was forcibly taken from her vehicle in Tai Lau Leng Village by four unidentified assailants and forced into a seven-seater vehicle. Her 43-year-old husband attempted to intervene but was subdued with a stun gun. Both the victim and her husband sustained injuries during the incident and received medical treatment at a nearby hospital.

As of Thursday evening, authorities continue to search for the four assailants. Police suspect they may have been hired for the abduction, and there is a possibility of a lack of direct involvement between the businessman and the physical abduction. This incident marks the second abduction in Hong Kong within a 32-hour period, sparking concerns about a potential surge in such crimes.

May 2024, Cryptoniteuae

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Vaibhavv Ali
Vaibhavv Ali

Vaibhavv Ali is the founder and editor of Cryptonite (cryptonite.ae), an independent digital-asset news and analysis publication with a UAE focus. He covers virtual-asset regulation — VARA, ADGM and the UAE Central Bank — alongside real-world-asset tokenization, stablecoins and agentic AI in finance. Every Cryptonite article is human-edited and its sources are linked. He is also a celebrated speaker and host.

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