$3.5 Million: Turkish Kidnapping Gang Targeting Bitcoin Holders Busted

According to Turkish newspaper Habertürk, police recently managed to capture a gang of five extortionists in Merter, a suburb west of Istanbul, one of the country’s biggest cities, making it the first time police carried out an operation in a bitcoin-related crime in Turkey. The extortionists, according to reports, managed to steal 450 bitcoins, worth about $3.54 million, from a businessman earlier this week.

The gang followed the businessman to his car posing as police, before kidnapping him and extorting him out of his coins and online banking account passwords, while holding him at gunpoint and threatening him inside a van. The ordeal reportedly lasted eight hours before the victim was finally let go.

Following the incident, the businessman contacted police and filed a criminal complaint. Police started investigating the case and, as the gang was presumably sloppy at covering its tracks, managed to quickly identify its members.

After identifying those responsible for the crime, authorities launched a surveillance operation, in which they managed to know the quintet’s whereabouts and film its members as they went about their daily lives. Moreover, Turkish cybercrime officials followed the stolen funds’ trail on the blockchain, and it’s unclear whether or not these were recovered…

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