The [Ransom] Party’s Over As Indian Authorities Crash A Kidnapper’s Bash To Rescue Bitcoin Traders

Guess The [Ransom] Party's Over As Indian Authorities Crash A Kidnapper's Party To Rescue Bitcoin Traders

It's the dramatic conclusion and fortunate end to a two week ordeal for two Bitcoin traders this week – both of whom were freed from captivity thanks to the efforts of Indian Authorities in Jaipur.

This is according to reports from the local Hindustan Times, which reported that the two Bitcoin traders, known as Luftan Shaikh and Mohammad Shazad were kidnapped along with an employee of a non profit organization. The abductors themselves planned to hold them for the steep ransom of 80 Bitcoin, which was sent out to family members of the victims that were kidnapped – according to one of the senior officers based in Jaipur, India:

“The gang kidnapped Shaikh and Shazad, two bitcoin traders, and demanded 80 bitcoins worth 8 crore [about $115,000].”

The three abductees were being held in an apartment on the ninth floor of a multi-story tenement building by a gang consisting of more than eleven members. While seven of these individuals were arrested and are now awaiting conviction, the remaining four managed to escape.

Meanwhile, police had managed to track down the kidnappers while responding to a reported carjacking in the nearby area.

A Happy Ending For These Bitcoin Traders

While the ordeal was an otherwise intense one for the victims of this kidnapping, they have since been taken into a nearby hospital where they now await treatment. This is in light of preliminary medical assessments they underwent, demonstrating that each had been subjected to torture at the hands of their abductors.

Luckily, these three have enjoyed a much more pleasant ending to their ordeal, especially in comparison with other, more high profile cases, where kidnappers demanded high ransom amounts, payable in Bitcoin.

An example of this, unfortunately, includes the wife of the Norwegian citizen – Tom Hagen – Anne-Elisabeth Falkevik who went missing in late 2018. With her disappearance, Hagen received a demand for more than 10 million dollars, to be paid in Monero – a high anonymity crypto. While this ransom was dutifully paid, she remains missing and has since been suspected of being murdered by her captors.

The Guardian reported on the story late last year, discussing the probability that the kidnapping was a staged affair, with little to no intention on the kidnappers side to actually release Elisabeth-Falkevik

“Police Say Abducted Norwegian Woman Probably Murdered – Investigator says kidnapping possibly staged to disguise killing of Anne-Elisabeth-Hagen, wife of the wealthy investor.”

In the same vein – William Sean Creighton Kopko – a well known American businessment was also kidnapped in 2018 while visiting Costa Rica. The ransom demand subsequently appeared, demanding more than $1 million worth of Bitcoin be made to them. While the payment was sent to these captors – he is reportedly still missing more than one year later.

So, What Did These Crypto Traders Miss While They Lived In Captivity?

Prior to them being rescued and subsequently released on early Sunday Morning, July 14th, the two Bitcoin traders had effectively been residing in captivity for more than two weeks. Meaning that they have ultimately been in the dark when it comes to the cryptocurrency scene, especially where it relates to India, since the start of this month.

The one plus side is that it won't be as though the cryptocurrency scene would be wholly unrecognizable to them now, but once they catch up on developments, any optimism they may have had towards the prospect of the Indian Central bank and government being more friendly towards crypto will likely ebb away even more once they do the necessary catching up.

One of the more recent news reports relates to the fact that India has doubled down on its initial attitude towards cryptocurrencies. Making it firm and clear that it will be remaining relatively hostile to nay and all kinds of cryptocurrencies, regardless of who the backer of it is.

This is something that became even more glaringly apparent thanks to the fact that Subhash Garg, India's Secretary of Economic Affairs alluded to the fact that the second most populous country in the world would be one of the few nations to not be welcoming of Facebook's Libra Cryptocurrency – citing its already existing discomfort and mistrust of crypto assets.

It was only days after this that a spokesperson speaking on behalf of Facebook announced that the social media behemoth would be abandoning plans to launch its cryptocurrency in India.

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