NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Pakistan Police Bust Bitcoin Trading Extortionists, Authorities Fear Trend

Rick Delafont
Rick Delafont
6 years ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

A gang of extortionists demanding Bitcoin for the release of hostages have been arrested by local authorities in Pakistan. The family of the victim had already paid the suspects over US$17,500 of the more than $140,000 demanded.

The case is believed to be the first of its kind in Pakistan, leading authorities to fear that it could inspire others. However, since Bitcoin uses an entirely public ledger with zero additional privacy-enhancing features found in cryptos such as Monero, the choice of payment method seems a curious one for criminals.

Seven Arrested in Connection with Pakistan Bitcoin Ransom Racket

One of those arrested late last week in Lahore, Pakistan, was the deputy commissioner of the city’s telephone operator. Mazhar Abbas was apprehended by authorities on Saturday whilst attending a ceremony with the deputy commissioner.

Interestingly, two of the other suspects were police constables. According to local news publication Dawn, Mohsin Abbas and Mohammad Arif had even served as guards to a high court judge.

Presumably taking care of the payment side of things, Mohammad Tahir of Lahore and Sheikh Abdul Rauf of Faisalabad are reported to be Bitcoin traders.

The gang is suspected of kidnapping a local information technology teacher. Release of Prof Shahid Naseer depended on his family giving up over $140,000 in Bitcoin. As a student of his, Faisal Yousuf – the sixth member arrested – provides the connection between the gang and Naseer.

According to Rashid Hidayat, a representative of the local police, Naseer has now been returned to his family. He went on to state that Yousuf was believed to be the ringleader of the operation. The suspects had rented a car and using Abbas’s connections to the deputy commissioner, had replaced its number plates with government ones. This allowed them to abduct Naseer and take him to Sheikhupura where he was kept until his eventual release.

In a police report documenting the crime, the authorities state that this is the first known example of kidnappers demanding ransom for the release of a victim using Bitcoin as payment method. The document goes on to express concern that other groups might be inspired by the extortion efforts of the gang.

Finally, Hidayat added that it was thanks to the work of three teams of police specialists that the suspected culprits were tracked down – presumably, by following the money already paid by Naseer’s family to the gang. It seems likely, given the non-private nature of the payment method opted for, that Tahir and Rauf were first to be identified by authorities based on their known involvement with Bitcoin and crypto.

Bitcoin Still Not Great for Crime!

Although it may well be the first example from Pakistan, the kidnap of Naseer is by no means the first time a ransom has been demanded in Bitcoin. NewsBTC has reported on many such cases previously, with numerous resulting in arrests.

Unless committed by computer scientists, blockchain forensics often leads to the BTC kidnappers’ arrests.

However, Bitcoin really isn’t that great for criminals. Being an entirely public ledger, blockchain analysis is getting remarkably good at identifying the owners of Bitcoin wallets. Usually, this involves following a Bitcoin payment to the point it is converted to fiat currency and using more traditional investigative techniques, attempting to identify the owners of each wallet BTC passed through on its way to an exchange or similar centralised service through their each’s actions and interactions both online and in the real world.

Whilst Bitcoin is certainly more suitable for ransom payments than American Express or MasterCard, it is no match for the king of criminal money – paper fiat.

 

Related Reading: Crypto and Bitcoin Ransom: A Rapidly Growing Trend

Featured Images from Shutterstock.
Tweet123Share233ShareSend
Rick Delafont
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

DOGE

Dogecoin готовится к прорыву

С самого старта рынка мемкоинов многие называют Dogecoin культовым активом. Однако теперь на горизонте возникает новый проект, который претендует на...

dariajz 14 minutes ago
Altcoins explosifs à surveiller avant un rallye Bitcoin vers 150 000 $ : graphique comparatif et zones clés

3 altcoins explosifs à surveiller avant le prochain rallye Bitcoin à 150K$

Le marché crie “reprise” et les graphiques reprennent des couleurs. Si Bitcoin percute la zone des 150 000 $, l’histoire...

guillaumev 56 minutes ago
bitcoin

Bitcoin’s On-Chain Roadmap Shows $111,000 – $143,000 As The Range To Watch

As Bitcoin (BTC) resumes recording new all-time highs (ATH), focus is back on key price levels that could provide investors...

Ash Tiwari 1 hour ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Корейский флаг

Ethereum поддерживается корейскими инвесторами

dariajz 7 minutes ago
BNB, avalanche, SEI, Litecoin, Sonic, Fantom, SUI, Dogwifhat, Solana, XRP, ONDO, Injective, ZORA

BNB Flips XRP’s Market Capitalization As Price Hits $1,300 Record High – What’s Next?

Rubmar Garcia 8 minutes ago

Η Glassnode αποκαλύπτει: Το 95% της προσφοράς του Bitcoin είναι πλέον κερδοφόρο

Ιωάννης Ριζόπουλος 10 minutes ago

Premium Sponsors

Press Releases

  • Анализатор: FARTCOIN може да нарасне с 95% — ето пасивен начин да го натрупатеv

    Анализатор: FARTCOIN може да нарасне...

    15 hours ago
  • Analist: FARTCOIN ar putea crește cu 95% — iată o modalitate pasivă de a-l acumula

    Analist: FARTCOIN ar putea crește cu 95% — iată o...

    15 hours ago
  • Analitičar: FARTCOIN može porasti za 95% — evo pasivnog načina za njegovo akumuliranje

    Analitičar: FARTCOIN može porasti za 95% — evo pasivnog...

    16 hours ago
  • Elemző: A FARTCOIN 95%-kal emelkedhet – itt a passzív módja a felhalmozásának

    Elemző: A FARTCOIN 95%-kal emelkedhet – itt a passzív...

    16 hours ago
  • Analytik: FARTCOIN může vzrůst o 95 % – zde je pasivní způsob, jak ho hromadit

    Analytik: FARTCOIN může vzrůst o 95 % – zde je...

    16 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.