2026-01-20 08:40:48

Cryptocurrency holders are once again targeted — this time in the Philippines.

Philippine law enforcement recently successfully rescued a Chinese citizen. The victim was robbed and kidnapped inside their apartment by four compatriots. After the criminals obtained their loot, they did not stop; they forced the victim to transfer approximately $400,000 in cryptocurrencies and $14,000 in cash. But even then, the kidnappers were not satisfied and continued to threaten further extortion, even using organ trafficking as a means of intimidation.

This case highlights a concerning phenomenon: individuals holding large amounts of crypto assets are becoming targets for criminals. Unlike traditional bank accounts, the transfer of crypto assets is difficult to trace, giving criminals more confidence to carry out their crimes.

In the end, the victim was able to escape by sending a distress signal to a trusted friend, and the Philippine police subsequently rescued him. This incident serves as a reminder to all crypto asset holders: properly safeguarding private keys, being cautious about revealing asset information, avoiding displaying wealth, and developing emergency plans — these are basic safety practices, but they are often the most critical when facing targeted crimes.

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LiquidatorFlash

· 11m ago

$400,000 directly wiped out... This risk control gap is too outrageous. Private key exposure = complete loss of assets, more hopeless than being attacked by a smart contract, with no possibility of rollback.

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LayerZeroHero

· 01-21 19:31

It has been proven that the traceability of on-chain assets has truly become an attack vector for new types of crimes... $400,000 can be transferred instantly, and the vulnerabilities in this protocol architecture need to be taken seriously.

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BrokenYield

· 01-20 19:17

nah this is exactly why "not your keys" only gets you halfway there... systemic risk isn't just about protocols failing, it's about physical threats when liquidity becomes too obvious. 400k gone because someone didn't manage their correlation matrix of operational security. honestly, the real black swan event is thinking cash holdings + crypto equals anonymity lol

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AllInAlice

· 01-20 09:07

Oh my goodness, this is so brutal. $400,000 just disappeared like that? You really have to be low-key with crypto assets. --- No... the fact that a compatriot committed the crime is truly shocking. What were these people thinking? --- So, big players in the crypto world still need to be more cautious. Never let anyone know your private keys. --- Is security in the Philippines that bad? It feels like crypto holders are now really sitting ducks. --- Organ trafficking? That’s so ruthless... it seems holding large amounts of assets has also become a "original sin." --- Fortunately, this guy has friends to ask for help, or he might never have made it back. --- That’s why I say don’t flaunt your wealth everywhere. Being low-key is the way to go. --- $400,000 just vanished in one transfer. Is tracking really that difficult? Isn’t blockchain supposed to be transparent? --- Honestly, this is quite distressing to watch, but it’s also a wake-up call.

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OldLeekConfession