South Africa: Man Tortured for Bitcoins, in Intensive Care

A Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term trader in South Africa was lured to a residence under false pretences and set upon by five individuals who wanted his cryptocurrency. The crime took place in Soweto, a township in Johannesburg.

A hot iron

According to local news source Soweto Urban, "Andrew", of Lanseria, was invited to give a presentation at a private residence by a man he had met on Facebook, and later in person. When he got there, someone came up behind him and knocked him out by way of a chemical-soaked cloth to the face.

He awoke in a different house, surrounded by five individuals. These stripped him, assaulted him, and burned him with a hot iron, demanding to know his account details. They also threatened to kill him.

He transferred Bitcoin worth approximately 900,000 rand ($65,984) to the assailants, who also robbed him of two mobile phones, two laptops, 3,000 rand in cash, and then dumped him blindfolded on the side of a road.

Andrew is currently in intensive care being treated for burns.

Other violent crime

In September 2018, a Cape Town businessman named Liyaqat Parker was held hostage for over two months by kidnappers who demanded 50 bitcoins. And outside of South Africa, a complicated case in India saw a man complain to the police that he was kidnapped by nine corrupt police officers. In the end, it transpired that he himself was the kidnapper, of a different individual; he had taken revenge for losing money in a BitConnect-related scheme. He extorted millions of dollars worth of Bitcoin from his victims and is currently in hiding.

Violent crimes involving Bitcoin do seem to have peaked; in late 2017/early 2018 stories were breaking more frequently. Examples include: armed men attempting to rob a Bitcoin exchange in Canada; a man assaulted and forced to transfer bitcoins in Taiwan; armed men breaking into a house and threatening a man's family to get him to transfer bitcoins in Oxfordshire; a gang in New Delhi involved in kidnappings and fraud; and a New York man (armed of course) accosting a man and stealing his digital wallet.

There seems to have been fewer of these kinds of stories as the year has progressed; perhaps there is, after all, a positive to be found in the waning value of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. This, however, is unlikely to be a comfort to Andrew.