Investigation: How did cryptocurrency become an accomplice in the kidnapping and murder of a Chinese leader in the Philippines?

By @Bitrace_team

In April 2025, Chinese - Filipino businessman Guo Congyuan and his driver were kidnapped and murdered in the Philippines even after his family paid a ransom of about 26 million RMB. Investigations show the ransom was converted into USDT and laundered through Cambodia - based payment platform HuionePay and local casino intermediaries like 9 Dynasty Group and White Horse Club. The decentralized nature of USD stablecoins, especially USDT, was exploited for fund transfers and money laundering. Despite the Philippine authorities freezing some cryptocurrency, over $1.4 million in USDT flowed into downstream HuionePay addresses. This case reveals how crypto gambling and illegal payment platforms, with their anonymity and cross - border features, facilitate criminal activities like kidnapping and ransom laundering, posing significant financial risks to the crypto community.

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