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.