Two Chinese Executives Kidnapped And Killed In The Philippines, Ransom Requested In Crypto

Jul 9, 2024

On June 24, two bodies of Chinese medical employees were found in Luzon, more than 400 kilometers away from Manila. Both victims arrived in the Philippines on June 20 for a business trip but were interrupted when they were kidnapped by two unidentified persons.

Xia Ke Fu, 39, a marketing director of Suzhou RainMed Medical Technology and a graduate of Hunan City University, is one of the victims.At his family's request, the authorities will not be disclosing the identity of the other victim, a Chinese-American. 

On June 21, the family members of the unidentified Chinese-American victim were called by the kidnappers to transfer 15 million RMB worth in USDT stablecoin, equivalent to 120 million Philippine pesos. Xia Ke Fu’s family were also demanded a ransom of 3 million RMB in USDT, equivalent to 24 million pesos.

Reports from The Paper, a Chinese news publication, state that the Chinese-American victim had unpaid debt in the country. Both victims were reportedly invited by a certain individual with the alias of “Li Na” through an invitation letter from a medical company called Medev to discuss product distribution and other undisclosed matters. The family members of the Chinese-American victim claimed they met with “Li Na” in the EuroPCR event held in France in May 2024.

Both families rushed to the Philippines on June 27, where they first learned of the death of their family member on June 24 by the Philippine Authorities. According to reports, the US Federal Bureau of Investigation is supporting the investigation.

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