$800,000 Bitcoin Ransom Frees Kidnapped Chinese Student in Australia

The Chinese pre-university student who was reported kidnapped late last month in Australia for 80 Bitcoin has been rescued and reunited with his family. The Chinese Consulate-General in Sydney confirmed that the 20-year old Ye Jingwang who was studying at the University of Technology Sydney had been found ‘safe’ and in ‘good health’.

80 Bitcoin ransom paid

While the Chinese Consulate-General did not reveal how Jingwang was rescued, china’s English-language publication That’s has revealed that a ransom of 80 Bitcoin was paid to secure his release. At the current Bitcoin price of around $10,350, that translates to $828,000. With the annual tuition fees at the University of Technology Sydney averaging AU$20,000 (US$13,400) for most courses, that’s an amount that equals the tuition fees by an entire class of sixty students for one year.

According to That’s, Jingwang’s parents traveled from China to Australia in late August and paid the ransom. Read More at CCN...

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