A high-profile kidnapping in the Philippines has brought the growing use of cryptocurrency in criminal activity into sharp focus. Chinese businessman Guo Congyuan was abducted in April 2025 and his kidnappers demanded a ransom payment made using cryptocurrency, highlighting vulnerabilities within financial systems. The event is raising questions about the future of stablecoins like USDT as potential tools for money laundering.
The kidnapping case involved complex transactions, with the ransom being converted into cryptocurrencies before being sent to various digital wallets. The suspects, Gong Wenli and Wu Jiaping, coordinated the payments using multiple e-wallets. Authorities are investigating potential connections to organized crime groups.