Nigerian politician pays $15K ransom in Bitcoin

Nigerian politician pays 15K ransom in Bitcoin

In a recent publication for Daily Trust, Nigerian politician Dr. Umar Ardo explained that he was forced to pay a fifteen thousand dollars (USD 15,000) ransom in Bitcoin, to secure the release of his daughter from kidnappers. 

Last week, Dr. Ardo’s daughter Amado was forcefully kidnapped at gunpoint, while she was walking around a shopping center in the Asokoro District. 

What is impressive about this case is that it is one of the first reported cases where kidnappers demand payment in the form of Bitcoins. This was a specific requirement set by the criminals, who explicitly demanded payment in the popular cryptocurrency, in order to return Dr. Ardo’s daughter in full health. 

Why a ransom in Bitcoin?

According to investigators, one of the main reasons why the kidnappers demanded payment in Bitcoin, is for their identities to remain hidden. 

Sending and receiving funds via Bitcoin is completed through anonymous wallet addresses, which guarantees the criminals their security.

Unfortunately, cases like the one with  Dr. Ardo’s daughter have been undermining the usefulness and validities of cryptocurrencies for quite some time now. 

While there are undeniable benefits to cryptocurrencies and blockchain technology, the fact that they allow users to remain anonymous has made many world leaders express concerns when it comes to security.

A famous example is one of United States President Donald Trump’s tweets about cryptocurrency:

Bitcoin and other cryptocurrencies have indeed been used for unlawful activities like drug sales and ransom requests. However, with the introduction of more detailed regulation, criminals are starting to have limited opportunities to use cryptocurrencies to their benefit. 

Tina Yordanova

Tina Yordanova

Back from her stint with European Central Bank, Morgan Stanley, Barclays, Societe Generale, Hilton Hotels, and Aviva International, Tina rejoins Cryptopolitan with a deeper insight regarding the financial world, blockchain enterprises and institutions and practices involved in it. She is eager to share her rounded perspective honed from the biggest media analysis companies on the Balkans.

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