Those traders who need to withdraw their hard-earned bitcoins as cash dollars need to pay extra attention to their safety. Especially if carrying giant amounts. Remember: IronTrade will never send money as a cash payment to you. We always do it via bank transfers or e-wallets.

So, here is the news: in Hong Kong, a trader was kidnapped while trying to withdraw money from some exchange using cash payment.

The police said that a 39-year-old person who used to trade various cryptocurrencies was kidnapped by a gang that pretended to be buyers, who offered to buy crypto worth several million dollars from his exchange account. Those people lured him into a construction site in an industrial area of Hong Kong and beat him. Finally, he surrendered and gave the passwords to his account, so the robbers could transfer the money away. Moreover, the gang called the victim’s family, asking for a 30$ million ransom.

His relatives called the police, but they could not find him as no traces were left. Finally, the man was able to escape by himself, and later, a group of 7 was arrested by the police. By this time, the kidnappers had already sent out about 20$ million from the victim’s account.

As it was said by the police, such scammers try to use different excuses asking for a face-to-face meet. That’s why it is important to trade only one safe and trustworthy platform like IronTrade. We will never offer you cash withdrawals and constantly remind you about the risks.