It had always been feared that cryptocurrency can be used to perpetrate crimes, money laundering, Terrorism, and kidnap issues.

2 of such cases had confirmed as abductors demand ransom from parents or relatives of Kidnapped victims to be paid in Bitcoin.

Many including the industry players are well aware of this situation and are finding ways to get perpetrators to book.

Notwithstanding this, only 2 had already been confirmed as the kidnappers had asked for ransom to be paid in Bitcoin, to take advantage of its anonymity status to swerve the authorities. Unknowing to these perpetrators exchanges and outlets which accepts cryptocurrencies as means of payment had made laid down required rules such as Know Your Clients (KYC) which will help identify people who transact with these companies.

The latest incident occurred in Abuja Nigeria, where some residents in the capital city of Nigeria had been abducted by Kidnappers. Abduction in the country is an eckankar which the authorities are looking for ways to deal with and bitcoin or cryptocurrency is not what they can deal with as of now.

Aishat Ardo, who was among residents of Abuja was kidnapped on Saturday, has been freed after a ransom was paid by her father, She was said to have been released in the Gwarimpa area of Abuja.

TheCable, a news outlet in Nigeria on reported that she was released by her abductors on Sunday night after her father paid $15,000 in bitcoin.

The FCT police had released a communique to citizens of the region that it is working hard to get the perpetrators and had intensified search for the remaining victims.

“Contrary to speculations about an upsurge in this crime, the command wishes to correct the notion and inform the public that the aforementioned were the only cases reported to the police and efforts are being intensified to arrest the suspects. The command wants to reaffirm its commitment to protecting lives and property by deploying pro-active security measures that would nip this crime in the bud.”

In this light, the President of SiBAN Mr Paul Ezefuluakwe and his outfit had released a caution to all its members and exchanges to be on the look for such criminals who may want to patronage their outfits to use the platform to exchange cryptocurrencies for fiat and also mentioned that they are to get KYC features activated on their exchanges which will help nip these criminals.