Chinese businessman killed in suspected crypto revenge plot in Istanbul

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Chinese businessman identified as Yong Wang has been named as the victim of a crypto robbery that appeared targeted and ended up fatal, according to local Chinese and Turkish publications. 

The deceased was found buried in a shallow grave in the Arnavutkoy district, a municipality and district of Istanbul Province, with classic signs of an abduction: duct tape over his mouth and binding hands and legs to ensure captivity. 

Reports claim that 10 suspects have been arrested on Interpol warrants issued after the perpetrators were identified as Chinese nationals, who traveled specifically for the attack that ultimately led to the death of the 38-year-old victim. 

Missing Chinese businessman turns up dead in Turkiye

The Bakirkoy District Police Department started looking into the case when Yong Wang was first reported missing by his lawyer about one month ago, on January 24, after he landed in Istanbul. 

This prompted a criminal investigation by the on-duty prosecutor’s office in Gaziosmanpasa.

The police found the missing businessman in the same area by tracking GPS signals from the victim’s car. The investigators reportedly found digging tools in the field that the geolocation data led them to, where they also found Wang dead and buried in a standing position in a hurriedly arranged grave site.  

The Missing Persons Bureau of the Istanbul Police Department’s Public Order Branch reported that they found duct tape was used to restrict Wang’s hands, feet, and mouth.

Why was Wang targeted in this fatal attack?

Wang’s attackers reportedly came from China in retaliation, seeking retribution for allegedly defrauding them of an undisclosed, unverified amount of money. According to footage circulated by local Turkish media, Wang was picked up with the help of a female collaborator who identified and aided in his abduction. 

The perpetrators allegedly made off with Wang’s crypto wallet after a fatal blow to the head. 

One eyewitness cited in local reports claimed to have seen two people around the burial site that was discovered the following day after his first cousin, who was also the head of his village, informed him of a buried “Chinese man” in the same field. 

The international nature of the crime led to the Interpol red notice that ultimately led to the arrests of ten suspects, including one female, in China. 

The rush for crypto in violent attacks

According to a Cryptopolitan report, Alena Vranova, founder of hardware wallet maker SatoshiLabs, warned that at least one Bitcoin holder per week is targeted for their digital assets in a violent crime.

Wrench attacks often involve threats or the execution of physical violence to compel victims to part with their digital assets. 

While such violent attacks are reported all over the world, France has especially become notorious for these “wrench attacks.” It was even named the crypto kidnapping capital of the world due to the frequency of the violent crimes, with six already reported this year, adding to at least 19 from last year. 

This year’s victim list already includes Binance France CEO David Prinçay and the partner of a 35-year-old magistrate. 

In the United States, Nancy Guthrie, the mother of NBC’s Today show co-anchor, Savannah Guthrie, was the victim of a kidnapping where the assailants reportedly demanded Bitcoin of up to $6 million as ransom, according to TMZ, accompanied by graphic threats of physical violence on the 84-year-old victim. 

While crypto is down across the board, with institutional capital being pulled out at alarming levels, digital currencies appear to still be attractive to these criminal elements. However, in many cases, it is often based on the misguided notion that it is anonymous and untraceable. 

In reality, most blockchains are visible on a permanent, uneditable public ledger. 

That was what led to the arrest of six suspects, including a minor, in the case involving the partner of the French magistrate. 

A former National Crime Agency officer also bagged a five-and-a-half-year sentence in 2025 for stealing 50 Bitcoins seized from the Silk Road darkweb marketplace.

Ironically, the lost Bitcoin had been written off as untraceable as of late 2021 after the convicted officer Paul Chowles moved it through the Bitcoin Fog crypto mixer.

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