Bitcoin ransom case: TikTok influencer avoids jail after Saudi prince kidnapping bid

• Catherine Colivas avoided jail time for a Bitcoin ransom kidnapping scheme. 
• The case underscores the rise of cybercrime amid a Bitcoin boom and increasing ransomware attacks.

Catherine Colivas, a 23-year-old former childcare worker from Australia, faced legal proceedings after her involvement in a Bitcoin [BTC] ransom kidnapping scheme targeting a Saudi Arabian prince.

In February of the previous year, Colivas pleaded guilty to charges including kidnapping, extortion, burglary, and recklessly causing injury, though she avoided jail time.

For those unaware, the scheme used BTC to demand $40,000 in ransom, raising concerns about cybercrime and financial scams.

Catherine Colivas pleads guilty

Despite the gravity of these offenses, she avoided a lengthy prison sentence, instead receiving a community corrections order—a form of community service—in Victoria, Australia.

In fact, during sentencing, it was revealed that Colivas lured a Saudi royal via a dating app, ending in an ambush involving her boyfriend. The royal, who was walking Colivas to her door, was attacked and robbed of $40,000 worth of Bitcoin.

At the time of the crime, one BTC was valued at $23,147. According to Bitbo, the stolen amount would now equate to approximately $145,271 in today’s market value.

Ransomware attacks surge

Interestingly, the high-profile case involving Colivas has emerged amid a growing Bitcoin boom, fueled by the election of incoming U.S. President Donald Trump.

As of the latest update from CoinMarketCap, BTC was trading around $106,871.02.

Alongside this surge, ransomware attacks have surged, with $449 million extorted from victims in the first half of 2023—60% higher than the same period in 2022 as per a report.

Thus, as the focus shifts to regulations, it remains uncertain how the new administration will tackle crypto challenges.