Last updated:
Author
Julia Smith
Author
Julia Smith
Share
Why Trust Cryptonews
Ad Disclosure
We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships.
Catherine Colivas, an Australian woman, pleaded guilty to kidnapping an unnamed Saudi Arabian royal in February last year as part of a Bitcoin scam that netted $40,000. However, she avoided jail time for her role in the scheme.
Catherine Colivas Pleads Guilty To Saudi Arabian Royalty Scam
The 24-year-old TikTok influencer previously pleaded guilty to kidnapping, extortion, recklessly causing injury, theft, and gun possession. Still, she walked away from her sentencing on December 16 with just a community corrections order. This is the equivalent to community service in the United States.
Prosecutors allege that Colivas met with a 23-year-old member of the Saudi Arabian royal family in February of last year for drinks. When he offered to drive her home, he was jumped by three men and driven off against his will.
According to news.com.au, the prince was bound with zip ties and threatened to have his fingers cut off should he have failed to pay a $20,000 ransom. The captive royal, who reportedly traded digital assets, then transferred $40,000 to his kidnappers’ accounts.
The attackers proceeded to drive the unnamed victim back home, where they stole several luxury items before releasing the prince.
Colivas was facing a maximum of 25 years behind bars. However, she got a lesser sentence thanks in part to her weakened mental condition and poor upbringing.
Per CoinMarketCap, one Bitcoin on the date of the crime was valued at $23,147. According to Bitcoin calculator Bitbo, the stolen $40,000 worth of the token would now equate to $145,271.
Bitcoin Sets Price Records
News of the high-profile case and Colivas’ subsequent sentencing comes amid a Bitcoin boom that has seen the token experience a surge following the election of incoming U.S. President Donald Trump.
Trump, who launched his family’s crypto platform, World Liberty Financial, earlier this year, has been an outspoken advocate for digital assets.
The former reality television has pledged to enact a crypto-friendly regulatory approach to the blockchain sector when he returns to the Oval Office next month.
The Satoshi Nakamoto-created cryptocurrency has soared in light of the anticipated more balanced regulatory atmosphere. Bitcoin reached a record high of over $106,000 in the past 24 hours alone.
