Let's assume that is possible and you see how the person is blackmailed / coerced. And you know these people who are involved. Would you report it to the police or would you be silent because you yourself started a crime by cheating yourself?
Where hacked? The one who is blackmailed or the one who blackmails?
In which the blackmailed
Then I would talk to him.
If you have clear evidence, you should report it. But I'm assuming that's not true.
Would bring nothing in the case
Have it recorded so you could prove it already
Then I would try anyway and keep me out of it.
OK