Feedback Extortion

[peeplescollectables]

I have a buyer who won an auction 2 weeks ago and never paid for the item, making excuses every few days as to why he was unable to do so. I kept giving him the benefit of the doubt until yesterday when he won 4 of my 12 listed auctions. He messaged me saying it would be another week until he could pay me for everything. I promptly canceled his 2 week old order bc I no longer trust this man, and now he is saying once he will leave me negative feedback because I mistreated him

I plan on opening an unpaid notice against this individual tmrw after the 48 hr deadline,  but since he has already extorted me, I would prefer to cut off all ties with this individual since I have now blocked him and don't have to worry about him stealing more auctions from reliable buyers. I know if he doesn't pay, then no negative feedback, and if he does pay and give negative feedback, I can report him to eBay since I have copies of the extortion he messaged me.

Does this sound the best way to deal with this kind of situation? This is the first true con artist I have dealt with on here. Any advice is much appreciated!