Vietnamese Crypto Robbery Trial Begins: Kidnapping and Theft
- Crypto crimes increasing: The case in Vietnam illustrates the growing threat of theft and robbery targeting cryptocurrency holders
- Vietnam's crypto prominence: Vietnam's crypto adoption is on the rise, but it also faces challenges of security and regulation
Vietnam Crypto Kidnapping: $1.5M Theft Trial Begins
On May 10, the People's Court of Ho Chi Minh City in Vietnam commenced a trial involving 16 suspects accused of kidnapping and stealing cryptocurrency.
The case revolves around Ho Ngoc Tai, Tran Ngoc Hoang, and their accomplices, who allegedly stole approximately 35 billion VND (around $1.5 million) in crypto from Le Duc Nguyen.
The incident dates back to 2018 when Ho Ngoc Tai sold about 1,000 Bitcoins, valued at 100 billion VND, following Nguyen's advice to invest in other cryptocurrencies. However, Tai's investment suffered significant losses, leading him to believe he had been deceived by Nguyen and seeking reimbursement.
Tai enlisted the help of others to locate Nguyen and devised a plan for a crypto robbery in May 2020. Two former police officers were among the gang members. They utilized GPS trackers to monitor Nguyen's movements, and on the night of the robbery, one member intentionally crashed his motorbike into Nguyen's vehicle. When Nguyen stepped out to inspect the situation, the rest of the group abducted him at gunpoint, forcing him into a van.
The gang then coerced Nguyen into contacting his brother and requesting a transfer of the original 1,000 Bitcoins to Tai. However, upon discovering that Nguyen's brother didn't possess the cryptocurrency, Tai seized Nguyen's phone and transferred approximately 35 billion VND worth of crypto to himself. Subsequently, the group abandoned Nguyen in the city of Thu Duc.
In a separate incident last month in India's National Capital Region of Noida, three individuals, including a married couple, were arrested for an attempted crypto robbery. Allegedly, they staged a robbery at their own residence, attempting to gather information about a friend's multimillion-dollar cryptocurrency investment portfolio.
Vietnam has emerged as a prominent hub for cryptocurrency adoption in the ASEAN region, with an estimated 17 million crypto owners in the country. Factors contributing to Vietnam's crypto dominance include low crypto taxation, limited access to traditional financial services, and protection against inflation. However, Vietnamese crypto investors have also faced losses, exemplified by the aftermath of the FTX collapse.
Vietnam currently hosts 200 active blockchain initiatives, with gaming and metaverse projects accounting for 28.8% of the total. Notably, the popular fantasy game Axie Infinity is headquartered in Ho Chi Minh City.
Also, Read - How To Earn Free Bitcoin TapSwap: Why it is Trending
