Cointelegraph Team
Cointelegraph
A major suspect in a high-profile theft case related to Bitcoin (BTC) trading has pleaded guilty in a Singaporean court.
Syed Mokhtar Syed Yusope, an accomplice in a $360,000 robbery, pleaded guilty in a district court to a robbery charge on Sept. 9, Singeporean news agency The Straits Times reports.
Mokhtar, alongside his two accomplices, Jaromel Gee Ming Li and Mohd Abdul Rahman Mohamad, stole hundreds of thousands of dollars in cash from a Malaysian man in Singapore.
Pretending to represent a Bitcoin broker, the group duped the victim into believing that they wanted to sell him Bitcoin for cash. Eventually, the criminals assaulted the Malaysian man, fleeing with a backpack with $365,000 instead of providing the promised Bitcoins.
Mokhtar and Abdul were subsequently arrested by Singaporean police in early April 2018. The man reportedly spent about $80,000 on luxury goods, including a Rolex watch worth $45,800.
As reported by The Straits Times, the cases involving Mokhtar’s accomplices are still pending. The man is now out on $30,000 bail and will be sentenced on Friday. Court documents reportedly did not mention whether the authorities have managed to recover the remaining part of stolen money.
Cryptocurrency-related theft and fraud has been massively surging in recent years, up from $1.7 billion in 2018 to $4.4 billion in 2019. According to data from blockchain tracking and analytics platform, Whale Alert, scammers stole over $38 million worth of Bitcoin over the past four years.
While global authorities are trying to combat Bitcoin-related crimes, new offences keep coming in. In early September, the United States government issued a cease and decease order against an operator of two alleged crypto scam schemes. In August 2020, authorities in Hong Kong arrested three men accused of stealing 226,000 Hong Kong dollars from Bitcoin ATMs.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Trust Wallet with over 100 million users back on Google Play Store after temporary removal
Trust Wallet is a non-custodial software wallet that allows traders to send, receive, exchange and hold digital assets. Users can hold cryptocurrencies and NFTs in their Trust Wallets. The wallet disclosed its removal from Google’s application store, Play Store, early on Monday.
Maker loses 9% in past 24 hours as whales sell MKR for profits
Maker (MKR) wiped out 9% of its value in the past 24 hours. Data from crypto intelligence tracker Santiment shows that large wallet investors are taking profit on their MKR holdings, likely driving down the asset’s price.
Week Ahead: Bitcoin could surprise investors this week Premium
Two main macroeconomic events this week could attempt to sway the crypto markets. Bitcoin, which showed strength last week, has slipped into a short-term consolidation. However, a shift in momentum could soon bring forth a momentary rally for BTC and altcoins.
XRP slides to $0.50 as ETHgate controversy resurfaces, Ripple CTO debates impact on litigation
Ripple (XRP) loses all gains from the past seven days, trading at $0.50 early on Monday. XRP holders have their eyes peeled for the Securities and Exchange Commission (SEC) filing of opposition brief to Ripple’s motion to strike expert testimony.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.