• 16 Vietnamese people, including two former police officers, kidnapped an individual and stole $1.5 worth of bitcoin.
• The whole drama started in 2018 when Le Duc Nguyen advised Ho Ngoc Tai to sell around 1,000 BTC (valued at approximately $4.2 million at the time).
• The group tracked Nguyen’s whereabouts using GPS devices installed on his vehicle and demanded that his brother transfers 1,000 BTC to Tai’s wallet. However, they only received 300 BTC as ransom money instead.
$1.5 Million Crypto Theft and Kidnapping
Two former police officers and 14 other Vietnamese residents were accused of kidnapping an individual and stealing $1.5 worth of bitcoin in Ho Chi Minh City, Vietnam. According to a local media outlet, this incident happened in May 2020 when Le Duc Nguyen was advised by Ho Ngoc Tai to sell around 1,000 BTC (valued at approximately $4.2 million at the time) to purchase other digital currencies but it didn’t go as planned which made Tai believe he had become a victim of a crypto scam.
Formation of the Group
To recover the lost assets Tai formed a team with 16 people (including two former police officers). They tracked Nguyen’s whereabouts using GPS devices installed on his vehicle and hired a van with realistic weapons to kidnap him at gunpoint. While in their custody they demanded that his brother transfers 1,000 BTC to Tai’s wallet but only received 300 BTC as ransom money instead.
The People’s Court
The People’s Court of Ho Chi Mingh City brought all 16 defendants to court for their alleged involvement in the crime -crypto robbery and kidnapping- hoping for justice due to lack of legal framework on cryptocurrencies in Vietnam despite its rising popularity among locals.
Failed Investment Plan
It all started when Le Duc Nguyen advised Ho Ngoc Tai back in 2018 about selling around 1,000 BTC (valued at approximately $4.2 million at the time) for investing into other digital currencies but unfortunately it didn’t work out as expected which eventually led them into taking those drastic measures against each other such as kidnapping and theft attempts to recover their losses..
Conclusion
In spite of cryptocurrency being one of the most popular trends among Vietnamese citizens there is still no legal framework established by government regarding this asset class which creates more vulnerability towards these types of crimes especially without any strong law enforcement unit or legislation against these illegal activities involving cryptocurrencies yet!
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