Sixteen individuals accused of kidnapping and stealing cryptocurrency began their trial at the Ho Chi Minh City People’s Court on May 10, 2023. The defendants, including Ho Ngoc Tai, Tran Ngoc Hoang, and their associates, allegedly stole approximately $1.5 million worth of cryptocurrency from Le Duc Nguyen.
According to local media, Tai sold 1,000 Bitcoins in 2018 based on Nguyen’s advice. However, when the investment went awry, he accused Nguyen of deceiving him and demanded a refund. In May 2020, Tai orchestrated a plan to rob Nguyen and enlisted the help of collaborators, including two former police officers, to track and intimidate him.
The group executed their plan by intentionally crashing a motorcycle into Nguyen’s car, forcibly abducting him, and confining him inside a rented van. They then coerced the victim to contact his brother and request a transfer of 1,000 Bitcoins to Tai. When they discovered that Nguyen’s brother did not possess the cryptocurrency, Tai used Nguyen’s phone to transfer 35 billion Vietnamese Dong (VND) worth of cryptocurrency to himself.
Vietnam ranks second among the Association of Southeast Asian Nations (ASEAN) countries in terms of cryptocurrency adoption, with research by Triple-A revealing that one in five Vietnamese citizens owns cryptocurrency. The country boasts 200 active blockchain initiatives, with gaming and metaverse projects comprising 28.8% of the total. The headquarters of the fantasy game Axie Infinity is located in Ho Chi Minh City.
Vietnam’s favorable tax policies for cryptocurrencies, limited access to traditional financial institutions due to censorship, and protection against inflation have contributed to the widespread adoption of cryptocurrencies in the country. However, cryptocurrency scams and robberies are prevalent in Southeast Asia, and Vietnam is no exception.
DeFi Planet reported on May 7, 2023, that the Philippine National Police arrested at least 12 members of the Colorful and Leap Group and rescued 1,090 individuals who had been smuggled into the Philippines from other Asian countries. group. These victims had been lured into supporting fraudulent cryptocurrency investments.
In a separate incident in the National Capital Region of Noida, India, police arrested a married couple and another individual in connection with an attempted cryptocurrency robbery. The suspects had planned to stage a robbery at their residence but were apprehended while trying to gather information about a friend’s multi-million dollar bitcoin investment portfolio.
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