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Vietnam court opens trial on Bitcoin robbery worth over $1.6 million

On May 10th, the People’s Court of Ho Chi Minh City in Vietnam opened a trial regarding the theft of more than 168 Bitcoin, equivalent to over $1.6 million, along with other assets worth around $2,000. The case involves two former police officers, Nguyen Quoc Dung and Nguyen Anh Tuan, as well as Ho Ngoc Tai, Tran Ngoc Hoang, and 12 other accomplices who have been charged with robbery.


Former police officer Nguyen Quoc Dung answered the judges’ questions

According to the indictment, in 2018, after investing in Bitcoin in Ho Chi Minh City and Da Nang, Tai and Hoang became acquainted with a businessman named N. They sought advice from him and ultimately decided to sell all of their Bitcoin, worth approximately $4.26 million, and invest in new tokens such as Aureus and Ifan on various international cryptocurrency exchanges. However, they suffered significant losses and believed that N had misled them.

Feeling that they had been deceived, Tai discussed with Hoang and other friends the idea of stealing N’s Bitcoin. Tai hired a private detective for over $1,000 to locate N’s residence in a building in District 2 of Ho Chi Minh City and attached a GPS tracker to N’s car to monitor his movements. Tai also invited several others to participate in the theft, promising to share 30% of the stolen Bitcoin with them. Among those who agreed to participate were former police officers Dung and Tuan.


At court, the defendants…

On May 17th, 2020, when N and his wife were traveling from Lam Dong province to Ho Chi Minh City in their car, Tai and his accomplices intercepted them on the highway and caused a collision. The group then pointed guns (firing rubber bullets) at N and his wife, and threatened to inject them with a syringe containing fake “HIV-infected blood” (made from red ink) if they did not reveal the password to their crypto wallet. N was then forced to call his brother to transfer an additional 1,000 Bitcoin to the group.

During the trial, all 16 defendants were charged with robbery and faced sentences of 18 to 20 years in prison or even life imprisonment, according to the Supreme People’s Procuracy of Vietnam.

This case highlights the increasing popularity of cryptocurrencies in Vietnam and the potential dangers associated with investing in them. As cryptocurrencies gain more mainstream acceptance, they have become an attractive target for thieves and cybercriminals. Investors must take care to protect their digital assets and be cautious when making investments in the cryptocurrency market.

The incident also raises questions about the regulation of cryptocurrencies in Vietnam. Currently, there is no clear legal framework for cryptocurrencies in the country, and the government has taken a cautious approach towards regulating them. However, as incidents like this continue to occur, the government may need to take a more proactive role in regulating the cryptocurrency market to protect investors and prevent further criminal activities.

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