Four Chinese Businessmen Deceived, BTC Scammers Stole $250,000!

UAE’S local national- The National recently reported that in Dubai four Chinese Businessmen were deceived by three frauds in the name of the sale of cryptocurrency. These businessmen were initially enticed by Facebook post that offered the crypto sale. In the post, the crooks made sure to provide a convincing case to inculcate trust of these businessmen by providing evidence that they owned Bitcoin. When

These crooks enticed the businessmen into the apartment in Al Rafaa, Dubai this month. After showing the evidence that the attackers possess Bitcoins, they visited the Dubai’s apartment dressed up as police, raided the place, took the money, tied the four businessmen, and left them locked up in the apartment. They committed a theft of 250,000 U.S. Dollars which is almost equivalent to Dh1 million. According to ‘The National’-

“They stole the money and our mobile phones then locked us inside the apartment and fled,” one of the businessmen said.

In the tacking, the attack, one of the victims managed to free him and catch hold of one of the attackers. Police arrived soon after the incident took place. The remaining of the money $200,000 (Dh800,000) is still missing as the other attackers managed to elope. With the help of tracking methods, the police officers are trying to locate the gang by tracking the license plate of the car which was used in the crime.

In total eight attackers were involved in this incident. By far three have been sentenced. Rest of the criminals could not be sentenced since there was no evidence against them. These convicts are from Pakistan, and all of them are of thirty-eight years of age. The sentenced criminals are punished with one-year imprisonment.

Such cases where violent, deceitfulness is used to steal money and cryptocurrency, are increasing in number since last year. For instance, the infamous South African incident where a man was ferociously beaten up for extorting his Bitcoins which were worth 60,000 U.S Dollars. Another example is from this year only. A drill was used to torture a Dutchman. He was attacked in front of his 4-year-old little daughter. Although the attacker could not manage to steal the man’s Bitcoin, still there was a violent attempt. The independent reports that the investigations are still going on for this case. Another incident involved Nicholas Truglia, a 21-year-old con man who is from New York. He removed 1 Million U.S. Dollars worth f cryptos from an exchange’s account. Bay area’s richest person owned this account.

The crypto world is quite new. It is based on blockchain technology. Any trading or buying requires a basic level of digital currency’s working knowledge. Sadly, the same goes for the ill-intended attackers too. Hacking the cryptos will require knowledge, and not the old times’ style of physical attack. This is of course not to promote hacking or attacks of any sort. It simply reflects that cryptocurrencies allure criminals too.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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