Bitcoin Thief Could Be Caned for $300K Robbery in Singapore

Two bitcoin brokers in Singapore were assaulted and robbed by nearly $300,000 in cash while meeting with a prospect bitcoin seller offline.

AccessTimeIconApr 13, 2018 at 1:00 p.m. UTC
Updated Dec 12, 2022 at 12:43 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Two bitcoin brokers in Singapore were reportedly assaulted and robbed of nearly $300,000 in cash during an in-person meeting with a prospective seller.

According to an announcementhttps://www.police.gov.sg/news-and-publications/media-releases/20180412_arrest_Man_Arrested_for_Robbery_and_Housebreaking_a from the Singapore Police Force Thursday, the incident happened on April 8. Following a report to the police, a suspect was later identified and arrested, and is currently being charged with robbery.

If convicted, the police force said the suspect may be facing a sentence between five to 20 years in prison with at least 12 strokes in a caning punishment. The authority has not yet specified whether all the cash robbed from the bitcoin brokers was recovered.

The police force stated in the announcement:

"The police will not condone anyone committing such serious offenses and profiting from the proceeds of the crime."

The report marks perhaps one of the first known cases of bitcoin related robbery crime in the city-state. It also comes at a time when the surging price of bitcoin in recent years has sparked several armed robberies that have involved the cryptocurrency.

As reported by CoinDesk in January, two similar cases were seen in Canada and the U.K. where criminals were able to force victims to hand over bitcoin at gunpoint.

Robbery image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.