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

Two bitcoin brokers in Singapore were being reportedly assaulted and robbed of just about $300,000 in money for the duration of an in-particular person assembly with a future seller.

In accordance to an announcement from the Singapore Law enforcement Power Thursday, the incident took place on April 8. Next a report to the law enforcement, a suspect was afterwards determined and arrested, and is at present remaining charged with theft.

If convicted, the law enforcement pressure explained the suspect may perhaps be facing a sentence amongst five to 20 many years in prison with at least 12 strokes in a caning punishment. The authority has not however specified no matter if all the money robbed from the bitcoin brokers was recovered.

The law enforcement pressure mentioned in the announcement:

“The law enforcement will not condone anyone committing this kind of serious offenses and profiting from the proceeds of the crime.”

The report marks possibly one of the 1st regarded scenarios of bitcoin relevant theft crime in the metropolis-point out. It also will come at a time when the surging value of bitcoin in current many years has sparked many armed robberies that have associated the cryptocurrency.

As described by CoinDesk in January, two equivalent scenarios were being noticed in Canada and the U.K. where criminals were being equipped to pressure victims to hand around bitcoin at gunpoint.

Theft graphic via Shutterstock

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