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Crypto traders cut out the middleman, just Rob victims



Illustration for article titled Crypto Traders Cut Out the Middleman, simply Rob Victim

photo:: Sean Gallup / Staff ((Getty Images)

Two supposedly Singapore crypto trader apparently came up with a foolproof plan: rIf a customer’s 365,000 Singapore dollars are not converted into bitcoin, they are simply robbing the victim as they complete the trade.

The money worth about $267,556 USchanged hands in 2018 when alleged 20-year-old Malaysian victim Pang Joon Hau came to Singapore to buy cryptocurrencies.

Why he did this personally is not clear, but the suspects are– – Jaromel Gee Ming Li, Mohd Abdul Rahman Mohamad and Syed Mokhtar Syed Yusope –met him in a hotel and then after that Straits Timesallegedly “Attacked the Malaysian and his broker and got away with the money.”

“The central police division commander, Deputy Commissioner Arthur Law, told reporters on Thursday that it was not customary to conduct bitcoin transactions in person and with that much cash,” he wrote Strait’s Times.

The theft occurred in April 2018 and Mokhtar pleaded guilty in court on September 9, 2020. Singapore officials have not yet brought Mokhtar’s alleged charges Accomplices.

Pang should be aI arrived at Hotel 81 in Singapore with a backpack full of cash. On April 8, 2018 at around 11 p.m., he met with the so-called brokers.

“Pang showed Mokhtar the money and Mokhtar hit Pang once on the left cheek. Lee tried to intervene but Mokhtar hit him, ”said the assistant prosecutor.

Abdul Rahman then stole the backpack and left.

The DPPs said Mokhtar received a $ 15,000 cut in the program.

Given the decentralized nature of cryptocurrencies and the $ 24 million worth of cryptocurrencies stolen from the iIn 2020, it is unclear why the alleged attackers personally decided to do so. After all, it’s much easier and cheaper to simply request a wire transfer and then give the merchant the detour when they ask about the crypto, resulting in a wonderfully anonymous criminal venture.

Mokhtar is currently out on bail of $ 30,000.


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