In a dramatic conclusion to a cryptocurrency theft case in Vietnam, two men have been handed life sentences for stealing over VNฤ37 billion (approximately $1.5 million) worth of crypto in a heist that involved kidnapping and threatening to infect victims with HIV-laden needles.
Joining Hแป Ngแปc Tร i (34) and Trแบงn Ngแปc Hoร ng (40) in their fate are 14 other defendants, who have been sentenced to prison terms ranging from nine to 19 years. Among them are two former police officers who have been given 17 years and 12 years behind bars, respectively.
According to the Ho Chi Minh City People’s Court documents, the whole saga began back in 2018 when Tร i, feeling optimistic and following some investment advice from Lรช ฤแปฉc Nguyรชn (35), sold 1,000 bitcoin worth over VNฤ100 billion ($4.3 million) to invest in other cryptocurrencies through international exchanges.
Unfortunately, Tร i’s investments went south, leading him to believe that Nguyรชn had deceived him. Seeking recompense, Tร i hatched an elaborate plan in May 2020 to steal Nguyรชn’s cryptocurrency.
Read more: How wire fraud, not securities violations, lands crypto criminals in prison
Vietnam kidnappers carry out plot to steal crypto
The scheme involved a group of 16 individuals. They used GPS trackers to monitor Nguyรชn’s every move, and on the fateful night of May 17, they executed their plan with precision. One member deliberately crashed his motorbike into Nguyรชn’s car on the highway.
As the victim was assessing the damage, the other members kidnapped him at gunpoint, shoving him into a waiting van.
To add to the sinister plot, the group coerced Nguyรชn’s wife and children into another van and waved around needles supposedly containing “fake HIV-infected blood.” The group of kidnappers threatened to infect Nguyรชn’s family with the virus unless he transferred 168 bitcoins, valued at VNฤ37.1 billion ($1.5 million), to Tร i.
The court has ordered the defendants to jointly compensate the victim with a sum of VNฤ18.8 billion ($800,000).
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