Thieves Stole About $450,000 from Crypto Trader at Knifepoint

A Hong Kong woman has fallen victim to a gang of robbers after conducting a crypto transaction worth almost $450,000.

Gang of Four Steal $450K From Hong Kong Crypto Trader

According to a report by the South China Morning Post, a female crypto trader was held at knifepoint by a gang of thieves, who stole HK $3.5 million ($448,700) from the victim.

As part of the robbery operation, one of the thieves posed as a prospective cryptocurrency buyer. The woman had earlier conducted different crypto transactions for the man, ranging between HK$600,000 and HK$700,000.

Hong Kong authorities stated that the trader sold Tether (USDT) tokens to the man via her iPhone and was later lured to an office to receive payment in cash. Shortly after receiving the money, other members of the gang held the trader at knifepoint to steal the money and her iPhone.

Authorities were able to get wind of the robbery after the victim contacted her husband with a second phone, who in turn called the police. Meanwhile, authorities are conducting a search for the gang.

The woman’s uncle, who escorted her to the location of the transaction, also told the police that he saw four men fleeing the scene of the crime.

The details of the attack also closely resemble another incident from earlier in January when a gang of four robbers stole HK $3 million from another crypto trader. In the earlier case, the hoodlums also posed as prospective buyers, completed a few transactions to gain trust before pouncing on their victim.

Armed Robbers and Kidnappers on the Prowl for Crypto Owners

Physical crypto-related thefts are reportedly a regular occurrence in Hong Kong, with the number of such incidents doubling between 2019 and 2020. Indeed, the growing value of cryptocurrencies seemingly provides incentives for armed robbers looking for victims.

Back in 2018, a police officer in India was among a group of people arrested in connection with the kidnapping and extortion of a businessman to the tune of over $49 million.

CryptoPotato compiled a list of crypto security tips for investors and traders to safeguard their wallets and crypto. One of the important things to consider is keeping your holdings private and be very careful when it comes to peer-to-peer transactions.