In Thailand, a Ukrainian cryptocurrency trader named Mr. Leibov recently fell victim to a violent robbery that underscored a growing trend of crypto-related crimes spanning both digital and physical dimensions. The trader lost 250,000 USDT after being ambushed, in what law enforcement officials describe as an increasingly prevalent type of crime involving cryptocurrencies.
Ukrainian Crypto Trader Robbed in Thailand Amid Surge in Physical Crypto Crimes
The attack occurred when Mr. Leibov entered a hotel room where he expected to meet a friend. However, the meeting turned into a brutal ordeal as masked assailants attacked him in the bathroom. He was restrained using ropes and cable ties while facing threats from a hammer and knife. Under duress, the attackers forced him to transfer over 8.5 million baht worth of cryptocurrency, amounting to approximately $244,000, from his digital wallet.
Thai authorities acted quickly in response to the incident, arresting four suspects within days. Police investigations revealed that one of the suspects had previously been a customer of Leibov’s cryptocurrency services. This detail pointed to a premeditated attack driven by inside knowledge of the trader’s digital assets.
A Ukrainian man told police he visited a friend's room on this southern tourist island and was forced to transfer cryptocurrency worth more than 8 million baht to a group of armed men.
Listen to the story or get the full story in the 1st comment.#ukrainian #tourist #phuket… pic.twitter.com/CWIOhV37pw
— Bangkok Post (@BangkokPostNews) November 10, 2024
The Rise of Crypto-Related Crimes
This case highlights a rising wave of crimes involving cryptocurrencies in different forms. Data from the Federal Trade Commission shows that approximately $65 million was lost to Bitcoin ATM schemes in the first half of 2024 alone. In addition to physical crimes, there are mounting cyber threats targeting cryptocurrency users, including the use of “Clipper malware” that alters wallet addresses during transactions.
The increasing focus on the cryptocurrency industry by criminal groups has become evident, with both traditional criminals and highly organized cybercrime rings targeting the sector. Among these groups is North Korea’s notorious Lazarus group, which has reportedly expanded its operations to include targeting crypto firms through sophisticated phishing schemes.
Globally, cryptocurrency-related crimes have escalated significantly. In the first half of 2024, over $1.38 billion was stolen through crypto hacks, more than doubling the $657 million reported during the same period in 2023. This surge is attributed to a few large-scale attacks and the rising value of cryptocurrencies, which have made the sector more attractive to cybercriminals. Additionally, the prevalence of scams like “pig butchering,” where victims are deceived into fraudulent investments, has contributed to the increasing financial losses in the crypto space.
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