The crypto industry has seen its fair share of crimes, but as the asset continues to gain more value, these crimes continue to become more severe. Just recently, a Singapore resident was sentenced to prison for his involvement in the robbery of S$365,000 (US$267,097) in cash that was meant to be a Bitcoin investment.
According to a report from The Strait Times, 29-year-old Jaromel Gee Ming has been sentenced to three years in prison as he pleaded guilty to engaging in a plan to commit robbery with the help of two other co-conspirators Mohd Abdul Rahman and Syed Mokhtar.
Gee was the part of a Bitcoin brokerage where he executed transactions between parties looking to buy and sell Bitcoin. Rahman assisted Gee with transactions that involved parties with large sums of cash.
But in April 2018, after learning that a Malaysian investor named Pang Joon Hau had arrived in Singapore for a Bitcoin purchase of S$365,000 in cash, Gee decided to switch his business tactics and asked Abdul Rahman and Mokhtar to track the investor in his hotel and rob him on April 8.
Rahman and Mokhtar physically assaulted Pang along with another Bitcoin investor Teo Chern Wei in their hotel room and took off with the cash.
While it is unclear how to authorities uncovered Gee’s involvement in this robbery, he was arrested on April 18, 2018. Rahman was also arrested three days after the incident but is case is still pending, but Mokhtar pleaded guilty according to the report.
Rahman’s ex-wife was also charged in court for knowingly receiving stolen good such as a S$45,800 (US$33,000) Rolex watch purchased with the proceeds from the crime.
According to Singaporean law, robbery committed between 19:00 and 07:00 local time can be given jail term for up to 14 years while also receiving at least 12 strokes of the cane. Gee will receive the same.
Not the only Crypto Robbery
Bitcoin robbery isn’t anything new, last month Honk Kong Police arrested three men for robbing six different Bitcoin ATMs and stealing approximately $30,000 through 11 transactions.
Last year, a Norwegian crypto multimillionaire fell prey to an attempted robbery which compelled him to jump from his second-floor balcony to escape.