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Singapore individual pleads guilty to stealing $ 360,000 in counterfeit Bitcoin sales

September 9, 2020

A suspect in a high-profile Bitcoin (BTC) theft case pleaded guilty to a court in Singapore.

Syed Mokhtar Syed Yusope, a companion of a $ 360,000 robbery, pleaded guilty to theft in a district court on September 9, The Straits Times reported in Singapore.

Mokhtar, together with his two accomplices Jaromel Gee Ming Li and Mohd Abdul Rahman Mohamad, Hundreds of thousands of dollars in cash were stolen from a Malaysian person in Singapore.

Singapore individual pleads guilty to stealing $ 360,000 in counterfeit Bitcoin salesSingapore individual pleads guilty to stealing $ 360,000 in counterfeit Bitcoin sales

The group pretended to represent a bitcoin broker and misled the victim into believing they were trying to sell him bitcoin for cash. Finally, The criminals attacked the Malaysian and ran away with a backpack with USD 365,000 instead of delivering the promised bitcoins to him.

Subsequently, Mokhtar and Abdul were arrested by police in Singapore in early April 2018. The person would have spent around $ 80,000 on luxury items, including a $ 45,800 Rolex watch.

As reported by The Straits Times, the cases with Mokhtar’s accomplices are still pending. The person is now free on a $ 30,000 bond and will be sentenced on Friday. The court documents reportedly failed to mention whether the authorities succeeded in recovering the remaining portion of the stolen money.

Cryptocurrency theft and fraud have increased dramatically in recent years, from $ 1.7 billion in 2018 to $ 4.4 billion in 2019. According to data from blockchain analytics and monitoring platform Whale Alert, fraudsters have stolen more than $ 38 million worth of Bitcoin in the past four years.

As global authorities try to fight bitcoin-related crimes, new violations keep surfacing. In early September, the US government issued an injunction against an operator of two suspected cryptocurrency fraud programs. In August 2020, Hong Kong authorities arrested three men accused of stealing $ 226,000 from Bitcoin ATMs in Hong Kong.

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