Home Crypto News How Two Males Received Life Sentences in Vietnam for Committing a $1.5M Crypto Theft: Report

How Two Males Received Life Sentences in Vietnam for Committing a $1.5M Crypto Theft: Report

by Cryptoroz

The Ho Chi Minh Metropolis Individuals’s Court docket dominated that the Vietnamese residents – Ho Ngoc Tai and Tran Ngoc Hoang – will spend their lives in jail for kidnapping a person and stealing $1.5 million value of bitcoin from him.

14 different individuals who additionally took half within the crime acquired sentences between 9 and 19 years. 

No Mercy 

The 34-year-old Tai and the 40-year-old Hoang have been slammed with life imprisonment for orchestrating a classy kidnapping and later draining $1.5 million in BTC from the sufferer. 

Based on native regulation, digital property are unlawful in Vietnam, that means people or companies cannot settle for them as a forex or a method of cost. Nonetheless, the defendants managed to transform the stolen BTC to VND18.8 billion (roughly $800,000). The courtroom dominated that the criminals ought to compensate the sufferer with that quantity.

Tai and Hoang weren’t the one individuals behind the affair. They have been supported by 14 different associates, who will go to jail, too. Nevertheless, none of them will keep behind bars for all times, with sentences various from 9 to 19 years. 

It’s fascinating to notice that two of them – Nguyen Quoc Dung and Nguyen Anh Tuan – served as cops a number of years again. The previous was sentenced to 17 years, whereas the latter will keep in a correctional facility for 12 years. 

Retrospection of the Crime

As CryptoPotato reported final week, the saga began 5 years in the past when Le Duc Nguyen suggested Ho Ndoc Tai to promote 1,000 BTC (equal to over $4 million on the time) so he may purchase different digital property. The funding, although, didn’t flip worthwhile, and Tai instructed he had grow to be a sufferer of a fraudulent scheme. 

He assembled a gang in an try and retrieve his funds, utilizing subtle strategies to trace Nguyen’s location. The workforce additionally employed a van, bought weapons, and kidnapped the goal at gunpoint.

The criminals ordered the sufferer’s brother to switch the unique quantity of 1,000 BTC to Tai’s pockets, however he couldn’t present your complete quantity. As soon as restoring $1.5 million in bitcoin, they deserted the person within the metropolis of Thu Duc: not removed from Ho Chi Minh Metropolis. 

The Vietnamese police, although, have been fast to detect the crime and detained the 16 suspects. Whereas Tai initially admitted to working the operation, he later reversed his confession. Alternatively, his associates stated they thought they might solely gather the debt from the sufferer and never take part in a kidnapping.

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