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Taiwanese police have arrested four men after a bitcoin robbery worth five million Taiwanese dollars (approximately $170,000 USD). The case has been described as the first of its kind in Taiwan by authorities.

Also Read: Bungling Bitcoin Thieves Foiled by Quick-Witted Trader 

Taiwanese Trader Loses 18 Bitcoins in Robbery

Four Arrested Following Taiwanese Crypto RobberyA bitcoin trader with the surname of Tai has become the victim of Taiwan’s first crypto robbery.

Taiwanese Police have stated that three men in their early 20s arrange to meet Mr. Tai in the city of Taichung under the pretext that they were wanting to purchase bitcoins from him. Once Mr. Tai had evidenced that he possessed 18 bitcoin using his phone, the assailants assaulted him and his friend, before taking his and phone transferring 18 bitcoins from his wallet. Taiching city police also stated that the suspects forced Mr. Tai to drink Kaoliang, a strong Taiwanese liquor, in an attempt to have the incident dismissed a drunken argument.

The police arrested one man at the scene of the crime after receiving a call about the incident. The official police statement said that “The police saw bloodstains at the scene…after further investigation, it was discovered to be a bitcoin virtual currency robbery,” adding that case comprised “the first domestic case of bitcoin robbery.”

Incidences of Crypto Robberies on Increase

Four Arrested Following First Taiwanese Crypto RobberyThe two other suspected assailants were arrested later, one of whom was found hiding on the outlying island of Kinmen. The fourth individual, surnamed Shih, was later detained and is accused of being the mastermind behind the robbery.

Last month, three men armed with handguns attempted to rob the office of an Ottawa-based bitcoin exchange, Canadian Bitcoins. Four employees were bound, however an unseen fifth employee was able to contact police, who were able to thwart the robbery. A Russian man holidaying in Phuket, Thailand was also the victim of a crypto robbery last month, after being blindfolded and forced to transfer approximately $100,000 worth of bitcoin to his assailants.

As a cryptocurrency investor, what security precautions do you take? Share your strategies in the comments section below!

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