- A Tourist was forced to transfer $250K USDT.
- Attackers used weapons to coerce the victim.
- The case exposes risks for crypto holders.
With the growing awareness about crypto assets, holders are at increased crime risk. While most crypto crime involves hacks and online scams, some criminals use more direct means.
Recently, Thai police reported a case of direct extortion, using weapons, against a crypto holder. The victim, a Ukrainian tourist, lost $250K in USDT to his attackers before contacting the authorities.
Armed Robbery Causes 250K USDT in Losses
Crypto holders are becoming a target for armed robbery abroad. On Sunday, November 10, local news reported a crime that cost one young Ukrainian tourist $250,000 worth of USDT. The incident occurred on Friday, November 8, in Phuket, Thailand, but did not involve Thai nationals.
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The victim, 23-year-old Viacheslav Leibov, was a victim of a coordinated extortion attempt. His friend, Alfred Chernyshuk, 18, also a Ukrainian national, invited him to visit his hotel room. When he arrived at the hotel room, he was met by an Armenian national, Arman Grigoryan, 21. At that point, two masked ambushed the victim in the room.
Wielding a hammer and a knife, the two attackers threatened him with physical harm if he did not transfer $250,000 in USDT to a wallet that the police did not disclose. Fearing for his safety, Leibov complied. The attackers tied him to the bed and warned him not to report the crime. Despite their warnings, he managed to escape and reported the incident.
Growing Risks of Crypto Extortion
Fraud and extortion cases in crypto are not new. This is especially so for scams targeting foreign nationals in popular tourist destinations, including Thailand.
In November, Thai investigators arrested a group allegedly involved in a 10M USDT extortion scheme. The seven suspects, including six police officers, extorted one individual for over alleged crimes they committed.
Extortion attempts that use direct force bypass the security features of crypto wallets. Even cold wallets are unsafe when users can be coerced to make payments directly.
On the Flipside
- While direct extortion is an issue, crypto traders typically face risks online. In 2023, crypto-related ransomware reached $1 billion in losses.
Why This Matters
The extortion case in Thailand showcases the risks crypto holders face, even when it comes to cold wallets.
Read more about another Thailandโs crypto extortion case:ย
Thailand Police Gang Arrested for $10M USDT Extortion Attempt
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