Pakistan Nationals Steal Bitcoin After Kidnapping Foreigners

Crypto theft and scams have become a regular thing in the sector as regulators and law enforcement continues to try to regulate the sector. Despite the potential that crypto holds, these malicious entities are the ones soiling the good reputation of the assets and the sectors. With that, there are stringent rules that have been put in place in specific countries, which has limited the growth of crypto and the sector.

In another twist of bad fate, a group of people suspected of being armed robbers has obtained a huge amount of Bitcoin from Pakistan. In the news that went around the media, the Pakistan nationals were three, laid down siege, and obtained Bitcoin worth close to $93,000 from the foreigners.

The foreigners were deceived with an investment claim

As it stands now, this will be the first-ever armed robbery that will take place in the country regarding stealing crypto as previous ones went through smash and grab processes. Going by the publication, two of the three suspects are presently cooling their heels at the police station with the brain behind the whole operation still out in the open.

The suspects in custody confessed that it was the brain behind the operation that invited the foreign national to the country, on the premise that he would make a huge investment with him in the country. After they reached the country, the suspects decided to show them the beautiful city and, in turn, kidnapped about five of them and took them to an unknown location.

Out of the kidnapped five were two foreign nationals who were citizens of Germany and Switzerland. In a medium to aggravate the whole issue and discourage them from going to the police, the suspects doused their victims with heroin and told them that they would report them as drug dealers.

Crime in the crypto sector has been on the rise

To not be reported as criminals, the victims had no other option but to transfer all of the cash in their confines via Bitcoin, worth about 14.7 million rupees. According to law enforcement, the suspects were tracked using their plate numbers after the act has been done. This is not the first time that a theft via crypto would be happening across the world, as previous news around last year talked about the case of a woman who lost $500,000 worth of Bitcoin to malicious actors.

They tricked her on the premise of buying her Bitcoin in exchange for cash but kidnapped and dumped her in an unknown location after the deal was carried out. Another victim in Hong Kong saw about $461,000 stolen from him in a fresh attack at the beginning of the year, signaling the reasons why people should opt from selling Bitcoin physically. Selling Bitcoin through a peer-to-peer method, though not safe, gives one a level of comfort that their assets would be in the safe custody of the intermediary should anything happen.