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The Ho Chi Minh City People’s Court ruled that Vietnamese residents – Ho Ngoc Tai and Tran Ngoc Hoang – will spend the rest of their lives in prison for kidnapping a man and stealing $1.5 million worth of bitcoins from him.
14 other people who took part in the crime also received sentences ranging between 9 and 19 years.
no mercy
Tai, 34, and Hoang, 40, were Slammed Life sentence for masterminding a sophisticated kidnapping plot and subsequently extorting $1.5 million in BTC from the victim.
According to local law, digital assets are illegal in Vietnam, which means that individuals or businesses cannot accept them as currency or means of payment. Nevertheless, the defendants managed to convert the stolen BTC into VND18.8 billion (approximately $800,000). The court ruled that the perpetrators should compensate the victim with that amount.
Tai and Hoang were not the only ones behind the affair. He was supported by 14 other colleagues who would also go to jail. However, none of them will end up behind bars for life, with sentences ranging between 9 and 19 years.
It is interesting to note that two of them – Nguyen Quoc Dung and Nguyen Anh Tuan – had served as police officers a few years earlier. The former was sentenced to 17 years, while the latter would serve 12 years in a reformatory.
crime review
As crypto potato informed of Last week, the saga began five years ago when Le Duc Nguyen advised Ho Ndoc Tai to sell 1,000 BTC (equivalent to more than $4 million at the time) so he could buy other digital assets. However, the investment did not turn out to be profitable, and Tai suggested that he had become the victim of a fraud scheme.
Using sophisticated methods to track down Nguyen’s location, he assembles a gang in an attempt to retrieve his money. The team rents a van, buys weapons, and kidnaps the target at gunpoint.
The criminals ordered the victim’s brother to transfer the original amount of 1,000 BTC to Tai’s wallet, but he could not give the full amount. Once the $1.5 million in bitcoins was recovered, they dropped the man off in Thu Duc town: not far from Ho Chi Minh City.
However, Vietnamese police were quick to investigate the crime and detained 16 suspects. While Tay initially admitted to running the operation, he later reversed his confession. On the other hand, his associates said that he thought that he would only collect the debt from the victim and would not participate in the kidnapping.
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The Ho Chi Minh City People’s Court ruled that Vietnamese residents – Ho Ngoc Tai and Tran Ngoc Hoang – will spend the rest of their lives in prison for kidnapping a man and stealing $1.5 million worth of bitcoins from him.
14 other people who took part in the crime also received sentences ranging between 9 and 19 years.
no mercy
Tai, 34, and Hoang, 40, were Slammed Life sentence for masterminding a sophisticated kidnapping plot and subsequently extorting $1.5 million in BTC from the victim.
According to local law, digital assets are illegal in Vietnam, which means that individuals or businesses cannot accept them as currency or means of payment. Nevertheless, the defendants managed to convert the stolen BTC into VND18.8 billion (approximately $800,000). The court ruled that the perpetrators should compensate the victim with that amount.
Tai and Hoang were not the only ones behind the affair. He was supported by 14 other colleagues who would also go to jail. However, none of them will end up behind bars for life, with sentences ranging between 9 and 19 years.
It is interesting to note that two of them – Nguyen Quoc Dung and Nguyen Anh Tuan – had served as police officers a few years earlier. The former was sentenced to 17 years, while the latter would serve 12 years in a reformatory.
crime review
As crypto potato informed of Last week, the saga began five years ago when Le Duc Nguyen advised Ho Ndoc Tai to sell 1,000 BTC (equivalent to more than $4 million at the time) so he could buy other digital assets. However, the investment did not turn out to be profitable, and Tai suggested that he had become the victim of a fraud scheme.
Using sophisticated methods to track down Nguyen’s location, he assembles a gang in an attempt to retrieve his money. The team rents a van, buys weapons, and kidnaps the target at gunpoint.
The criminals ordered the victim’s brother to transfer the original amount of 1,000 BTC to Tai’s wallet, but he could not give the full amount. Once the $1.5 million in bitcoins was recovered, they dropped the man off in Thu Duc town: not far from Ho Chi Minh City.
However, Vietnamese police were quick to investigate the crime and detained 16 suspects. While Tay initially admitted to running the operation, he later reversed his confession. On the other hand, his associates said that he thought that he would only collect the debt from the victim and would not participate in the kidnapping.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
