Singaporean court recently found the major suspect in a huge robbery case which is related to Bitcoin trading. One accomplice, in this case, Syed Mokhtar Syed Yusope has pleaded guilty in the court on September 09. He along with two other people have stolen hundreds of thousands of dollars in cash from a man based in Malaysia, in Singapore. Other two accomplices include Jaromel Gee Ming Li and Mohd Abdul Rahman Mohamad.
Singaporean court has not revealed whether the remaining amount is recovered
The group of these three accomplices presented themselves as a Bitcoin broker in front of the Malaysian man. They have fooled the victim that they are selling him Bitcoin for cash and that’s how they stole $365,000 from the man.
Back in April 2018, Mokhtar and Abdul were arrested by the Singaporean police. It was revealed that around $80,000 was spent on luxury goods which also includes a Rolex watch. Mokhtar is currently out of jail on a bail of $30,000 but he will be sentenced again on Friday. The documents released by the Singaporean court has not mentioned whether the authorities have managed to recover the remaining amount or not.
Crypto-related frauds are increasing
Other than this recent case of Singaporean court, there are a lot more like this. It has been noticed that over the past few years, crypto-related frauds are increasing quite rapidly. According to data revealed by Whale Alert, $38 million of Bitcoin has been stolen in the past four years. Back in 2018, the crypto-related scams counted around $1.7 billion which has now increased to $4.4 billion in 2019. This is quite indicative of how rapidly crypto scams are increasing. Authorities across the world are trying out different measures in order to deal with this rapid increase in crypto scams, still, it seems quite difficult to tackle them.