Results 1 to 9 of 9

Thread: BUYER LOSES $278,000 USD IN BITCOIN ROBBERY

  1. #1

    BUYER LOSES $278,000 USD IN BITCOIN ROBBERY

    Now who would agree to meet a stranger in a hotel room and pay cash to purchase Bitcoin in the first place? Was there something else actually going on?

    http://bitcoinist.com/malaysian-bitc...0-usd-robbery/

    The Singaporean police force has recently announced a robbery case involving a Bitcoin transaction. Pang Joon Hau, a Malaysian man, traveled to Singapore on April 8th in search of Bitcoin sellers.

    Pang contacted a broker in Singapore, who then met with Pang at his hotel where the two of them waited for the seller to show up.

    The “seller” eventually showed up, accompanied by his “broker.” Once it was ascertained that Pang was carrying hundreds of thousands of dollars worth of cash without any sort of security protection, the criminals then assaulted Pang and his broker. The criminals then fled, carrying with them roughly the $278,000 USD Pang had brought with him.

    Pang Joon Hau quickly filed a report after the robbery, which allowed the police to glean more information about the suspected criminals. After some intensive groundwork, the local Singaporean police announced last Thursday that they had captured the two criminals.

    Mohd Abdul Rahman Mohamad, the Bitcoin “broker,” was arrested at a hotel in a smaller Singaporean district, Sentosa, and was charged with robbery by the police. However, the police also suspect that he is involved with another robbery case earlier in the year where he robbed over $150,000 Singaporean dollars worth of expensive items from a home.

    However, some believe that before he was arrested, the criminal had already spent over $60,000 USD on a luxurious shopping spree, with some reporting that he spent some of the money on luxury watches. Due to the Bitcoin robbery involving an intent to hurt, he could be put in jail for a minimum of 5 years, a lengthy sentence to say the least.

    Syed Mokhtar Syed Yusope, his partner in crime, was arrested at a rail transit station with his 10,000 Singaporean dollar share of the stolen amount as he attempted to evade capture by police forces.

    However, the unsuspecting buyer, Pang Joon Hau, has also been put under scrutiny by the police in Singapore as Arthur Law, Commander of Central Police Division Assistant Commissioner, mentioned that it was not normal for such transactions to be arranged that featured a large amount of physical cash to be exchanged for Bitcoin. The police are currently investigating the source of the funds carried by Pang.
    Last edited by Zippyjuan; 04-15-2018 at 01:37 PM.
    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    Quote Originally Posted by NorthCarolinaLiberty View Post
    I didn't actually read any of the thread. I now mostly just come here to mess with Zip.
    I am Zippy and I approve of this post. But you don't have to.



  2. Remove this section of ads by registering.
  3. #2
    Since there have been numerous "stings" by feds buying bitcoin and placing people under arrest for not having a money transmitter license I wouldn't trust meeting any stranger to buy or sell bitcoin.
    “…let us teach them that all who draw breath are of equal worth, and that those who seek to press heel upon the throat of liberty, will fall to the cry of FREEDOM!!!” – Spartacus, War of the Damned

    BTC: 1AFbCLYU3G1dkbsSJnk3spWeEwpqYVC2Pq

  4. #3
    When I am in a Singapore hotel I usually never have more than 200 in cash . I never meet anyone in Malaysia that had 200K that did not work for the govt .
    Do something Danke

  5. #4
    Quote Originally Posted by kpitcher View Post
    Since there have been numerous "stings" by feds buying bitcoin and placing people under arrest for not having a money transmitter license I wouldn't trust meeting any stranger to buy or sell bitcoin.
    Have there been many after bitcoin was declared to be a security?

    It seems like you would just be buying or selling a security at this point.

    localbitcoins.com is a good thing. In person meetings seem like the truest form of exchange to me now that anonymous fiat exchange is goin away on the big exchanges.

    I bet if they keep making it so hard to swap into fiat people will abandon fiat and exchange crypto for gold
    Last edited by The Northbreather; 04-17-2018 at 05:23 PM.

  6. #5
    Quote Originally Posted by The Northbreather View Post
    Have there been many after bitcoin was declared to be a security?

    It seems like you would just be buying or selling a security at this point.

    localbitcoins.com is a good thing. In person meetings seem like the truest form of exchange to me now that anonymous fiat exchange is goin away on the big exchanges.

    I bet if they keep making it so hard to swap into fiat people will abandon fiat and exchange crypto for gold
    Don't see a simple list of all those charged for selling bitcoin. However someone was charged in Feb 2018 for a sale that was done in 2016

    https://news.bitcoin.com/us-federal-...-9-99-bitcoin/
    “…let us teach them that all who draw breath are of equal worth, and that those who seek to press heel upon the throat of liberty, will fall to the cry of FREEDOM!!!” – Spartacus, War of the Damned

    BTC: 1AFbCLYU3G1dkbsSJnk3spWeEwpqYVC2Pq

  7. #6
    Quote Originally Posted by kpitcher View Post
    Don't see a simple list of all those charged for selling bitcoin. However someone was charged in Feb 2018 for a sale that was done in 2016

    https://news.bitcoin.com/us-federal-...-9-99-bitcoin/
    The cop who gave him the cash told him he made the cash by manufacturing an illegal substance, to get him with the money laundering charge.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  8. #7
    Quote Originally Posted by The Northbreather View Post
    Have there been many after bitcoin was declared to be a security?

    It seems like you would just be buying or selling a security at this point.

    localbitcoins.com is a good thing. In person meetings seem like the truest form of exchange to me now that anonymous fiat exchange is goin away on the big exchanges.

    I bet if they keep making it so hard to swap into fiat people will abandon fiat and exchange crypto for gold
    Bitcoin has not been declared a security, but the SEC did weigh in on cryptocurrencies and ICOs:
    https://www.sec.gov/news/public-stat...ton-2017-12-11

  9. #8
    Quote Originally Posted by The Northbreather View Post
    Have there been many after bitcoin was declared to be a security?

    It seems like you would just be buying or selling a security at this point.

    localbitcoins.com is a good thing. In person meetings seem like the truest form of exchange to me now that anonymous fiat exchange is goin away on the big exchanges.

    I bet if they keep making it so hard to swap into fiat people will abandon fiat and exchange crypto for gold
    ICOs were declared a security I believe.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."



  10. Remove this section of ads by registering.
  11. #9
    Quote Originally Posted by dannno View Post
    ICOs were declared a security I believe.
    I see so for now it’s considered a commodity unless it is used to structure a security-like product...



Similar Threads

  1. Replies: 1
    Last Post: 01-28-2018, 10:38 AM
  2. Replies: 11
    Last Post: 06-20-2017, 07:43 AM
  3. Bitcoin:Help Me Document When It Crashed And Its Buyer's Trade Was Broken
    By S.Shorland in forum Bitcoin / Cryptocurrencies
    Replies: 3
    Last Post: 03-29-2013, 06:21 AM
  4. Replies: 3
    Last Post: 03-29-2013, 06:21 AM
  5. Replies: 2
    Last Post: 05-04-2010, 06:55 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •