Emily Walker
Cryptocurrency is increasingly becoming a target for cybercriminals due to its anonymous nature and minimal regulation. Many of these crimes involve online tactics like hacking and ransomware. However, there have been alarming incidents where individuals are robbed in person. Recently, Thai news reported that a Ukrainian tourist was the victim of an armed robbery, losing $250,000 in USDT on November 8.
The police report indicated that the tourist was attacked by two armed suspects. They coerced him into transferring $250,000 worth of USDT before he could reach out to the Thai authorities.
Physical Crypto Robberies Increase in Thailand
Those holding cryptocurrency not only face risks from cyber thefts, like hacking but also from armed robberies and extortion. On November 10, local Thai media reported another robbery incident involving a Ukrainian tourist who was assaulted and had $250,000 in USDT stolen.
This theft occurred on November 8 in Phuket, and it involved no local participants.
The reports detailed how 23-year-old Viacheslav Leibov faced a planned extortion attempt. He was lured to his friend Alfred Chernyshuk’s hotel room when he was met with Arman Grigoryan, 21, an Armenian national. The two masked assailants then attacked Leibov.
The police report specified that the attackers were armed with a knife and a hammer, threatening Leibov with harm unless he transferred $250,000 in USDT to their wallet.
In a bid to protect himself, Leibov complied and executed the transfer. Afterward, he was tied to a bed and warned against contacting the police. Nevertheless, he managed to escape and alert the authorities.
Growing Worries About Crypto Extortion
Cybercrimes including hacking and ransomware have been prevalent for some time. In addition to these forms of cybercrime, cryptocurrency holders are also increasingly facing fraud and extortion, notably in Thailand. Leibov’s experience is not an isolated case in this region.
In a related incident last November, Thai law enforcement apprehended a group implicated in a major extortion scheme involving 10 million USDT. Reports mentioned that seven individuals were apprehended, including six rogue police officers, which has damaged the reputation of the Thai police.
Security Concerns for Crypto Holders Intensify
Historically, threats related to cryptocurrencies were primarily associated with online trading. An estimate from 2023 indicated that crypto-related ransomware caused losses exceeding $1 billion.
Now, with these incidents occurring in Thailand and other tourist hubs, it is clear that crypto holders are at risk even while using their cold wallets.
Image credit: The Courier Mail, chart data from TradingView