Pakistan Authorities Arrest Two For $93K Bitcoin Robbery

In Gujranwala, a city in Pakistan, police officers has arrested two suspects for their involvement in stealing Bitcoin (BTC) worth Rs14.7 million ( approximately $93,000) from their foreign associates. 

A local news outlet reported today that the suspects, in collaboration with one Rana Irfan, the mastermind of the operation, lured two foreigners to put their money in a cryptocurrency investment scheme. 

The victims, who are German and Swiss citizens, were invited to Lahore, Pakistan’s second-largest city, to discuss details about the business. 

On getting to their hotel residence, Irfan offered to show them around the city. However, the victims in company with three others were kidnapped along the line by the suspects. 

Irfan tried to implicate the victims as drug smugglers by sprinkling heroin on them and threatening to report them to local authorities unless they pay a ransom of $93,000 in bitcoin. 

The victims were forced to make the payment but later filed a First Information Report (FIR) with the police, who swung into action, arresting two of the suspects using their vehicle registration numbers. 

According to the report, this is the first-ever crypto heist in Pakistan, adding that Irfan is still at large. 

Not New

In January, Coinfomania reported that a Chinese trader lost 15 BTC to thieves via a similar move. 

The disguised robbers invited the trader to meet with potential buyers he met online while promising that he would receive cash in exchange for his bitcoins. 

Unfortunately, the move became one the victim would regret for the rest of his life as robbers forcefully took the money from him after the transaction was successful. 

Growing Bitcoin Adoption Amid Volatility Risks

Despite the risks associated with these types of business transactions, traders are still determined to increase their Bitcoin holdings as the price of a unit of BTC continues to spike. 

Since late last year, Bitcoin has been bullish, setting new all-time highs (ATH), and is considered the best investment choice for people looking to shield themselves from the current global economic woes. 

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Author: Lele Jima

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Author: Lele Jima