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Dubai Police Catch 10-Man Gang Responsible for Bitcoin Robbery

· April 29, 2018 · 4:00 pm

The Dubai police have arrested a 10-man gang that stole AED7 million (about $1.9 million USD) from a prospective bitcoin buyer. The arrest comes less than 48 hours after the police received a report of the robbery incident. Police authorities say recently integrated artificial intelligence (AI) technology in the police force helped with the timely arrest of the gang.


How the Alleged Bitcoin Robbery Occurred

According to the details released by the police, the gang lured two brothers looking to buy bitcoin. The 10-man gang was led by a GCC national and other members are of Asian origins. The two brothers had apparently been trying to find bitcoin sellers when they came across the gang.

The alleged thieves convinced the brothers that they had bitcoin to sell and set up a meeting. In the interim, the gang reportedly tricked a shop owner into obtaining his shop on the pretext of inspecting it in lieu of purchase. As it turns out, the shop owner was looking to sell the shop.

the bitcoin robbers

The alleged 10-man gang

Having obtained the shop for the evening, the gang laid an ambush for the brothers. Some members of the gang were in the shop while the others stood sentry outside. As soon as the brothers entered the shop, they were waylaid by the gang members.

According to Lt. Colonel Al Joker, the director of the Dubai Police Criminal Investigation Department (CID), the gang was armed with guns and sharp objects. They managed to subdue the brothers and steal the money before subsequently fleeing the scene. The robbery occurred in the Al Muraqabbat area on April 25.

A Word of Caution for Prospective Bitcoin Buyers

Commenting on the swift arrest of the gang, Major General Abdullah Khalifa Al Merri, the Commander-In-Chief of Dubai Police, praised the efforts of his men. He also commended the fact that they were able to track down the criminals despite the lack of physical evidence at the crime scene. The police chief also reserved praise for the Analysis Center and its use of AI in tracking down the gang.

Major General Abdullah also sounded a note of warning to prospective bitcoin buyers. He urged them to patronize official channels when buying cryptocurrency to avoid falling prey to robbers. The money has since been returned to the brothers.

The recovered money

The money recovered by Police

Cryptocurrency related theft isn’t only limited to the cyberspace. Being valuable assets, people have been targeted by robbers on account of their crypto holdings. In February 2018, news broke out of a robbery that resulted in the theft of 18 bitcoins in Taiwan.

What are your thoughts on bitcoin robberies? Do you think they are as serious as cyber-based cryptocurrency hacks? Please share your views in the comment section below.


Image courtesy of the Gulf News, the Dubai Police, Shutterstock

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Industry Report: No Bitcoin Crime Goes Unpunished

Source: bitcoin

Bitcoin Industry Report

A bitcoin buyer is robbed, the latest game to pay in digital currency, and new initiatives for fighting ransomware are set forth. Want to catch up on your latest digital currency news? Take a look below.

Also read: Industry Report: Bitcoin Fraud Never Works

BITCOIN ROBBERY

A bitcoin buyer has undergone quite a scare after being robbed at knifepoint. 32-year-old Steve Manos of Lake Worth, Florida set out to take part in what he thought was a routine bitcoin sale last Sunday in a nearby parking lot. The thieves, whom Manos had done business with before, held him at knifepoint in the street before making off with the $28,000 USD he had brought for the respective purchase.

While unable to chase the thieves down, Manos later provided the phone number he used to contact the men before to the local sheriff’s office, which was able to arrest one of the burglars. 34-year-old Andre Allen now faces charges of armed robbery, burglary, and battery, and is being held in a Palm Beach County Jail.

TAKARA

Bitcoin-collection game Takara is giving Pokemon Go a “run for its money.” The new game is earning attention from bitcoin enthusiasts everywhere, who have the opportunity to collect cryptocurrency, as well as “tokens representing coupons, tickets, loyalty points, company stocks.”

Players follow a GPS map, which shows various locations where tokens have been “dropped.” Users can pick up these tokens only if they answer very specific questions, usually regarding the locations housing the tokens. The game has recently added support for Counterparty assets, which means players can pick up an essentially unlimited variety of tokens during their travels.

RANSOMWARE

Private and public party members such as Kaspersky Lab, Intel Security, and the Dutch National Police are joining forces to combat ransomware attacks.

Known as “No More Ransom,” the initiative is a means to bring groups together to battle ransomware and make it hard for cyber-criminals to prey on Internet users and finance magnates by “outsmarting them.” Criminal investigation director Wilber Paulisson of the Netherlands explains:

“We, the Dutch police, cannot fight against cybercrime and ransomware alone… This is a joint responsibility of the police, the justice department, Europol, and ICT companies, and requires a joint effort.”

The initiative is providing four decryption platforms that can allegedly stop up to two dozen forms of different ransomware. Nearly 30,000 attempts have been halted worldwide thanks to their combined strength.

Know of any stories that should be included in our regular industry reports? Post your thoughts and comments below!


Image courtesy of makikomi.jp.

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Industry Report: No Bitcoin Crime Goes Unpunished

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