Vietnam court sentences two men to life in prison over $1.5M crypto theft

A Vietnamese court docket sentenced two people to life imprisonment over a violent cryptocurrency theft, The Star reported May 16.

Ho Ngoc Tai and Tran Ngoc Hoang had been discovered responsible of stealing cryptocurrency value 37 billion Vietnamese đồng ($1.5 million).

Fourteen different people obtained jail sentences starting from 9 to 19 years. Two of these people had been former cops, the report mentioned.

The crime stemmed from an incident in 2018 by which Tai adopted the recommendation of the sufferer, Le Duc Nguyen. Tai bought Bitcoin after Nguyen advised he ought to spend money on different cryptocurrencies; Tai then misplaced cash on these investments.

Believing that he had been deceived, Tai labored with 15 others to steal cryptocurrency from Nguyen in a plot that concerned stalking, kidnapping, and threats of HIV an infection. Nyugen and his spouse and youngsters had been all focused within the scheme; Nyguen’s brother was additionally contacted however didn’t give up any crypto.

These concerned within the crime should now pay 18.8 billion Vietnamese đồng to the sufferer. The stolen cryptocurrency has reportedly been transformed to native forex as a result of it isn’t a authorized type of fee in Vietnam.

Regardless of cryptocurrency’s lack of authorized standing in Vietnam, the nation is among the many world’s high crypto adopters. Stories from Chainalysis in 2022 mentioned the nation ranked first on varied metrics, above the Philippines and Ukraine.

The submit Vietnam court sentences two men to life in prison over $1.5M crypto theft appeared first on CryptoSlate.

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