Police are actively searching for four Chinese nationals believed to have broken into a luxury home in Pathum Thani, one of the central provinces of Thailand, and forced the resident to transfer $2 million (70 million baht) in crypto assets.

The break-in took place around 2 AM on Wednesday in Tambon Ban Mai in the Muang district.

Crypto Heist

According to police reports, six residents, including three men and three women, occupied the house at the time of the incident. Ke Jibao, a 35-year-old Chinese businessman, reported that he and his wife were asleep when the four masked suspects, armed with guns and knives, entered the property.

The intruders reportedly restrained Ke, his wife, and a maid, tying their hands and feet. They then coerced him into contacting a relative in China to transfer $2 million in crypto assets to their account. After confirming the transfer, the assailants stole the security camera servers and escaped in the victim’s black Toyota Alphard.

Following the incident, Ke suffered a minor knife wound on his right wrist. The male helper, Chen Mingfa, 26, sustained a facial injury after being struck on the forehead with a gun. The stolen vehicle was later found abandoned near a power plant on Liap Khlong Prapa Road at 1:30 PM on Wednesday and was taken to the Police Forensic Science Centre 1 for examination.

The victim told investigators that he was unaware of the motive behind the robbery or how the perpetrators knew his relative. The police believe the robbery was carefully planned, noting that the suspects entered the housing estate on foot, thereby avoiding security checks requiring identification.

Pol Col Narong Iamrahong, commander of the Pak Khlong Rangsit station, stated that investigators are reviewing footage from other security cameras in the area to trace the suspects. The authorities also plan to question the victims and neighbors further.

Crypto Adoption in Thailand

The increase in crypto adoption in Thailand has led to a surge in scams. The country and its regulators are currently seeking a balance between encouraging the crypto ecosystem and curbing fraud.

Interestingly, the Securities and Exchange Commission (SEC) in Thailand allowed institutional investors and high-net-worth individuals to invest in crypto ETFs in March this year.

Meanwhile, crypto custody providers are required to use digital wallet-management systems under SEC regulations to ensure the safety of customer assets.

Thailand currently stands at 10th in Chainalysis’ 2023 Global Crypto Adoption Index, with many crypto exchanges being granted licenses.

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