• Two men, Ho Ngoc Tai and Tran Ngoc Hoang, were sentenced for life in prison for kidnapping a person and stealing $1.5 million worth of Bitcoin.
• 14 other people complicit in the crime received sentences ranging from 9 to 19 years.
• The court ruled that the criminals must compensate the victim with VND18.8 billion (approximately $800,000).
Two Men Receive Life Sentences
Ho Chi Minh City People’s Court has sentenced two Vietnamese residents, Ho Ngoc Tai and Tran Ngoc Hoang, to life imprisonment for kidnapping an individual and stealing $1.5 million worth of bitcoin from him.
Supporting Criminals Also Sentenced
The two men were supported by 14 other associates who have also been sentenced to varying jail terms between 9 to 19 years. Two of them – Nguyen Quoc Dung and Nguyen Anh Tuan – are former police officers who have been given 17 year sentences each respectively.
As digital assets are illegal in Vietnam, the court ruled that the stolen BTC must be converted into VND18.8 billion (approximately $800,000) and used as compensation for the victim of the crime.
Crypto Thefts on The Increase
This incident is just one example among many others highlighting how crypto thefts are becoming increasingly common around world as hackers find new ways to exploit cryptocurrency networks for their own gain. Such crimes often go unpunished due to lack of enforcement or jurisdiction issues so it is encouraging to see a strong punishment has been handed down in this case as a deterrent against future thefts.
Risk Mitigation Strategies Needed
It is also important that individuals and businesses take appropriate steps to protect themselves from such incidents by developing risk management strategies which include measures such as KYC/AML compliance, secure wallets and multi-factor authentication procedures amongst others which should help reduce the likelihood of similar crimes taking place in future.