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UAE: Gang jailed for robbing, assaulting Bitcoin expert who gave them investment advice

They also threatened to kill the victim if he didn't pay back the $30 million they lost by investing in the digital currency

Published: Thu 26 May 2022, 10:34 AM

Updated: Thu 26 May 2022, 11:21 AM

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Six persons were given six-month jail terms for stealing $200,000, two phones, three watches and a diamond ring valued at Dh390,000 from a European who taught them how to invest in Bitcoin.

According to police investigation, the man and his wife filed a report stating the gang assaulted, robbed and threatened to kill them after breaking into their villa. They demanded that the victim pay back the money they lost by investing in Bitcoin.

The victim said the defendants had asked him for advice on how to invest in Bitcoin, as he is an expert in the field. They invested $30 million, which rose to $100 million after several days. They brought on other investors, but after a few days, the currency fell to zero and they lost all their savings.

The victim told the court that the gang contacted him again to find out how they could compensate for their loss. He advised them to invest in a new virtual currency that had not officially been launched.

The defendants welcomed the idea and created a website for trading the currency. But after 15 minutes, the site was hacked and the currency fell to zero.

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The investors accused the man of causing the loss of their money and showed up at his villa, where they assaulted him and his wife, stole their belongings and fled the scene.



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