Taiwan Records First Bitcoin Burglary

Taiwanese authorities have arrested four individuals in relation to a robbery of Bitcoin, the first such crime in the country.

Although most people steal Bitcoin by means of social engineering and hacking, there are still those who stay true to the time-tested method of plain robbery.

Police in Taiwan have arrested four men in relation to the robbery of TW$5 million (about $170,000) in Bitcoin, marking the first time such a case has been chronicled on local soil.

According to the authorities, three of the men pretended to be interested in buying Bitcoin from another individual, luring him to an area of Taichung.

Upon seeing the victim’s proof of possession, they attacked him and then confiscated his phone to transfer the 18 Bitcoins he had.

In a strange twist, the assailants then proceeded to force-feed the victim alcohol to make it appear as though this was a bar fight. Their ploy apparently failed as the perpetrators are now in custody along with the operation mastermind.

“The police saw bloodstains at the scene… after further investigation, it was discovered to be a bitcoin virtual currency robbery,” a statement by Taiwan authorities read.

Unlike traditional robberies, it is not as easy to restore stolen cryptocurrency to a victim. The police might have been able to confiscate the robbers’ wallets, but the stolen coins could just as easily have been transferred to a wallet that sits in an unknown location.

It is easier in some cases to compensate the victim with a certain amount of fiat money, but then again, the value of Bitcoin isn’t determined by any authority in Taiwan, so it would be difficult to agree on adequate compensation.

This isn’t the first cryptocurrency-related robbery to happen globally, however.

Just over a week ago, raiders stole 21 ASIC units from a mining farm in Bulgaria.

Although the methods these thieves use are old, law enforcement agencies around the world have to find new ways of dealing with such incidents.

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