The Singapore police have arrested three men, aged between 20 and 29, for their suspected involvement in an attempted robbery with hurt. The incident occurred on Aug. 29 at about 7:55 pm along Hougang Street 51, where a 19-year-old male teenager was allegedly assaulted by an unknown man. The teenager had intended to buy Tether (USDT), a cryptocurrency stablecoin, in an offline face-to-face trade.
Background
The victim had opted for an offline trade to avoid transaction fees, which he said could amount to 1 to 2 per cent of the total price for each trade. He explained, “It’s not reasonable to lose out on the fees and everything with my trading frequency.” The deal was for the seller to send USDT to the victim’s crypto wallet once he handed over the cash in person. The victim managed to escape the assailants by running towards Hougang Green Shopping Mall and then back home.
Modus operandi
Through follow-up investigations and the aid of surveillance and police cameras, officers from Ang Mo Kio Police Division identified and arrested the three men involved between Aug. 30 and Sep. 3, 2024. Preliminary investigations revealed that the teenager had received an offer from a 29-year-old man on Telegram to trade cryptocurrencies for cash, amounting to about S$32,000. The transaction was purportedly a sham, with the 29-year-old man allegedly arranging for two other men to assault the teenager and take his money. The teenager was confronted and assaulted by one of the men but managed to leave the location with his money still in his possession.
Arrests and charges
The three men arrested include a 29-year-old man who has been charged with attempting to rob the teenager of S$32,000 over a fake cryptocurrency deal. He was handed one charge of voluntarily causing hurt while attempting to commit a robbery. The other two men, aged 20 and 21, were also arrested in relation to the incident. The case will be heard again on Sept. 12.
Victim’s perspective
The victim shared a video online recounting the incident, explaining his choice for offline trading due to lower costs. He managed to evade the attackers by running towards a nearby shopping mall and then heading home. The police were alerted to the case at Hougang Street 51 on Aug. 29 at about 7:55 pm.
Related events
This incident highlights the risks associated with offline cryptocurrency trades. The police have urged the public to exercise caution and consider safer methods for such transactions. The case has drawn attention to the need for increased awareness and security measures in cryptocurrency trading. The authorities continue to investigate the incident and are working to prevent similar occurrences in the future.
