A man in Hong Kong was the victim of a Bitcoin robbery as thieves stole USD 180,000 in cash which he was planning to buy bitcoin with.

Which makes us wonder what it is about the presumption of making money by buying and selling cryptocurrency that makes some people lose the use of their common sense? The latest example of this phenomenon took place in Hong Kong. A man looking to buy bitcoins was lured into an ambush by criminals, in which he had HK$1.4 million (approximately USD 180,000) stolen from him in a Bitcoin robbery.

The Set Up

The victim is a Bitcoin trader by the surname of Lee. The criminals contacted him through his WeChat account, and a deal was arranged for him to purchase a total of five bitcoins.

The details of the agreement were that he would get the cryptocurrency at a five percent discount off the current market price. The kicker was that the deal had to be in cash.

The victim then headed to the rendezvous point, which took place at a Starbucks on Hennessy Road, Wan Chai at 4:30 pm. At the time, Lee was carrying HK$450,000 (just over USD 57,500). He was engaged by two men, who told him that they were willing to trade more bitcoins, so another “business meeting” was arranged at 9:30 pm later in the same day. No trade occurred during this first meeting.

The Execution

Lee then loaded a bag with HK$1.4 million (USD 180,000) and headed out to McDonalds on King’s Road, North Point for the second meeting. However, the two “sellers” did not show up.

At around 10 pm, one of the “sellers” contacted Lee on his phone, saying that they had lost their bearing. He was asked to meet them outside the State Theatre Building that’s located at about 100 meters away from the McDonalds on Kings’s road.

As Lee headed towards his new destination, he was jumped from behind by three masked men. One of them pushed him down while the other two seized his bag and mobile phone. The robbers then escaped the scene on foot.

As for Lee, he sustained minor injuries to both his hands and legs, but he did not require any hospitalization. Police combed the area but found nothing, but they are still looking for the five criminals (or perhaps just three) criminals who took part in the Bitcoin heist.

The victim was lucky in that he didn’t suffer any major injury. Criminals as we know, are quite willing to kill for that amount of money. Still, one would think that carrying large sums of cash to clandestine meetings with total strangers would serve as a significant red flag.

In his effort to save a measly five percent, Lee lost USD 180,000. If you meet someone that trades bitcoins or anything, start off by buying a small amount of what he sells. If all goes well, then you can raise your purchasing power.
It’s evident that the crooks were sizing Lee up, discerning if he had the money on him by the first meeting. Once they knew he had the means, and inclination, to buy more bitcoins, they then enticed him into a second session at night while he was alone.

Common sense should tell you that you don’t meet total strangers while carrying a bag full of money. You should also have a friend or two with you at the very least. Preferably, such buddies should be ex-Navy Seals or something like that. The overall point is; don’t let your greed cloud your sense of judgment.

What do you think about this Bitcoin robbery? Have you ever bought cryptocurrency from a stranger by using cash? Let us know in the comments below.

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