How Two Men Got Life Sentences in Vietnam for Committing a $1.5M Crypto Theft

Life prison terms were imposed on the 34-year-old  Ho Ngoc Tai and the 40-year-old Tran Ngoc Hoang for planning a clever kidnapping and afterwards stealing $1.5 million in BTC from the victim.

In accordance with Vietnamese legislation, it is forbidden for people and enterprises to accept digital assets as money or a form of payment. However, the defendants were able to exchange the stolen BTC for VND18.8 billion, or almost $800,000.

The affair involved more than just Tai and Hoang. They were helped by 14 other people, who will also serve prison time. However, none of them will serve a life term; instead, their terms range from 9 to 19 years.

How did it happen?

The story began five years ago, as CryptoPotato reported, when Le Duc Nguyen urged Ho Ndoc Tai to sell 1,000 BTC (worth more than $4 million at the time) in order to purchase other digital assets. However, the investment did not prove profitable, and Tai claimed he was a victim of a deceptive scam.

In an effort to get his money back, he put together a gang and used cutting-edge techniques to find Nguyen. Additionally, the group rented a van, bought firearms, and kidnapped the target with a gun.

The crooks demanded that the victim’s brother transfer all of the $1,000 BTC to Tai’s wallet, but he was unable to do so. After recovering $1.5 million in bitcoin, they left the man behind in Thu Duc, a city close to Ho Chi Minh City.

The Vietnamese police, though, were quick to detect the crime and detained the 16 suspects. While Tai initially admitted to running the operation, he later reversed his confession. On the other hand, his associates said they thought they would only collect the debt from the victim and not participate in a kidnapping.