Cryptocurrency scams and thefts have been a frequent occurrence in recent times. In another case of cryptocurrency theft, a man, Zhang Tianzhe, who recently stole crypto assets worth $3 million in a robbery attempt, has been arrested. Zhang Tianzhe broke into a woman’s home in California, tied her up with duct tape, and threatened her to transfer millions from her account to his.
In the robbery, the 31-year-old Zhang reportedly wore ski goggles, gloves, and a hood during the burglary. The woman was threatened, and instructions were passed to her through an iPad hanging on Zhang’s neck. The burglary, which happened in March, was thought to have gone out in the shadows and forgotten after Zhang fled to Taiwan. However, that was not to be, as American investigators tracked him down ever since the burglary. He was eventually captured in Taiwan by law enforcement agents.
Zhang, after his arrest, was detained in Taiwan and had in his possession $8,000 cash, a laptop, a tablet, crypto wallets and other pieces of evidence that linked him to the crime. He has since been flown to San Francisco where he will be facing charges for first-degree residential burglary, kidnapping for ransom and criminal threats.
Cryptocurrency scams and thefts have been on the rise in recent times. This can be linked to the massive adoption of cryptocurrency worldwide. With the increase in cryptocurrency adoption, burglars have intensified their efforts to get their hands on coins, as they believe it will be difficult for cops and law enforcement agents to trace. Last year, a Hamilton youth was arrested after stealing $36 million worth of cryptocurrency in a SIM-swap attack.
According to a report by the FTC, more than $1 billion was lost last year in cryptocurrency-related scams. The only way to stay ahead of scammers and avoid falling into their scams is by staying informed. It is, therefore, advisable to “Do Your Own Research (DYOR)” before pumping money into any crypto project.
Featured Image: Megapixl © Vkovalevich
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.