Key takeaways
The $100K theft in a mall parking lot involved a suspected insider setup, highlighting how criminals may use fake deals to lure and rob victims.
Since the Bangkok robbery involved fiat currency, the stolen funds had no blockchain traceability, making recovery nearly impossible.
From Paris to New York, kidnappings, extortion and torture are increasingly used alongside fraud to exploit crypto holders, marking a rise in hybrid threats.
Cash-for-crypto deals rely on blind trust, making them fertile ground for social engineering and violent setups.
A robbery in Bangkok involving cryptocurrencies has sparked concerns about the risks of in-person digital asset exchanges. On June 30, 2025, three people were attacked in a mall parking lot while attempting to trade 3.4 million baht (about $100,000) in cash for crypto. Five assailants stole the money and escaped, leaving no digital trace since the theft involved cash, not a blockchain transaction.
This incident reveals a significant weakness of in-person buying and selling of crypto involving two or more people. Cash, lack of trust and the threat of violence create vulnerabilities. Physical crimes linked to digital assets, such as fake intermediaries, insider schemes and violent attacks, increase as cryptocurrency use increases.
This article explores a Bangkok crypto robbery and discusses similar incidents. It points out the threat factor of in-person crypto deals and offers some helpful safety tips.
The Bangkok robbery case: What happened
In July 2025, a bold robbery took place in a Bangkok mall parking lot, where five attackers targeted three men preparing to trade cryptocurrency in person.
The victims had reached the place with fiat currency to exchange for crypto assets, but no digital transaction occurred. The assailants stole the cash and fled.
Early reports suggest the attackers may not have been outsiders, but individuals involved in organizing the crypto deal or connected to those who were. This points to a possible insider setup, where the trade itself may have been a calculated lure.
Thai authorities are still investigating, using evidence that includes surveillance footage and details of the getaway vehicle, which may have been stolen beforehand to conceal the attackers’ identities.
Bangkok had witnessed another crypto theft in late 2024.
How a Ukrainian national was robbed in Phuket
In November 2024, Viacheslav Leibov, a 23-year-old Ukrainian tourist, was invited to a hotel room in Phuket by a Ukrainian acquaintance under the pretense of purchasing Tether USDt (USDT). Here’s what happened upon his arrival:
He was attacked by two masked men who tied his hands and feet with ropes and cable ties, while others threatened him with a hammer and knife.
Initially, the attackers demanded a $500,000 Tether transfer, but later settled for $250,000.
After confirming the payment, they tied him to the bed, warned him against reporting the incident and fled.
Leibov freed himself, notified hotel staff and identified the booking as linked to his acquaintance, Alfred Chernyshuk. He reported the crime to Kamala Police, who arrested four suspects, including two Ukrainians, one Armenian and one Russian, in Phang Nga province.
One of the attackers was a former trading partner of Leibov, suggesting an insider plot.
This violent extortion highlights a growing trend in cryptocurrency-related crimes, where perpetrators gain trust through seemingly legitimate transactions before exploiting victims. The same tactic was used in a $100,000 robbery in a Bangkok mall parking lot.
Did you know? In March 2025, a Singapore-based crypto trader was lured to a fake P2P deal, losing $180,000 in cash to armed robbers. The incident, orchestrated via a spoofed trading app, exposed the danger of physical ambushes in peer-to-peer crypto trades.
Threat factor in physical crypto deals
Cryptocurrency transactions involving in-person cash exchanges are inherently risky, particularly in areas with limited access to crypto ATMs, regulated exchanges or banking support. In these regions, investors often rely on informal, face-to-face trades to convert cash to cryptocurrency or vice versa. However, criminals may take advantage of this.
Using methods like social manipulation, fake identity checks or insider connections, criminals deceive victims into fake deals and attack them during the exchange. Since no cryptocurrency is transferred, there is no blockchain record to track or recover stolen funds. Once the attackers flee with the cash, it is nearly impossible to trace, unlike blockchain transactions, which provide some transparency.
The lack of oversight makes in-person crypto trades a significant vulnerability of global digital finance. As these incidents increase, the need for secure trading systems and safer ways to access cryptocurrency is critical, not only to prevent financial loss but also to protect lives.
Did you know? A $540 million crypto scam, dismantled by Europol in 2024, defrauded 5,000 victims through fake platforms in Spain and Hong Kong. The operation revealed how criminals exploit trust in seemingly legitimate setups, merging digital fraud with global organized crime.
The rise of physical violence in crypto crime
The escalation of cryptocurrency-related crimes has shifted from purely digital attacks to a risky combination of cyber and physical threats. Criminals are now using crimes such as kidnappings, extortion, insider fraud and violent robberies to exploit victims’ wealth.
Here are a few instances of such crimes:
January 2025, France: David Balland (Ledger co‑founder) and his wife were kidnapped. One of Balland’s fingers was severed before they were rescued.
May 2025, France: A gang attempted to abduct the daughter and young grandson of a crypto executive in Paris. Earlier, in the same month, the father of another crypto company head was kidnapped. This time, too, the victims reportedly lost fingers.
June 2025, Belgium: A crypto investor’s wife was abducted outside her home and held hostage, with kidnappers demanding payment in cryptocurrency.
May 2025, New York City, US: Two crypto investors (John Woeltz and William Duplessie) allegedly kidnapped and tortured a wealthy crypto trader in Manhattan, holding him captive and using violence, including electrocution, to force wallet access.
2024, Connecticut, US: Parents of a 19‑year‑old crypto fraudster were kidnapped in a failed plot linked to a $245 million scam; seven suspects were arrested.
Why in-person crypto trading is risky
While in-person crypto trading offers flexibility and access in regions with limited financial infrastructure, it comes with serious risks, especially when cash is involved. Here are a few factors that make crypto trading with physical presence risky:
No intermediaries or escrow protection: Resolving disputes is challenging without a trusted third party. If one party fails to deliver, the other cannot recover funds.
Lack of regulatory oversight: In-person trades occur in unregulated environments, limiting law enforcement’s ability to assist if problems arise.
Dependence on personal trust: Traders often deal with strangers, and pseudonymous identities allow dishonest individuals to disappear after receiving payments.
No recovery for lost cash: In-person trades involve the exchange of cash. There is assurance about the delivery of crypto, and there is no formal system to recover fiat losses.
Did you know? In August 2024, a Bitcoin (BTC) whale lost $238 million after hackers compromised their wallet via phishing. This massive theft, part of Q3’s $753 million in losses, emphasized the dangers of social engineering in crypto.
How to stay safe: Best practices for crypto traders
Adopting best practices is essential to protect yourself from fraud, theft or physical harm. Here are key strategies to ensure safer in-person crypto trading:
Before the trade
Use verified platforms or apps with escrow services to securely hold funds until both parties fulfill their obligations.
Avoid large cash transactions.
Select traceable payment methods like bank transfers.
Verify trading partners through trusted communities or a referral network.
Steer clear of those showing suspicious or inconsistent behavior.
During the trade
Select safe public locations such as bank branches or cafes monitored by CCTV.
Bring along trusted companions to enhance safety and deter potential threats.
Avoid carrying large amounts of cash.
Conduct a small test transaction before completing the full exchange.
After the trade
Report any suspicious activity, even minor concerns, to local authorities or platform support.
Maintain thorough records of all communications, transaction receipts and identity verifications to protect yourself in case of disputes.
In unregulated in-person crypto trading, the absence of formal oversight, customer support or fraud protection makes it paramount for you to ensure personal safety. Trust in in-person crypto dealings often stems from social connections. This dynamic can be exploited by bad actors.
Maintaining heightened vigilance and following strict protocols, such as trading only with verified users, can significantly reduce risk.