Ukrainian man robbed of $250k Tether in Thailand

Armed robbers in Thailand, where Devcon is set to be held, stole $250,000 from a Ukrainian crypto user on Monday, Nov. 11.

Viacheslav Leibov, a Ukrainian national, was robbed of a quarter million dollars worth of Tether (USDT) while visiting friends in Thailand. Domestic media reported that the crypto user was tied with cables and forced to transfer stablecoins.

The robbers threatened Leibov not to involve the police before leaving him in a Phuket hotel room. Leibov later freed himself and reported the incident to local authorities, providing at least two suspect names to law enforcement.

Stories of crypto theft have emerged worldwide, with bad actors and criminals targeting crypto users physically to steal their assets. Last week, WonderFi CEO Dean Skurka was kidnapped in downtown Toronto and only released after paying a $1 million ransom in cryptocurrencies.

Malaysian police investigated four suspects connected to a $1.2 million crypto kidnapping in August. Hong Kong authorities arrested two kidnappers over a $660,000 USDT ransom, crypto.news reported in July.

The crypto community has become increasingly alert to the rising number of real-life thefts in crypto-friendly regions. Conference attendees have been advised to travel and move in groups as a precaution against potential assailants.

Leibov’s case reignited these marching orders for crypto participants en route to Bangkok for Devcon, one of the largest annual Ethereum (ETH) gatherings. Phuket, where Leibov was robbed, is less than two hours by flight from Thailand’s capital.