• Two men, Ho Ngoc Tai and Tran Ngoc Hoang, were given life sentences in Vietnam for kidnapping a person and stealing $1.5 million worth of Bitcoin from him.
• 14 other people involved in the crime received sentences ranging from 9 to 19 years.
• The criminals must compensate the victim with the amount they converted the stolen BTC into VND18.8 billion (approximately $800,000).
Life Sentences for Crypto Theft
The Ho Chi Minh City People’s Court ruled that two Vietnamese residents – Ho Ngoc Tai and Tran Ngoc Hoang – will spend their lives in prison for kidnapping an individual and stealing $1.5 million worth of bitcoin from them.
Sentences for Other Criminals
14 other people who also took part in the crime received sentences between 9 to 19 years. It is interesting to note that two of them – Nguyen Quoc Dung and Nguyen Anh Tuan – served as police officers a few years back. The former was sentenced to 17 years, while the latter got nine years behind bars.
Illegal Digital Assets in Vietnam
According to local law, digital assets are illegal in Vietnam, meaning individuals or businesses can not accept them as a currency or a means of payment. Nonetheless, the defendants managed to convert the stolen BTC to VND18.8 billion (approximately $800,000).
Compensation for Victim
The court ruled that the criminals should compensate the victim with that amount. Therefore, Tai and Hoang were not only receiving life imprisonment but had also been ordered to pay restitution as well as having their assets confiscated by authorities .
In conclusion, this case is yet another reminder of how important it is to be aware of digital asset regulation where you live and remember not to trust anyone when it comes to handling large sums online .