Latest Bitcoin Scandal – What Happened in Singapore?

Latest Bitcoin Scandal

Can you imagine traveling to a different country solely with the purpose of buying something? That’s what a man from Malaysia just did – and it went horribly wrong. It might have been better if the man was going to Singapore for a shopping spree, but he wasn’t. The man went to Singapore with the intention of purchasing a wad of Bitcoins, and instead, he found himself at the center of the latest Bitcoin scandal.

Here’s what happened.

The Latest Bitcoin Scandal

On Thursday, reports surfaced from various local mediums which stated that two men were arrested in Singapore. The charges? Being the masterminds behind the latest Bitcoin scandal. That is if you consider what the two men did to be a “scandal”.

According to the reports, Mr. Pang Joon Hau flew from Malaysia to Singapore solely to purchase Bitcoins. Not only that, Mr. Pang flew to Singapore expressly to purchase Bitcoins with cash. $365,000 to be exact. Mr. Pang, who was assaulted along with his broker, had set plans to meet with two Bitcoin brokers. He was scheduled to meet them at his hotel on Sunday, April 8, 2018.

Things didn’t go as planned. Both men are said to have assaulted Mr. Pang and fled with the cash – all $365,000. As unfortunate as this incident may be, one cannot help but think of how uncommon it is for people to transact the digital currency in person. It is for these reasons the police in Singapore have decided to launch an investigation into Mr. Poon. According to various reports, the Singaporean police will be focusing on why Mr. Poon came to Singapore (aside from the purchasing of the currency) and where Mr. Pang obtained this kind of cash in the first place.

The Cryptocurrency Sector: Have There Been Anymore Bitcoin Scandals?

Singapore has been reasonably vocal when it comes to the cryptocurrency sector. It is one of the many countries to have called for more regulation on digital currencies, with Singapore making the call on February 6, 2018.

>>Can Blockchain Help the Data Crisis? Not Likely – Here’s Why.

Of course, this isn’t the first Bitcoin scandal to surface this year. It’s definitely not going to be the last, either. At the start of 2018, a famous cryptocurrency blogger, Pavel Nyashin, was robbed in his own home after bragging about the wealth he obtained from cryptocurrency. Nyashian had 24 mln rubles in cash stolen from a safe that sat in his home. Meanwhile, regulators in Texas warned the public today of a potential “widespread fraud” in the cryptocurrency sector.

As for Bitcoin (BTC) itself, the virtual currency jumped by $1,000 in one hour yesterday. This caused Thomas Lee, Wall Street analyst, to come forward and say he still believes Bitcoin will hit the $25,000 mark.

Featured Image: twitter

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