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Six persons were given six-month jail terms in the UAE for stealing $200,000, two phones, three watches and a diamond ring from a European investment advisor who taught them how to invest in cryptocurrencies.
The gang broke into his villa in the UAE, robbed it and threatened to kill the victim and his wife. The victim said people who assaulted him had asked for advice on how to invest in Bitcoin, as he is an expert in the field. They invested $30 million, which rose to $100 million after several days. They brought on other investors, but after a few days, the currency fell to zero and they lost all their savings.
But that is not the end. According to the victim, he later advised the gang to to invest in a new virtual currency that had not officially been launched to compensate for the loss. They embraced the idea and created a website for trading the currency. But after 15 minutes, the site was hacked and the currency fell to zero.
Even though, the defendants committed a crime, the issue raises the question of the need for tighter regulation on cryptocurrencies after many investors lost their money in the recent cryptomarket crash.
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