The Incident Unfolds

Police in Thailand are investigating a high-stakes crypto heist in Pathum Thani, where $2 million in assets were stolen. The break-in occurred around 2 AM on Wednesday in Tambon Ban Mai in the Muang district.

According to police reports, six residents, including three men and three women, occupied the house at the time of the incident. Ke Jibao, a 35-year-old Chinese businessman, reported that he and his wife were asleep when the four masked suspects, armed with guns and knives, entered the property.

Forced Crypto Transfer

The intruders reportedly restrained Ke, his wife, and a maid, tying their hands and feet. They then coerced him into contacting a relative in China to transfer $2 million in crypto assets to their account.

After confirming the transfer, the assailants stole the security camera servers and escaped in the victim's black Toyota Alphard.

"The police believe the robbery was carefully planned, noting that the suspects entered the housing estate on foot, thereby avoiding security checks requiring identification."

Injuries and Escape

Following the incident, Ke suffered a minor knife wound on his right wrist. The male helper, Chen Mingfa, 26, sustained a facial injury after being struck on the forehead with a gun.

The stolen vehicle was later found abandoned near a Liap Khlong Prapa Road power plant at 1:30 PM on Wednesday. It was taken to the Police Forensic Science Centre 1 for examination.

Ongoing Investigation

The victim told investigators that he was unaware of the motive behind the robbery or how the perpetrators knew his relative.

Pol Col Narong Iamrahong, the Pak Khlong Rangsit station commander, stated that investigators are reviewing footage from other security cameras in the area to trace the suspects. The authorities also plan to question the victims and neighbors further.

Crypto Adoption and Scams in Thailand

The increase in crypto adoption in Thailand has led to a surge in scams, leading government regulators to find ways to continue to promote crypto growth while preventing fraud.

In March of this year, Thailand's Securities and Exchange Commission (SEC) allowed institutional investors and high-net-worth individuals to invest in crypto ETFs.

Meanwhile, crypto custody providers must use digital wallet-management systems under SEC regulations to ensure the safety of customer assets.

Thailand currently ranks 10th in Chainalysis' 2023 Global Crypto Adoption Index, and many crypto exchanges have been granted licenses.