Hong Kong Cash Theft - Revision history

Azoundria at 18:48, 2 May 2023

2023-05-02T18:48:26Z

← Older revision		Revision as of 12:48, 2 May 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/hongkongcashtheft.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/hongkongcashtheft.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	A man in Hong Kong was robbed of his cash after selling his 15 bitcoin. Once the sale was done, and the cash handed over, the thieves took back the cash by threatening him with knives. It is not believed that any funds were recovered from the thieves.		A man in Hong Kong was robbed of his cash after selling his 15 bitcoin. Once the sale was done, and the cash handed over, the thieves took back the cash by threatening him with knives. It is not believed that any funds were recovered from the thieves.

	This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong.		This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong.<ref name="pymnts-6794" /><ref name="scmp-6795" /><ref name="coinmarketcap-623" /><ref name="coindesk-6796" /><ref name="coindesk-6798" /><ref name="bitcoininsider-6777" /><ref name="stocksnstonks-6779" /><ref name="abscbnnews-7849" />
	<ref name="pymnts-6794" /><ref name="scmp-6795" /><ref name="coinmarketcap-623" /><ref name="coindesk-6796" /><ref name="coindesk-6798" /><ref name="bitcoininsider-6777" /><ref name="stocksnstonks-6779" /><ref name="abscbnnews-7849" />

	== About None ==		== About None ==
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	!Description		!Description
	\|-		\|-
	\|January 4th, 2021 ~~12:00:00 AM~~		\|January 4th, 2021
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
Line 67:		Line 66:
	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== General Prevention Policies ==
			It is safest to transact with people you know or using trusted platforms. If performing a transaction involving a large sum, never meet alone. It is best to meet in a public place. You can also take advantage of placing the funds in an escrow wallet while any transaction is settling.
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

	== Prevention ~~Policies ==~~		{{Prevention:Regulators:End}}
	It is safest to transact with people you know or using trusted platforms. If performing a transaction involving a large sum, never meet alone. It is best to meet in a public place. You can also take advantage of placing the funds in an escrow wallet while any transaction is settling.

	== References ==		== References ==
Line 95:		Line 110:
	<ref name="scmp-6795">[https://www.scmp.com/news/hong-kong/law-and-crime/article/3118249/gang-snatches-hk35-million-hong-kong-cryptocurrency E3B1C256-BFCB-4CEF-88A6-1DCCD7666635] (Mar 2, 2022)</ref>		<ref name="scmp-6795">[https://www.scmp.com/news/hong-kong/law-and-crime/article/3118249/gang-snatches-hk35-million-hong-kong-cryptocurrency E3B1C256-BFCB-4CEF-88A6-1DCCD7666635] (Mar 2, 2022)</ref>

	<ref name="coinmarketcap-623">[https://coinmarketcap.com/currencies/bitcoin/historical-data/ Bitcoin price today, BTC live marketcap, chart, and info \| CoinMarketCap] (May 15, 2021)</ref>		<ref name="coinmarketcap-623">[https://coinmarketcap.com/currencies/bitcoin/historical-data/ Bitcoin price today, BTC live marketcap, chart, and info \| CoinMarketCap] (May 16, 2021)</ref>

	<ref name="coindesk-6796">[https://www.coindesk.com/policy/2021/01/19/thieves-grab-451k-in-cash-from-hong-kong-crypto-trader/ Thieves Grab $451K in Cash From Hong Kong Crypto Trader - CoinDesk] (Mar 2, 2022)</ref>		<ref name="coindesk-6796">[https://www.coindesk.com/policy/2021/01/19/thieves-grab-451k-in-cash-from-hong-kong-crypto-trader/ Thieves Grab $451K in Cash From Hong Kong Crypto Trader - CoinDesk] (Mar 2, 2022)</ref>

Azoundria at 17:33, 17 February 2023

2023-02-17T17:33:37Z

← Older revision		Revision as of 11:33, 17 February 2023
Line 1:		Line 1:
	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/hongkongcashtheft.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/hongkongcashtheft.php}}
			{{Unattributed Citations}}

	A man in Hong Kong was robbed of his cash after selling his 15 bitcoin. Once the sale was done, and the cash handed over, the thieves took back the cash by threatening him with knives. It is not believed that any funds were recovered from the thieves.		A man in Hong Kong was robbed of his cash after selling his 15 bitcoin. Once the sale was done, and the cash handed over, the thieves took back the cash by threatening him with knives. It is not believed that any funds were recovered from the thieves.

	This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong.		This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong.
			<ref name="pymnts-6794" /><ref name="scmp-6795" /><ref name="coinmarketcap-623" /><ref name="coindesk-6796" /><ref name="coindesk-6798" /><ref name="bitcoininsider-6777" /><ref name="stocksnstonks-6779" /><ref name="abscbnnews-7849" />

	== About None ==		== About None ==
Line 37:		Line 39:

	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
Line 59:		Line 60:
	\|-		\|-
	\|January 4th, 2021 12:00:00 AM		\|January 4th, 2021 12:00:00 AM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
Line 72:		Line 69:

	== Total Amount Lost ==		== Total Amount Lost ==
	The total amount lost ~~is unknown~~.		The total amount lost has been estimated at $387,000 USD.

	How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?		How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
Line 83:		Line 80:

	== Total Amount Recovered ==		== Total Amount Recovered ==
	It is unknown ~~how much was recovered~~.		The total amount recovered is unknown.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
Line 94:		Line 91:

	== References ==		== References ==
	[https://www.pymnts.com/news/bitcoin-tracker/2021/bitcoin-daily-crypto-wallet-trezor-warns-fake-app-dubai-planning-digital-asset-framework/ https://www.pymnts.com/news/bitcoin-tracker/2021/bitcoin-daily-crypto-wallet-trezor-warns-fake-app-dubai-planning-digital-asset-framework/] (Feb 25)		<references><ref name="pymnts-6794">[https://www.pymnts.com/news/bitcoin-tracker/2021/bitcoin-daily-crypto-wallet-trezor-warns-fake-app-dubai-planning-digital-asset-framework/ https://www.pymnts.com/news/bitcoin-tracker/2021/bitcoin-daily-crypto-wallet-trezor-warns-fake-app-dubai-planning-digital-asset-framework/] (Feb 25, 2022)</ref>

	[https://www.scmp.com/news/hong-kong/law-and-crime/article/3118249/gang-snatches-hk35-million-hong-kong-cryptocurrency E3B1C256-BFCB-4CEF-88A6-1DCCD7666635] (Mar 2)		<ref name="scmp-6795">[https://www.scmp.com/news/hong-kong/law-and-crime/article/3118249/gang-snatches-hk35-million-hong-kong-cryptocurrency E3B1C256-BFCB-4CEF-88A6-1DCCD7666635] (Mar 2, 2022)</ref>

	[https://coinmarketcap.com/currencies/bitcoin/historical-data/ Bitcoin price today, BTC live marketcap, chart, and info \| CoinMarketCap] (May 15)		<ref name="coinmarketcap-623">[https://coinmarketcap.com/currencies/bitcoin/historical-data/ Bitcoin price today, BTC live marketcap, chart, and info \| CoinMarketCap] (May 15, 2021)</ref>

	[https://www.coindesk.com/policy/2021/01/19/thieves-grab-451k-in-cash-from-hong-kong-crypto-trader/ Thieves Grab $451K in Cash From Hong Kong Crypto Trader - CoinDesk] (Mar 2)		<ref name="coindesk-6796">[https://www.coindesk.com/policy/2021/01/19/thieves-grab-451k-in-cash-from-hong-kong-crypto-trader/ Thieves Grab $451K in Cash From Hong Kong Crypto Trader - CoinDesk] (Mar 2, 2022)</ref>

	[https://www.coindesk.com/policy/2021/01/05/bitcoin-trader-robbed-and-pushed-out-of-car-in-hong-kong/ Bitcoin Trader Robbed and Pushed Out of Car in Hong Kong - CoinDesk] (Mar 2)		<ref name="coindesk-6798">[https://www.coindesk.com/policy/2021/01/05/bitcoin-trader-robbed-and-pushed-out-of-car-in-hong-kong/ Bitcoin Trader Robbed and Pushed Out of Car in Hong Kong - CoinDesk] (Mar 2, 2022)</ref>

	[https://www.bitcoininsider.org/article/108566/armed-criminals-who-posed-bitcoin-buyers-stole-over-5k-26-year-old-man-argentina Armed Criminals Who Posed as Bitcoin Buyers Stole Over $5K From a 26-Year-Old Man in Argentina \| Bitcoin Insider] (Mar 1)		<ref name="bitcoininsider-6777">[https://www.bitcoininsider.org/article/108566/armed-criminals-who-posed-bitcoin-buyers-stole-over-5k-26-year-old-man-argentina Armed Criminals Who Posed as Bitcoin Buyers Stole Over $5K From a 26-Year-Old Man in Argentina \| Bitcoin Insider] (Mar 1, 2022)</ref>

	[https://stocksnstonks.com/armed-criminals-who-posed-as-bitcoin-buyers-stole-over-5k-from-a-26-year-old-man-in-argentina-news-bitcoin-news/ Armed Criminals Who Posed as Bitcoin Buyers Stole Over $5K From a 26-Year-Old Man in Argentina – News Bitcoin News \| Stocks N Stonks] (Mar 1)		<ref name="stocksnstonks-6779">[https://stocksnstonks.com/armed-criminals-who-posed-as-bitcoin-buyers-stole-over-5k-from-a-26-year-old-man-in-argentina-news-bitcoin-news/ Armed Criminals Who Posed as Bitcoin Buyers Stole Over $5K From a 26-Year-Old Man in Argentina – News Bitcoin News \| Stocks N Stonks] (Mar 1, 2022)</ref>

	[https://news.abs-cbn.com/overseas/07/29/21/bitcoin-trader-robbed-of-hk3-million-in-cash-at-knifepoint https://news.abs-cbn.com/overseas/07/29/21/bitcoin-trader-robbed-of-hk3-million-in-cash-at-knifepoint] (May 31)		<ref name="abscbnnews-7849">[https://news.abs-cbn.com/overseas/07/29/21/bitcoin-trader-robbed-of-hk3-million-in-cash-at-knifepoint https://news.abs-cbn.com/overseas/07/29/21/bitcoin-trader-robbed-of-hk3-million-in-cash-at-knifepoint] (May 31, 2022)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/hongkongcashtheft.php}} A man in Hong Kong was robbed of his cash after selling his 15 bitcoin. Once the sale was done, and the cash handed over, the thieves took back the cash by threatening him with knives. It is not believed that any funds were recovered from the thieves. This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong. == About None ==..."

2023-01-25T19:29:35Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/hongkongcashtheft.php}} A man in Hong Kong was robbed of his cash after selling his 15 bitcoin. Once the sale was done, and the cash handed over, the thieves took back the cash by threatening him with knives. It is not believed that any funds were recovered from the thieves. This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong. == About None ==..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/hongkongcashtheft.php}}

A man in Hong Kong was robbed of his cash after selling his 15 bitcoin. Once the sale was done, and the cash handed over, the thieves took back the cash by threatening him with knives. It is not believed that any funds were recovered from the thieves.

This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong.

== About None ==
"A robbery took place on Jan. 4, according to the publication, when a man was paid for transferring 15 bitcoins to someone posing as a buyer, but then immediately had the cash stolen back from him."

"Police said the trader had chatted with the men online before agreeing to the in-person meeting to sell the men 15 bitcoin (BTC, -1.32%)."

"On January 4, a gang of robbers stole bitcoin valued at more than HK$3 million from another trader – a 37-year-old man – after he met them to make a transaction in their car. They later kicked him out of the vehicle on a hillside on Tai Tam Road in Chai Wan."

"The criminals tricked the 37-year-old man into a meeting outside a hotel in North Point on Monday, where two men arrived in a car to pick up the victim, the South China Morning Post reported on Tuesday."

"The trader was paid around HK$3 million (almost US$387,000) in cash in the car after he'd transferred the bitcoin to the two buyers, said the report, citing a police source."

"They first paid the victim with cash but took it straight back after he transferred 15 bitcoin."

"Another source said before the robbery the victim had also made deals with two of the robbers who posed as buyers."

"The man was not injured, but the cash and two mobile phones were stolen, per the report."

This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:

* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - Hong Kong Cash Theft
!Date
!Event
!Description
|-
|January 4th, 2021 12:00:00 AM
|First Event
|This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
It is safest to transact with people you know or using trusted platforms. If performing a transaction involving a large sum, never meet alone. It is best to meet in a public place. You can also take advantage of placing the funds in an escrow wallet while any transaction is settling.

== References ==
[https://www.pymnts.com/news/bitcoin-tracker/2021/bitcoin-daily-crypto-wallet-trezor-warns-fake-app-dubai-planning-digital-asset-framework/ https://www.pymnts.com/news/bitcoin-tracker/2021/bitcoin-daily-crypto-wallet-trezor-warns-fake-app-dubai-planning-digital-asset-framework/] (Feb 25)

[https://www.scmp.com/news/hong-kong/law-and-crime/article/3118249/gang-snatches-hk35-million-hong-kong-cryptocurrency E3B1C256-BFCB-4CEF-88A6-1DCCD7666635] (Mar 2)

[https://coinmarketcap.com/currencies/bitcoin/historical-data/ Bitcoin price today, BTC live marketcap, chart, and info | CoinMarketCap] (May 15)

[https://www.coindesk.com/policy/2021/01/19/thieves-grab-451k-in-cash-from-hong-kong-crypto-trader/ Thieves Grab $451K in Cash From Hong Kong Crypto Trader - CoinDesk] (Mar 2)

[https://www.coindesk.com/policy/2021/01/05/bitcoin-trader-robbed-and-pushed-out-of-car-in-hong-kong/ Bitcoin Trader Robbed and Pushed Out of Car in Hong Kong - CoinDesk] (Mar 2)

[https://www.bitcoininsider.org/article/108566/armed-criminals-who-posed-bitcoin-buyers-stole-over-5k-26-year-old-man-argentina Armed Criminals Who Posed as Bitcoin Buyers Stole Over $5K From a 26-Year-Old Man in Argentina | Bitcoin Insider] (Mar 1)

[https://stocksnstonks.com/armed-criminals-who-posed-as-bitcoin-buyers-stole-over-5k-from-a-26-year-old-man-in-argentina-news-bitcoin-news/ Armed Criminals Who Posed as Bitcoin Buyers Stole Over $5K From a 26-Year-Old Man in Argentina – News Bitcoin News | Stocks N Stonks] (Mar 1)

[https://news.abs-cbn.com/overseas/07/29/21/bitcoin-trader-robbed-of-hk3-million-in-cash-at-knifepoint https://news.abs-cbn.com/overseas/07/29/21/bitcoin-trader-robbed-of-hk3-million-in-cash-at-knifepoint] (May 31)