In Person German Theft

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A 29 year old German man met a group of strangers to transact bitcoin, possibly to sell some of his coins. The group of three men then attacked him and snatched the phone. He called police immediately and the men were arrested shortly after. It is unclear if his funds were returned to him or not.

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

About None

"A 29-year-old from Berlin wanted to trade Bitcoins in a parking lot in Munich-Feldmoching on Tuesday."

"As early as Tuesday, March 16, 2021, at around 7 p.m., a 29-year-old from Berlin met two unknown men in a parking lot on Dülferstrasse in Munich-Feldmoching. It was about a bitcoin business. The Berliner unlocked his smartphone and showed the men the contents of his electronic purse, the so-called wallet, which contained an amount in the high five-digit range."

"[The] German man had [the funds stolen] after unlocking the wallet on his phone (in order to prove his holdings) during a supposed face-to-face trade." "When he tried to show the supposed buyers the wallet with a high five-digit amount on his cell phone, the smartphone was snatched from him." "At that moment he was attacked by two other men. They grabbed and held him and snatched his mobile phone from his hand."

"The four perpetrators then fled in two cars."

"The 29-year-old from Berlin immediately notified the police and one of the two vehicles was found as part of the search."

"The police were able to locate and arrest the men from the Mühldorf district." "Inside [the car] were three suspects aged 21 to 29 from the Mühldorf district who were arrested."

"The second car could not be located. However, the police later arrested the fourth suspect, a 30-year-old from the Mühldorf district, after further investigation and search measures in Munich."

"Arrest warrants have been issued for three of the Bitcoin robbers. The investigations into this virtual money robbery are underway at Commissariat 21."

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

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.

Key Event Timeline - In Person German Theft

Date	Event	Description
March 16th, 2021	Main Event	Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.

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

The total amount lost has been estimated at $112,000 USD.

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

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

The total amount recovered is unknown.

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?

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. Never bring a wallet with more funds than you are intending to transact. Using a multi-signature wallet can require two signatures. You can also take advantage of placing the funds in an escrow wallet while any transaction is settling.

Individual Prevention Policies

No specific policies for individual prevention have yet been identified in this case.

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

Policies for platforms to take to prevent this situation have not yet been selected in this case.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

Regulatory Prevention Policies

No specific regulatory policies have yet been identified in this case.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.