Dubai Bitcoin Gang Heist
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Two brothers in Dubai were looking to purchase bitcoin with cash. A buyer offered to sell them the bitcoin, and they should meet in an office. They met there after hours and were attacked by a gang of 10 people, who stole their cash. The gang had tricked the office owner into granting them late evening access by pretending to be interested in purchasing the office. The gang was ultimately arrested and the funds were quickly captured. It is presumed that the funds were returned.
This exchange or platform is based in United Arab Emirates, or the incident targeted people primarily in United Arab Emirates.[1][2]
About None
"[T]wo Asian brothers who were looking to buy bitcoin in the Al Muraqabbat area." "[T]he two brothers wanted to buy the flagship cryptocurrency, and were lured by some of the gang’s members to an office inside a market." "[G]ang members managed to get access to the office by tricking its owner into believing they were going to buy it." "The head of the gang deceived a commercial shop owner in Al Muraqabbat area, who put an advertisement to sell his office and trade license."
"[One of th gang members] told [the owner] that he wants to buy his office and the license, and managed to get the key to check the office after 8pm. The gang used the office to lure the two brothers to come to the office to sell them the Bitcoin. The owner of the office was a victim in their criminal plan," he added.
"The brothers were attacked by a gang of 10 men." "While six members were inside the office with the two brothers, three reportedly waited outside." "[T]hey were then assaulted, robbed at gunpoint, and threatened before being tied and locked inside said office. The assailants then fled the scene." The "gang members reportedly stolen 7 million AED ($1.9 million)" from the brothers.
"Lt Colonel Adel Al Joker, Director of Criminal Investigation Department (CID) at Dubai Police, said that command and control room alerted about an armed robbery in Al Muraqabbat area on Wednesday, April 25."
"Lieutenant Colonel Adel Al Joker, Director of Dubai police’s Criminal Investigation Department, stated:"
“The brothers searched randomly in the market to buy Bitcoin. The gang lured them claiming they can sell them Bitcoin.”
"They assaulted the two brothers and threatened them before tied their hands and locked them inside the office and escape with the money," Lt Col Al Joker said.
"All of the [gang members] were arrested within 48 hours of the incident." "Per Dubai Police’s commander-in-chief, Major General Abdullah Khalifa Al Merri, the gang’s mastermind was identified within four hours of the incident, and his whole gang had reportedly been caught within 48 hours, as police quickly managed to locate them."
"Major General Abdullah Khalifa Al Merri, Commander-In-Chief of Dubai Police, praised his officers’ work to apprehend the gang in a short time despite the fact that the robbers had left no evidence behind."
"Major General Khali Ebrahim Al Mansour, assistant commander-in-chief, revealed that the police’s success was partly driven by the data analysis center using smart programs and artificial intelligence technology to trace the gang’s members."
“Using AI helped Dubai Police to arrest a Gulf National, who is the head of the gang, and other Asian suspects The information from the data analysis center helped the officers to arrest all gang members.”
"The stolen funds were reportedly returned to the two victims." "Police in Dubai managed to recover [the full] $1.9 million." "The suspects referred to public prosecution to finish the investigation."
This exchange or platform is based in United Arab Emirates, or the incident targeted people primarily in United Arab Emirates.
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.
| Date | Event | Description |
|---|---|---|
| April 25th, 2018 | 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 $1,200,000 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 has been estimated at $1,200,000 USD.
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?
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.
References
- ↑ Dubai Police Recover $1.9 Million Taken In Bitcoin Heist Using AI Tech | Cryptoglobe (Accessed May 29, 2022)
- ↑ Watch: Dubai Police recover Dh7m from Bitcoin heist | Yourmoney-cryptocurrency – Gulf News (Accessed Jun 26, 2022)