19-Year-Old Pleads Guilty to Orchestrating Fake Crypto Deal Robbery in Singapore

A 19-year-old man, Bai Chunjie, pleaded guilty to orchestrating a fake cryptocurrency deal robbery in Singapore. The scheme involved luring a victim into a supposed crypto transaction using the messaging app Telegram. The target was a buyer of the stablecoin Tether, and the plan was to ambush the victim during the transaction.

Bai met one of his co-conspirators, 30-year-old Benedict Yee Hong Fai, through a mutual friend on Telegram in August 2024. Together, they devised a plan to pretend to help the victim make a crypto trade, only to steal the money he brought for the purchase. The victim, a 19-year-old known as Mr. Zheng, was contacted in a crypto trading Telegram group and offered approximately $30,000 worth of Tether (USDT). After weeks of communication, they agreed to meet at Hougang Green Shopping Mall.

On the day of the meeting, Bai and Yee were accompanied by two more individuals, 21-year-old Mohamad Ihan and 19-year-old Syazafirul. These accomplices were misled about the purpose of the meeting, believing they were there to confront someone who had done something wrong. They were not informed about the robbery plan but were instructed to physically confront the victim and extract money from him.

Before the meeting, Bai spotted a police vehicle and decided to withdraw from the operation, observing from a nearby bus stop. Despite his withdrawal, the plan went ahead. Mr. Zheng arrived with a sling bag full of cash worth about $32,000. Syazafirul hit Zheng and threw him to the ground while Ihan held on to his legs. Another co-conspirator, Yu Hongfei, tried to seize the bag but failed during the commotion. Mr. Zheng managed to escape with the bag and the money intact by jumping into a passing private-hire vehicle.

Bai Chunjie pleaded guilty to one charge of attempted robbery with hurt, a serious offense under Singapore law. He is expected to be sentenced at a later date. According to Singapore’s penal code, attempted robbery with violence that results in injuries can earn a prison sentence of five to 20 years of imprisonment, along with at least 12 strokes of the cane. Investigations on the other accomplices, including Yee, Ihan, Syazafirul, and Yu, are still ongoing. The court concluded that Bai was the sole orchestrator of the setup.

The case highlights the growing concern over the use of cryptocurrencies in illegal activities. As digital currencies become more mainstream, law enforcement agencies face new challenges in detecting and preventing such crimes. The 19-year-old's guilty plea serves as a reminder of the need for increased vigilance and stricter regulations in the cryptocurrency market. The defendant's actions not only resulted in financial losses for the victims but also undermined the trust and credibility of the digital currency ecosystem.

The investigation revealed that the perpetrator had carefully planned the scheme, using social engineering techniques to manipulate their victims. The defendant would pose as a legitimate cryptocurrency trader, offering attractive deals to potential investors. Once the victims transferred their funds, the perpetrator would disappear, leaving them with significant financial losses. The case underscores the importance of due diligence and caution when engaging in cryptocurrency transactions, as the anonymity and decentralized nature of digital currencies make them an attractive target for criminals.

The guilty plea by the 19-year-old is a significant step towards bringing the perpetrator to justice and sending a strong message to others who may be considering similar crimes. The case also serves as a wake-up call for the cryptocurrency community, highlighting the need for increased awareness and education about the risks associated with digital currencies. As the use of cryptocurrencies continues to grow, it is essential for individuals and organizations to take proactive measures to protect themselves from fraudulent activities.

The investigation into the fake crypto deal robbery is ongoing, and law enforcement agencies are working to identify and apprehend any additional individuals who may have been involved in the scheme. The case serves as a reminder of the importance of collaboration between law enforcement, regulatory bodies, and the cryptocurrency community in combating digital currency-related crimes. By working together, it is possible to create a safer and more secure environment for the use of cryptocurrencies, ensuring that they continue to play a positive role in the global economy.