Four men have been arrested in a bitcoin robbery in Taiwan, in what is reportedly the first of its kind in the country.

Taiwan police allege that three men in their early 20s lured the victim to the central city of Taichung, pretending to be interested in purchasing the cryptocurrency, reports the Rappler. After the victim showed the suspects proof of his bitcoin value on his phone, they then proceeded to assault him and his friend. The scammers then transferred Twd$5 million ($170,000) from the victim’s account via his phone.

The suspects then attempted to pass off the scene as a drunken row; however, when the police were called to the scene two of the suspects fled while one was detained. The fourth suspect, believed to be the mastermind behind the setup, was also detained.

According to a statement, the incident was described as ‘the first domestic case of bitcoin robbery,’ adding:

The police saw bloodstains at the scene … after further investigation, it was discovered to be a bitcoin virtual currency robbery.

The two suspects that had fled were later arrested.

Last month, it was reported that a bitcoin trader in the U.K. was forced to transfer holdings of the digital currency after armed men broke into his home. At the time it was reported that no one was injured in what was a ‘targeted‘ incident. It was also believed to be the first bitcoin heist in the U.K.

With interest rising in the crypto market so too are the threats presented by hackers and criminals online. Now, though, with two such cases of robberies taking place targeting crypto holders this could soon become another threat that people need to watch out for.

At the start of 2018 the digital currency market experienced a tough beginning, with bitcoin trading as low as $6,000 at the start of February amid regulatory fears. Since then, though, the industry has rallied back with bitcoin currently valued at $10,142, according to CoinMarketCap.

With the market remaining and unlikely to go anywhere anytime soon, it appears that the threat of hacks and robberies will remain as well.

Featured image from Shutterstock.

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