Amid the chaos that has gripped the cryptocurrency market over the past several weeks, many investors, even those with substantial bitcoin holdings, have suffered significant losses, forcing some to resort to extreme methods.
One of them is a Thai gunman named “Montri”, who was arrested 11 hours after Bangkok police robbed a gold store on Monday, weighing about 31.6 ounces and snatching gold necklaces worth more than $50,000.
According to law enforcement officials, the suspect confessed to committing the robbery due to financial pressure resulting from his crypto investment losses. His full name was kept secret to protect his legal rights.
Montrey is accused of armed robbery.
The robbery took place at the Buan Lee gold store in Bangkok’s Phra Nakhon district. Image: Nation Thailand.
Robbing gold stores to recover bitcoin losses
During police interrogation, the 34-year-old suspect said he parked his motorcycle in front of the Buan Li gold shop in Wang Burafa, entered the shop armed with a gun and fled with the jewelry.
During police interrogation, the 34-year-old suspect said he parked his motorcycle in front of the Buan Li gold shop in Wang Burafa, entered the shop armed with a gun and fled with the jewelry.
Based on the police report, the gunman informed investigators that he stole the gold store because he was under extreme stress and needed the money after suffering huge losses on his crypto investments during the current market turmoil.
The shop’s owner, Kornravik Wangcharoenrung, along with some employees and customers, fled to the back room of the shop. The gunman stole the gold necklace before escaping. Later, two necklaces were found on the sidewalk in front of the shop.
BTC total market cap at $405 billion on the daily chart | Source: TradingView.com
Reading Tips | ‘Bitcoin Is Dead’ Google Search Registers 12-Month Peak – Is Bitcoin Really ‘Dead’?
bitcoin is showing signs of recovery
The global value of cryptocurrencies has dropped significantly in recent days, with bitcoin, the largest coin by market capitalization, hitting its lowest point since 2020.
In the current crypto market environment, which has lost $370 billion in seven days, bitcoin fell below $20,000 but made a small comeback on Tuesday, when it was briefly trading above $21,000, causing Some analysts predicted a bullish trend.
Nevertheless, the market is on a recovery track, with its market capitalization increasing by nearly $70 billion in the past 24 hours.
At the time of writing, BTC was trading at $20,874, representing a daily increase of 6.97 percent, but a weekly decline of 9.10 percent, according to data from CoinMarketCap.
Reading Tips | Dogecoin Jumps 8% After Elon Musk Tweets He’s Buying Dips
Featured image from WTOP, chart from TradingView.com
