Man Robs Gold Store After His Bitcoin Investment Suffers Losses

Vinod Dsouza
Gunpoint shot shoot robbery theft
Source: Forbes/Shutterstock

The cryptocurrency and stock markets around the world plummeted last week, sending all investments into a freefall. Bitcoin was hit the hardest as it fell nearly 40% in the previous 14-trading days. BTC slipped below the $20,000 mark last week and wiped away all profits it generated this year. The market is hostile, and the day-to-day traders have lost their earnings and are deep underwater. In the middle of all this chaos, a man in Thailand robbed a gold store at gunpoint and fled with gold necklaces weighing around 31.6 ounces. The man robbed an overall $50,000 worth of gold at gunpoint before fleeing the scene.

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The Thailand police tracked the man’s whereabouts through CCTV cameras at the gold store and on the streets. The police raided his house, recovered the stolen gold, and took him into custody. The officials captured the culprit just 11 hours after committing the heinous crime.

Man Robbed Gold Store As Bitcoin Tanked

man robs gold shop in thailand as his bitcoin btc investment suffered losses

The thief, who goes by the name ‘Montri,’ revealed to police that he robbed the gold store at gunpoint due to financial pressure. The man confessed that he took to armed robbery as his Bitcoin investment suffered severe losses. Montri is now booked under the law and is facing armed robbery charges. The Bangkok police did not reveal his full name and occupation to protect his identity.

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According to police reports, Montri parked his motorcycle in front of the Buan Lee gold shop in Wang Burapha. The 34-year-old entered the store and pulled out a gun, threatening to shoot staff if they didn’t hand over gold necklaces. The store was bustling with the entire team and a few customers, who ran to the store room for cover. The shop’s proprietor, Kornrawik Wangcharoenrung, was also at the store during the robbery.

After threatening to shoot staff, the man fled with the loot on his motorcycle and headed home. The police report also states that he dropped two gold necklaces on the sidewalk during the robbery.