Vietnam Court Rules on Bitcoin Kidnapping Case
The Ho Chi Minh City People’s Court has sentenced two Vietnamese citizens, Ho Ngoc Tai (34) and Tran Ngoc Hoang (40), to life imprisonment for orchestrating a kidnapping and stealing $1.5 million worth of Bitcoin from their victim.
Fourteen other individuals involved in the case received sentences ranging from 9 to 19 years in prison. The defendants were accused of executing a sophisticated criminal operation that involved tracking, kidnapping, and extorting digital assets under threat.
The Crime and Its Aftermath
The incident dates back five years, when Tai accused another individual, Le Duc Nguyen, of fraud after losing profits on a cryptocurrency investment. Determined to recover his funds, Tai formed a gang, hired vehicles, obtained weapons, and tracked Nguyen’s movements.
The group kidnapped Nguyen at gunpoint and demanded his brother transfer 1,000 BTC to Tai’s wallet. When the victim’s brother could not send the full amount, the attackers managed to extract $1.5 million in Bitcoin before releasing him in Thu Duc City, near Ho Chi Minh City.
Former Police Officers Among the Accomplices
Among the 14 accomplices were two former police officers: Nguyen Quoc Dung and Nguyen Anh Tuan. Dung was sentenced to 17 years, while Tuan received a 12-year sentence. Their involvement intensified the public outcry surrounding the case, highlighting growing concerns about corruption linked to digital assets.
Legal Context and Compensation
Vietnam does not recognize cryptocurrencies as legal tender, meaning digital assets cannot be used for payments or transactions. Despite this, the stolen Bitcoin was converted to approximately VND18.8 billion ($800,000).
The court ordered the defendants to compensate the victim with this amount. While Tai initially admitted to organizing the operation, he later retracted his confession. Some of his associates claimed they believed they were collecting a debt, not participating in a kidnapping.
The verdict underscores Vietnam’s strict stance on crypto-related crimes and the severe legal consequences awaiting those who misuse digital assets for illicit purposes.
