- Singapore police have arrested three men after a teenager allegedly attempted a robbery worth $24,000.
- ZK, 19, was attacked by two men while trying to exchange cash for USDT.
- The Straits Times reported that police had charged 29-year-old Benedict Lee Hong Fai with assault and attempted robbery.
Singapore police have charged a man with assaulting a 19-year-old during a meeting designed to facilitate the exchange of cash for cryptocurrency.
According to The Straits TimesPolice have arrested three men on suspicion of robbery of a 19-year-old cryptocurrency trader.
The teenager, identified as ‘ZK’, attempted to buy USDT from a seller he contacted via Telegram, but while waiting to meet the seller, two men attacked and assaulted him.
A cryptocurrency trader attempted to exchange $24,000 for USDT.
According to an official police account, the attack on the teenager occurred as the trader attempted to exchange 32,000 Singapore dollars ($24,000) for USDT stablecoin. ZK agreed to an offline peer-to-peer exchange and met with 29-year-old Benedict Yee Hong Fai.
He reportedly contacted ZK via Telegram and offered to transfer USDT in exchange for $24,000 in cash.
However, the original face-to-face exchange location was inside a public shopping mall, but Yee changed the location at the last minute. The new location was a parking lot near the mall. Two men, aged 19 and 20, were arrested on charges of beating ZK and attempting to rob him.
According to reports, ZK ran to a shopping mall and escaped with the money.
According to police records, the incident occurred on August 29. The investigation led to the arrest of three suspects between August 30 and September 3.
Yee has been charged with masterminding the attempted robbery and will remain in custody until his case is heard on September 12. The other two suspects have not yet been formally charged and are assisting police with their investigation, according to the Strait Times.