A man accused of stealing bitcoin from three individual victims has been arrested by police in Dubai, in a case that is the first of its kind to be investigated and solved in the region.
The accused, who is not a Gulf national, defrauded three Gulf citizens by purporting to be bitcoin buyer interested in purchasing the cryptocurrency at a price higher than the market value of the cryptocurrency, Dubai police revealed.
As reported by local news outlet 7Days, the alleged conman set up an Instagram page to put up an affluent front while being unemployed in actuality. Striking up a conversation on the internet, the accused then offered to buy bitcoins at a premium from three bitcoin sellers who were citizens of an unnamed Gulf nation.
The bitcoin-for-cash transaction was scheduled to occur during a meeting at a Dubai hotel. However, the buyer called ahead and convinced the three bitcoin sellers to provide access to their bitcoin wallets. Upon gaining the credentials, the accused emptied the wallet in its entirety. Altogether, bitcoins worth 375,000 Dirhams (approx. $102,000) were stolen.
Colonel Salim bin Salmin, Deputy Director of the Cyber-Crimes Department at Dubai Police told the publication that the case was the