The regulatory crackdown on bitcoin trading in mainland China has reportedly led to a bitcoin miner in Taiwan being shot by local gangsters.
According to a report from Taiwanese news source Liberty Times, the incident occurred on Saturday night, local time, when two local gangsters had scheduled to meet a bitcoin miner with whom they had made a significant investment.
The miner, who reportedly has the surname Wu, had previously accepted 10 million Chinese yuan (roughly $1.7 million) from the two - surnamed Li and Gao - in order to participate Wu's bitcoin mining operation. While the exact whereabouts of the mining facility remains unknown, the report hinted that the location could be inside mainland China.
While having made some $370,000 in profit, Wu claimed in the report that due to tightened regulations on bitcoin trading in China, the profit could not be exchanged for fiat currency in time, as per the two gangsters' demands - a factor that sparked a dispute at the meeting.
As things got heated, Wu was reportedly shot in the ankle. The gangsters fled the crime scene, but turned themselves into the police seven hours after the event. The police later confirmed the suspects were from local gangs, the report stated.
While not the first instance of a crime alleged to have involved bitcoin in Taiwan, the case appears notable for the involvement of participants in organized crime.
The news also marks another incident in which the surging price of bitcoin over the past year has led to crimes involving armed assailants. As reported by CoinDesk, two cases in Canada and the U.K. in January saw thieves robbing bitcoin investors at gunpoint.
And, just last week, Singapore's police force reported a case in which bitcoin brokers were robbed of some $300,000.
Bitcoin and bullet image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
A 'Crypto Shopping Mall' Is Being Tested in Slovenia
A major shopping center based in Slovenia is widening a cryptocurrency payments pilot.
BTC City Ljubljana, located in Slovenia's capital of Ljubljana, will allow a group of 150 people to use crypto
Under $100: Litecoin Price Hits Fresh 2018 Low
The price of litecoin (LTC), the world's sixth largest cryptocurrency by market capitalization, fell to a fresh 2018 low on Wednesday.
Data from Bitfinex shows the cryptocurrency slipped to $97.0
Beyond Bitcoin: Thomson Reuters Data Now Tracking Top 100 Cryptos
Mass media and data giant Thomson Reuters is expanding its cryptocurrency sentiment data toolkit to cover 100 different coins, the company announced Wednesday.
Initially launched back in March, the
JD.com's Finance Arm to Issue Asset-Backed Securities on a Blockchain
JD Finance, a subsidiary of Chinese e-commerce giant JD.com, announced on Wednesday that it is planning to issue asset-backed securities (ABSs) on a blockchain.
According to a report from the Secur
Bitcoin Bulls Eye $6K Bottom After 4-Month Low
Bitcoin is still looking south, having hit four-month lows today, but the bearish momentum may wane due to short-term oversold conditions, the technical charts indicate.
More bears joined the party
Blockchain Is 'Revolutionary,' Says German Finance Regulator Chief
Felix Hufeld, chief of Germany's financial watchdog, has said blockchain technology is "revolutionary" and its applications could turn the entire financial sector "upside down."
Hufeld, who is pres
Banks' Blockchain Budgets Spiked 67% in 2017, Survey Finds
The global financial services industry spent a combined $1.7 billion on blockchain development in 2017, with institutions having increased their individual budgets for the technology by 67 percent in
Tether Manipulation Pushed Up Bitcoin's Price, Researchers Find
The U.S. dollar-pegged tether has been used to support bitcoin's price during market downturns, a new study published by University of Texas at Austin professors.
John Griffin and Amin Shams, of th