Singapore Police Nab Trio Over Attempted Robbery of Crypto Trader

Singapore police have charged a man over an attack against a 19-year old during a meeting arranged to facilitate face-to-face crypto for cash exchange.

Singapore police have charged a man over an attack against a 19-year old during a meeting arranged to facilitate face-to-face crypto for cash exchange.

Three men were arrested by police in connection with the attempted robbery of a 19-year-old crypto trader, as reported by the Straits Times.

The teenager, identified as ‘ZK,’ was attempting to purchase USDT from a seller he had contacted on Telegram when two men ambushed and punched him as he waited to meet the alleged seller.

Crypto trader attempted to exchange $24K for USDT

According to official police accounts, the attack on the teen occurred as the trader attempted to exchange 32,000 Singapore dollars ($24,000) for the USDT stablecoin. ZK agreed to an offline peer-to-peer exchange, arranging to meet Benedict Yee Hong Fai, 29.

Yee allegedly contacted ZK through Telegram, offering to transfer the USDT in exchange for the $24K in cash.

However, while the initial venue for the face-to-face exchange was inside a public shopping mall, Yee reportedly changed it at the last minute. The new location was a parking lot near the mall. Two men, aged 19 and 20, were arrested in connection with punching ZK and attempting to rob him.

ZK reportedly managed to escape with his money by running into the shopping mall.

The incident took place on Aug. 29, according to police records. Investigations led to the arrest of the three suspects between Aug. 30 and Sept. 3.

Yee is accused of being the mastermind behind the attempted robbery and will be remanded in custody until his next court hearing on Sept. 12. The Strait Times reports that the other two suspects have yet to be formally charged and are assisting police with their inquiries.

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