Bitcoin Investment Losses Force Man In Thailand To Rob Gold Shop

In the midst of the chaos that has consumed the cryptocurrency market over the past several weeks, many investors, even those with substantial Bitcoin holdings, have sustained significant losses, prompting some to resort to extreme methods.

One of them is a Thai gunman named “Montri,” who Bangkok police arrested 11 hours after having robbed a gold shop on Monday,  snatching gold necklaces weighing around 31.6 ounces and worth more than $50,000.

The suspect confessed to perpetrating the heist because of financial pressure created by his crypto investment losses, according to law enforcement officers. To safeguard his legal rights, his complete identify was kept secret.

Montri is facing charges of armed robbery.

The robbery took place at the Buan Lee gold store in Bangkok’s Phra Nakhon district. Image: Nation Thailand.

Robbing Gold Shop To Recover Bitcoin Losses

During police interrogation, the 34-year-old suspect stated that he parked his motorcycle in front of the Buan Lee gold shop in Wang Burapha, entered the store armed with a gun, and fled with the jewelry.

During police interrogation, the 34-year-old suspect stated that he parked his motorcycle in front of the Buan Lee gold shop in Wang Burapha, entered the store armed with a gun, and fled with the jewelry.

Based on police report, the gunman informed investigators that he stole the gold shop because he was extremely stressed and really needed the money after suffering big losses on his crypto investments during the current market upheaval.

The shop’s proprietor, Kornrawik Wangcharoenrung, along with some employees and customers, ran to the store’s back room. The gunman then stole the gold necklaces before fleeing. Two of the necklaces were later discovered on the sidewalk in front of the store.

BTC total market cap at $405 billion on the daily chart | Source: TradingView.com

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Bitcoin Showing Signs Of Recovery

The global value of cryptocurrencies has decreased significantly in recent days, with Bitcoin, the largest coin by market capitalization, reaching its lowest point since 2020.

In the current crypto market environment, which has seen a loss of $370 billion in seven days, Bitcoin fell below $20,000, but made a tiny comeback on Tuesday, when it briefly traded above $21,000, prompting some analysts to forecast a bullish surge.

Nevertheless, the market appears to be on the way to recovery, with close to $70 billion added to its market capitalization in the past 24 hours.

At the time of writing, BTC was trading at $20,874, representing a daily increase of 6.97 percent but a weekly decline of 9.10 percent, according to data from CoinMarketCap.

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Featured image from WTOP, chart from TradingView.com