Four arrested over Taiwan’s first bitcoin robbery

Bitcoin is a virtual currency created from computer code that allows anonymous transactions and its value has soared since it came into being in 2009. (AFP)
Updated 22 February 2018
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Four arrested over Taiwan’s first bitcoin robbery

TAIWAN: Taiwan police have arrested four men over a bitcoin robbery worth 5 million Taiwanese dollars in what they said was the first case of its kind on the island.
Bitcoin is a virtual currency created from computer code that allows anonymous transactions and its value has soared since it came into being in 2009.
Taiwan police said three men in their early twenties lured a man surnamed Tai to the central city of Taichung, pretending to be interested in buying bitcoins.
After Tai showed proof of his bitcoins on his phone, the scammers assaulted him and his friend, then transferred 18 bitcoins worth 5 million Taiwanese dollars from Tai’s account via his phone.
The suspects attempted to pass off the heist as a drunken row by forcing the victim to drink Kaoliang, a strong Taiwanese liquor, Taichung city police said in a statement.
Police arrived at the scene after receiving a call about a dispute and one man was detained. The other two had fled.
“The police saw bloodstains at the scene ... after further investigation, it was discovered to be a bitcoin virtual currency robbery,” the statement released Wednesday said.
It described the case, which happened earlier this month, as “the first domestic case of bitcoin robbery.”
The two other suspects were later arrested, one on the outlying island of Kinmen where he had gone to escape police.
The fourth man, surnamed Shih, believed to be the mastermind behind the robbery, was also detained.
Britain saw its first Bitcoin armed robbery last month, according to reports, in which a virtual currency trader and his wife were threatened with a gun.
Bitcoin and other cryptocurrencies are independent of governments and banks and use blockchain technology, where encrypted digital coins are created by supercomputers.
But calls are mounting for virtual currencies to be regulated, and prices have fluctuated in recent months amid concerns over tightened control.


China’s Xi arrives in North Korea for talks with Kim Jong Un

Updated 29 min 25 sec ago
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China’s Xi arrives in North Korea for talks with Kim Jong Un

  • The summit comes as both Xi and Kim are locked in separate disputes with the United States — Xi over trade and Kim over his nuclear weapons
  • Chinese and North Korea media have said Xi would stay in Pyongyang for two days

BEIJING: Chinese President Xi Jinping arrived Thursday morning for a two-day state visit to North Korea, where he’s expected to talk with leader Kim Jong Un about the stalled negotiations with Washington over North Korea’s nuclear weapons.
China’s official Xinhua news agency reported that Xi was accompanied by his wife, Peng Liyuan, and several Communist Party officials. He is the first Chinese president to visit North Korea in 14 years.
The summit comes as both Xi and Kim are locked in separate disputes with the United States — Xi over trade and Kim over his nuclear weapons.
A Xinhua commentary said China could play a unique and constructive role in breaking the cycle of mistrust between North Korea and the US so they can work out a roadmap to achieve denuclearization.
The US is demanding that North Korea abandon its nuclear weapons development before international sanctions are lifted. North Korea is seeking a step-by-step approach in which a step toward its denuclearization would be matched by a concession from the US, notably a relaxation of economic sanctions.
China backs what it calls a “suspension for suspension” proposal. The Xinhua said both sides “need to have reasonable expectations and refrain from imposing unilateral and unrealistic demands.”
Experts say Xi will likely endorse North Korea’s calls for an incremental disarmament process.
Chinese and North Korea media have said Xi would stay in Pyongyang for two days. His meeting with Kim would their fifth summit since Kim entered nuclear diplomacy with the United States and South Korea early last year.
In an essay published in both countries’ official media before his trip, Xi praised North Korea for moving in the “right direction” by politically resolving issues on the peninsula. He did not mention Kim’s nuclear diplomacy with the US in the article, much of which focused on lauding the neighbors’ seven-decade relationship. Xi said his visit will “strengthen strategic communication and exchange” between the traditional, though sometimes strained, allies.
The nations fought together in the 1950-53 Korean War against the United States, South Korea and their allies, but there has been friction in recent years, especially over the North’s relentless push for nuclear weapons.