The crash of Bitcoin in almost the entire world has caused countless personal tragedies; This is the case of Montry, 34, who, desperate to go bankrupt , in the face of this type of virtual currency, tried to rob a jewelry store and was immediately arrested in Thailand.
This is due to the large losses it suffered as a result of the fall in the price of Bitcoin (BTC), which registered a 67% decline last week from its all-time high in November 2021.
Montry confessed that he had stolen gold necklaces weighing about 31 ounces and worth almost 2 million baht , the monetary unit of Thailand (equivalent to more than 50,000 dollars).
The suspect confessed to police how he parked his motorcycle in front of the jewelry store, entered with a gun and fled with the loot, hiding the motorcycle before returning home.
The young man who is accused of armed robbery told police that he was extremely stressed and in dire need of money after he recently suffered huge losses on his Bitcoin investments.
Bitcoin-Related Crimes Down
Montly’s case appears to be somewhat isolated, as crimes related to Bitcoin and other crypto assets are declining, according to a report published by cryptocurrency intelligence company CipherTrace.
The company details that illicit activities have decreased and now constitute a small fraction of the entire cryptocurrency ecosystem. The firm estimates that illicit activity, which made up 0.62% to 0.65% of total crypto activities in 2020, has fallen to between 0.10 in 2021.
However, the Bitcoin community often emphasizes that owners of the cryptocurrency do not lose as long as they do not sell their holdings. This is because holding BTC for a long time generally results in profits, replacing sudden losses that may occur due to market fluctuations.