Bangkok man steals gold valued at 2 million baht after his crypto stash tanked

The impact of the crypto crisis is rearing its head in Bangkok. Yesterday, a man stole necklaces valued at 2 million baht from a gold shop in Phra Nakhon district of Thailand’s capital city. The man entered the gold shop before pulling out a gun, waving it at staff and customers.

The shop’s owner, staff, and customers all fled to the back room of the shop. The robber then grabbed the gold necklaces and dashed away on his motorcycle. Two of the necklaces were later found on the pavement outside the shop.

Police used security footage to track the thief’s journey, and caught him today. The police escorted the thief to re-enact the crime, a legal procedure in Thailand. Police said the man confessed to robbing the shop out of stress caused by crypto losses.

Most people wouldn’t rob a gold shop, but the thief is far from the only person stressed out by the devastating crypto crisis. Yesterday, Bitcoin below US$20,000 for the first time since December 2020. At one point in the day it fell as low as US$18,739. The global market of cryptocurrency dipped below US$1 trillion to US$962 billion for the first time since 2020 last week.

As the world plunges deeper and deeper into an economic crisis, with the prices of basic goods soaring, perhaps we should brace ourselves for more crimes committed out of desperation.

SOURCE: Nation Thailand | Bloomberg