Dubai Police Recover $1.9 Million Taken In Bitcoin Heist Using AI Tech

Francisco Memoria
  • Police in Dubai managed to recover $1.9 million that were taken from two brothers who were looking to buy bitcoin.
  • The brothers were ttacked by a gang of 10 men. All of them were arrested within 48 hours of the incident.

Police in Dubai have recently been able to arrest ten gang members who reportedly stolen 7 million AED ($1.9 million) from two Asian brothers who were looking to buy bitcoin in the Al Muraqabbat area, according to news outlet Gulf News.

Per the news outlet’s report, the two brothers wanted to buy the flagship cryptocurrency, and were lured by some of the gang’s members to an office inside a market. In it, they were then assaulted, robbed at gunpoint, and threatened before being tied and locked inside said office. The assailants then fled the scene.

Lieutenant Colonel Adel Al Joker, Director of Dubai police's Criminal Investigation Department, stated:

"The brothers searched randomly in the market to buy Bitcoin. The gang lured them claiming they can sell them Bitcoin.”

Lieutenant Colonel Adel Al Joker

While six members were inside the office with the two brothers, three reportedly waited outside. The gang’s members managed to get access to the office by tricking its owner into believing they were going to buy it.

Per Dubai Police’s commander-in-chief, Major General Abdullah Khalifa Al Merri, the gang’s mastermind was identified within four hours of the incident, and his whole gang had reportedly been caught within 48 hours, as police quickly managed to locate them. The stolen funds were reportedly returned to the two victims.

Major General Khali Ebrahim Al Mansour, assistant commander-in-chief, revealed that the police’s success was partly driven by the data analysis center using smart programs and artificial intelligence technology to trace the gang’s members. He was quoted as saying:

“Using AI helped Dubai Police to arrest a Gulf National, who is the head of the gang, and other Asian suspects The information from the data analysis center helped the officers to arrest all gang members."

Major General Khali Ebrahim Al Mansour

Attacks in which criminals try to get bitcoin from their victims are seemingly increasing. As recently covered, two robbers used bear spray to steal from bitcoin ATMs in the United States earlier this month. CCTV footage of the robbery ended up on YouTube.

Crypto Market Crash Led to Highest Daily Volumes Ever, Cryptocompare Finds

Last month’s cryptocurrency market crash on March 12- 13 saw daily trading volumes hit a new all-time high as $75.9 billion were traded across cryptoasset exchanges in a single day.

According to CryptoCompare’s March 2020 Exchange Review, most of the trading volume came from lower-tier cryptocurrency exchanges, as these traded a total of $54.3 billion on March 13. Top-tier crypto exchanges, on the other hand, traded a total of $21.6 billion that day, equivalent to 28.5% of the total trading volume.

The report further revealed spot volumes surged in the first quarter of this year, increasing month-over-month since December 2019.

market volumes in MarchSource: CryptoCompare

The trading volume of the top-tier exchanges, it’s worth noting, didn’t hit a new all-time high, but came close to the record-breaking volumes they saw in July 2019 and December 2017, when the price of bitcoin was at an all-time high near $20,000.

As CryptoGlobe reported, CryptoCompare’s January 2020 Exchange Review showed that top-tier cryptocurrency exchanges saw their trading volume grow by 61.2% at the beginning of the year, while the trading volume of lower-tier exchanges then grew by 46.4%. At the time, top-tier exchanges were gaining market share and climbed to one-third of the global trading volume.

While exchanges using the trans-fee mining model have in the past recorded sky-high trading volumes, these represented less than 20% of the volume last month. Exchanges using the traditional taker fees represented 80.4% of the total trading volume.

Despite hitting a new record in daily trading volumes, exchanges saw their total traded volume drop in March. Fee-charging exchanges’ volumes dropped 2% to a total of $924 billion, while TFM exchanges’ volumes dropped 14% to $222 billion.

Top Exchanges During Crypto Market Crash

Binance was the largest top-tier cryptocurrency exchange by volume in March, trading a total of $63.6 billion, up 19.2% compared to February. It was followed by OKEx, which traded $47.7 billion, down 8.2%.

market crash volumes.jpgSource: CryptoCompare

When Bitcoin’s price started plummeting on March 12, Bitfinex represented the majority of top-tier exchanges’ trading volumes across its BTC/USDT and BTC/USDT pairs. It was followed by Coinbase, OKEx, and Bitstamp.

Within the first hour of the crash, CryptoCompare’s report adds, Bitfinex generated the most volume.

 Photo by David McBee from Pexels.