Crypto Dispute Turns Violent in Phuket
Police in Thailand are hunting down two Russian suspects accused of violently beating and robbing another Russian over a crypto-related dispute. The incident occurred at a luxury hotel in Phuket on 5th January this year, prompting a high-profile manhunt.
Details of the Incident
The victim, Mr. Zelimkhan, said he was attacked in his hotel room by Andrei, a former business associate, and Dmitri, an accomplice. Andrei allegedly demanded access to Zelimkhan’s cryptocurrency wallet, citing an unresolved $120,000 debt. When Zelimkhan refused, the situation escalated into violence.
The attackers physically assaulted Zelimkhan, leaving him with injuries and binding him to a bathroom door rail. Unable to extract the crypto wallet password, the perpetrators stole $20,000 in cash and fled the scene. Zelimkhan eventually freed himself and alerted local authorities.
Surveillance footage revealed Andrei’s escape route toward the Chalong Five-Way Junction, while Dmitri fled Thailand, boarding a flight to Dubai shortly after the attack.
Crypto Crimes on the Rise
But the incident epitomizes an increasing trend in crypto-related crimes: according to Chainalysis, the value of thefts from crypto platforms hit $2.2 billion in 2024, up 21% on the same period last year. Over the same period, crypto fraud and theft cases increased 45%, according to the FBI.
Anonymity and massive value have lured criminals towards digital assets. Recent incidents, including the kidnapping and extortion of a Karachi-based crypto trader for $340,000, highlight the rising perils with digital currencies.
Investigation Continues
The Phuket Provincial Court has issued arrest warrants against Andrei and Dmitri for robbery, aggravated assault, and unlawful confinement. Their case took an interesting twist when Dmitri managed to flee the country, but Thai authorities reportedly believe that Andrei remains within the national borders.
Police Colonel Khundet Na Nongkhai confirmed this, saying local and immigration forces are jointly working to track down Andrei on suspicion of intentionally avoiding accommodation registration to evade their net.
The case underlines the risks of disputes related to cryptocurrency, which is increasingly spiraling into physical violence. Thai authorities are strengthening efforts in solving the case and bringing perpetrators before the law.
Watch for continuing updates as this story develops and Thai police continue their investigation.
