Four men have been arrested in a bitcoin robbery in Taiwan, in what is reportedly the first of its kind in the country.

Taiwan police allege that three men in their early 20s lured the victim to the central city of Taichung, pretending to be interested in purchasing the cryptocurrency, reports the rappler. After the victim showed the suspects proof of his bitcoin value on his phone, they then proceeded to assault him and his friend. The scammers then transferred Twd$5 million ($170,000) from the victim’s account via his phone.

The suspects then attempted to pass off the scene as a drunken row; however, when the police were called to the scene two of the suspects fled while one was detained. The fourth suspect, believed to be the mastermind behind the setup, was also detained.

By Harry