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Bangkok gold shop robbed to make up for crypto losses

A gunman who stole necklaces worth 2 million baht from a Bangkok gold shop on Saturday was attempting to make up for his massive losses in cryptocurrency trading, police said on Sunday.

Police said the suspect confessed to committing the robbery out of financial stress caused by crypto losses. To protect his legal rights, his identity was not revealed.

The robbery occurred at the Buan Lee gold shop on Chakkraphet Road in Bangkok’s Phra Nakhon district.

A man wearing a face mask entered the shop on Saturday before pulling a handgun from his backpack and waving it at staff and customers.

The shop’s owner, Kornrawik Wangcharoenrung, along with staff and some customers ran to the back room of the shop. The robber then grabbed the gold necklaces and fled. Two of the necklaces were later found on the pavement outside the shop.

The thief made his escape on a motorcycle but police used footage from security cameras to track his journey. They arrested the suspect the following day and escorted him to the shop to re-enact the crime.

The cryptocurrency market has slumped over the past week, with investors suffering an estimated US$1.5 trillion in losses worldwide. The crashing market has coincided with a craze for crypto trading in Thailand, driven by recent regulation and tax exemptions for traders.

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