Denpasar. The Bali Police are investigating allegations that a Ukrainian national was kidnapped and robbed by a gang of nine Russian nationals, who allegedly stole $214,429 worth of cryptocurrency from his account.

Bali Police spokesman Chief Commissioner Ariasandy confirmed on Thursday that a team has been deployed to track down the suspects.

"The case is currently being handled by the Bali Police's Criminal Investigation Directorate," he said.

According to the police report, the incident occurred on December 15 in South Kuta District, Badung Regency. The Ukrainian, identified as Igor Iermakov, and his driver were traveling in a BMW when they were ambushed on Tundun Penyu Dipal Street. Their vehicle was blocked from both the front and rear by two other cars.

Four men, dressed in black and wearing face coverings, approached the victim’s car armed with knives, hammers, and guns. They allegedly forced the Ukrainian and his driver out of the vehicle, blindfolded them, and placed them in handcuffs.

The victims were then taken to a villa in South Kuta, where the kidnappers confiscated the Ukrainian’s cellphone and forced him to transfer his cryptocurrency assets to two accounts.

"They beat the victim and coerced him into revealing access to his Binance account, allowing them to seize cryptocurrency assets worth $214,429, or approximately Rp 3.5 billion," Ariasandy said.

The victim suffered injuries to his right ear and both wrists, with visible bruises on his hands and head.

Ariasandy said the police are treating the case as a priority and are working urgently to identify and arrest the suspects.