Crypto Scam Unfolds in Singapore: Woman Admits to Stealing Over $900K in Voltron Cryptocurrency Scheme

In a shocking turn of events, Isabella Yer Enci, a former accounts executive at Voltron, has admitted to duping a cryptocurrency trader, pocketing over $900,000 worth of her company's digital assets. This case adds another chapter to the growing list of cryptocurrency scams in Singapore, highlighting the need for caution in the rapidly evolving digital asset space.

Yer, entrusted with handling Voltron's cryptocurrency transactions, exploited her position for personal gain. She deceived a Malaysian cryptocurrency arbitrage trader, persuading her to believe the company’s assets were her own.

The scam began when Yer approached the victim, asking if she conducted personal cryptocurrency transactions. Once the trader agreed, they set a conversion rate, and over the next few days, Yer transferred her personal cryptocurrency in exchange for cash. This was just the beginning of a much larger deception.

The $900,000 Heist

On October 18, 2021, Voltron needed to convert 300,000 USDT—Tether's stablecoin—into cash to cover company expenses across Singapore and Malaysia. Instead of handling the transaction properly, Yer lied, claiming the tokens belonged to her. She arranged to exchange them for $399,900 in cash with the trader, masking her true intentions.

As per company protocol, Yer sent a screenshot of the transaction details, including the agreed conversion rate and recipient wallet address, to her colleagues. Believing the transaction was legitimate, the company approved the transfer. However, instead of using the funds for Voltron's expenses, Yer pocketed the cash.

The Web of Lies Unravels

When the trader questioned how Yer had access to such a large amount of cryptocurrency, Yer fabricated a story, claiming the funds were from her family's early Bitcoin investments. She continued similar transactions, and just eight days later, on October 26, 2021, she resigned from her position at Voltron.

It wasn’t long before Voltron’s finance department noticed discrepancies. A total of 300,000 USDT, 265,552 USDT, and 130,538.46 USDT—intended to be converted to Singapore dollars to pay company expenses were unaccounted for.

The company contacted the trader, who revealed that Yer had falsely claimed the assets were her personal funds. Voltron, suspecting foul play, raised the issue with management.

The classic switcheroo

In November, Yer returned to Voltron’s office to hand over her work laptop and finalize her departure. During this visit, she was questioned about the missing funds. Initially denying any wrongdoing, Yer eventually confessed to misappropriating the money, claiming it was used to cover her grandmother’s medical bills.

She signed a letter agreeing to repay the stolen sum within six months and managed to return around $201,000 over the next few days. However, on December 2, 2021, Yer filed a police report, alleging that Voltron employees had falsely imprisoned her in a meeting room for over 12 hours, coercing her into admitting guilt and transferring the money.

Despite her claims, prosecutors later clarified that no threats were made, especially given that Yer was pregnant at the time, and the company's employees had treated her with care.

On September 1, 2022, a Voltron director lodged a police report against Yer for her remaining debt to the company. If convicted of cheating, Yer could face up to 10 years in prison, along with a fine.

This case serves as a stark reminder of the risks in the cryptocurrency world, even in a regulated environment like Singapore. It underscores the importance of trust and accountability in the rapidly growing digital finance landscape.