Recently, I recalled the Bali murder case again, which indeed is quite tragic. The incident in May 2024, where a Chinese couple was harmed in Indonesia, appears on the surface to be a bizarre murder case, but the deeper you dig, the more you can see the chaos behind the crypto world.

Here's what happened. A Chinese couple was attacked at a five-star hotel in Bali. Both were young—the man was 25, and the woman was only 22 and still in college. The police autopsy report showed that the male victim had multiple cuts and even signs of electrocution; this method clearly wasn't an ordinary crime. The female victim was strangled, and the scene was gruesome beyond words.

Netizens began digging into the backgrounds of the couple and found that the girl’s social media was full of flaunting luxury hotels, luxury cars, and watches. Even more interesting, they discovered that the male victim had several luxury cars in Cambodia, including a Rolls-Royce. This was strange—why would a 25-year-old have so many assets in Southeast Asia? Then the truth surfaced—this guy was a crypto trader, making a lot of money through various manipulations and “cutting the leeks.”

Speaking of the crypto world, many might remember a similar case that happened two years ago in Phnom Penh, Cambodia. In that incident, the victim was a former senior executive of a major internet company, who later got involved in crypto and gambling circles. He was eventually shot in an elevator and taken into an apartment, dying alongside his companion. There are so many similarities between these cases—they’re both in Southeast Asia, involve crypto circles, are about young Chinese people, and both ended very tragically.

This made me start to think: how exactly is the crypto world entangled with these dark forces? The reason is quite simple. The operation modes of the primary and secondary markets in crypto inherently give illegal actors opportunities. Many people are lured in by promises of “getting rich overnight,” only to encounter scams disguised as legitimate projects. Since there are no legal crypto trading platforms domestically, all these transactions happen abroad, and Southeast Asia, with its lax regulations, has become a hotspot.

More importantly, gangs and gambling syndicates across Southeast Asia have long targeted crypto traders. These groups make quick money, have plenty of cash, and are not very cautious—making them natural targets. It’s said that the male victim in the Bali case was an agent for crypto and gambling groups, and was killed after running off with their money.

I’ve noticed a phenomenon: genuine entrepreneurs who make money through legitimate businesses have mostly migrated to Singapore, while those involved in shady activities are digging into other parts of Southeast Asia. The Philippines is the only country in Asia where online gambling is legal; in Sihanoukville, Cambodia, there are “pig-butchering” scams and human trafficking; Thailand is a transit hub for various scams. These places seem to have sunny beaches and tourism industries, but behind the scenes, their black markets are rotten to the core.

Returning to the Bali case, what’s most upsetting is the 22-year-old female college student. She probably never imagined that behind those luxury watches and bags, there were such huge risks. As Stefan Zweig said, the gifts that fate bestows have long been marked with a price in the dark. No matter how this case ends—whether it’s revenge or debt collection—the death of this young life is a tragedy.

Honestly, Southeast Asia isn’t inherently a place of evil; as long as you don’t flaunt wealth or believe in overnight riches, it’s generally safe. But the crypto circle has indeed attracted too many people eager to get rich quickly, and thus also attracted too many black and malicious forces seeking rapid plunder. Once this ecosystem forms, it’s very hard for anyone to come out unscathed. Some have made money, but more have lost everything—sometimes even their lives with nowhere to spend their gains.