Key Takeaways
- Trent Merrin was arrested and charged with allegedly stealing $140,000 in Bitcoin from former teammate Kaide Ellis.
- The former rugby star claims he repaid seven times the original investment amount.
- Police seized electronic devices during a raid on Merrin’s Barrack Point home for forensic analysis.
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Former Teammates Clash Over Crypto Investment
Ex-National Rugby League (NRL) star Trent Merrin has been charged with the crime of stealing $140,000 in Bitcoin (BTC) from his former teammate Kaide Ellis. The 36-year-old was arrested during a raid on his south coast New South Wales (NSW) home on November 4, and he has been charged with dishonestly obtaining a financial advantage by deception.
According to police, Trent Merrin reportedly accessed Ellis’s Bitcoin wallet using a shared password to transfer funds to other wallets without Ellie’s authorization from 2021 to 2023.
Read also: AN0M App Sting Nets 55 New Arrests in Latest Phase of Global Crime Operation
Defense Claims Overpayment in Business Dispute
Trent Merrin’s attorney, Paul McGirr, has vehemently disputed the accusation, asserting that his client not only returned the original investment but paid Ellis “seven times the original investment.” On this matter, McGirr added that the business relationship that existed between the ex-Panthers and Dragons players was not documented in writing and cautioned investors about the experience, viewing it as an important lesson for crypto investors.
The defendants further indicate that documentary evidence will be available that will demonstrate these payments during the trial.
Read also: UK Launches First-Ever Crypto Investment Fraud Protection Campaign Targeting Men Under 45
A Warning for Crypto Investors
The case serves as a strong warning when it comes to informal crypto arrangements between friends or even family. To this point, Trent Merrin maintains he has done nothing wrong; the case shows the significance of formal contracts and the safekeeping of wallets for digital asset transactions.
The ex-rugby player, who describes himself as a “crypto enthusiast” on LinkedIn, was granted conditional bail and will appear at Port Kembla Local Court on December 3 to face the charges.
FAQs
What are the precise accusations made against Trent Merrin?
Ex-rugby player Trent Merrin has one count of dishonestly obtaining a financial advantage by deception concerning alleged unauthorised withdrawals from Kaide Ellis’s Bitcoin account, totaling $140,000.
How does Merrin react to the allegations?
Trent Merrin claims, through his lawyer, that he not only repaid the original investment but also repaid Ellis, seven times the original outlay, with evidence to be presented in court.
When will this matter be determined?
Trent Merrin will appear at Port Kembla Local Court on December 3, when both parties will provide their evidence about the crypto.
For more crypto theft stories, read: The TimesCrypto Crime Report: Unmasking the New Wave of Sophisticated Crypto Scams
