A Brooklyn man was allegedly robbed on the street at gunpoint for $1,100 bitcoin

If “gimme around 4.64 Bitcoins!” doesn’t sound all that menacing, “gimme $1,100” may also still work.

DNAInfo New York’s Rachel Holliday Smith reports that a 28-year-old Brooklyn man had set up a deal through Craigslist to sell someone Bitcoin in Crown Heights (some people who live near each other prefer to do it this way to avoid the hassles and fees of online exchanges).

Smith says what allegedly happened next:

When he got to the corner, the stranger led him to a silver Honda where he said they’d finalize the deal.

But once inside the car, a second man pulled a gun on the victim from the backseat, forcing him to transfer the bitcoin funds to the two robbers. The virtual thieves then stole the victim’s cell phone and fled, police said.

The victim told police he lost $1,100. On May 27, the date the incident took place, the average price of one Bitcoin was $237.

If there’s any solace for him, Bitcoin prices are down 5 percent since then.

Read the full story at DNAInfo New York »

Rob covers business, economics and the environment for Fusion. He previously worked at Business Insider. He grew up in Chicago.