Phuket police have arrested four foreigners in connection with the alleged robbery of Viacheslav Leibov, a 23-year-old Ukrainian tourist, involving 8.5 million baht in Tether (USDT) cryptocurrency.

The suspects, identified as Armenian Arman Grigoryan (21), Ukrainians Alfred Chernyshuk (19) and Ruslan Musalev (22), and Russian Miraz Atoian (21), were apprehended at the Palm Inn Hotel in Takua Pa district, Phang Nga.

According to police, the robbery occurred on Friday night when Leibov was lured to Chernyshuk's hotel room in Phuket.

Once inside, Leibov reported that he was overpowered by two masked men and subsequently threatened by Grigoryan with a hammer to transfer USDT.

He negotiated the amount down to 8.5 million baht.

After transferring the cryptocurrency, Leibov was tied to a bed but later managed to free himself and report the incident.

Police confirmed that the robbery was premeditated, as one of the suspects was aware of Leibov's cryptocurrency holdings.

The owner of the hotel initially thought the incident was a staged filming for YouTube content due to a lack of noise suggesting a struggle.

The suspects have been charged with robbery with weapons and unlawful detention.