CryptoMediaClub
Wednesday, October 8, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

USDT OTC ‘Thieves’ Arrested in South Korea’s Gangnam District

02.04.2024
A A
0
121
VIEWS
ShareShare

Police in Gangnam, an affluent district of Seoul, South Korea, have arrested 10 people accused of stealing money in a bogus USDT OTC trade.

Per Maeil Kyungjae, police say a “gang” lured a “victim” into a street in the Yeoksam Neighborhood.

Officers said the gang told the “victim” and associates they would sell USDT tokens for a discount price.

USDT OTC ‘Thieves’ Strike in Heart of Seoul

Police said the incident took place at 12:42 AM on March 21. The parties appear to have met online and agreed on a price of just over $74,000 for an undisclosed amount of USDT tokens.

Officers said the “gang” met the “victim” and a group of the latter’s friends and asked to count the cash.

While pretending to count the banknotes, the “gang” allegedly assaulted the “victim’s group” and ran away with the money – without transferring any coins.

Police said they arrested three suspects who fled in a vehicle “near the scene of the crime.”

Four other people escaped “using another vehicle,” police said, and were arrested on the same day in Anseong, Gyeonggi Province.

Two other suspects appear to have escaped to the southern port city of Busan, where local police arrested them.

The alleged ringleader who police said “planned the crime and recruited accomplices” was arrested four days later, “on the night of March 25, in Cheonan, South Chungcheong Province.”

Seoul’s Gangnam District.
Seoul’s Gangnam District. (Source: Fumihiko Ueno [CC BY 3.0])

Detectives Seize Cash and Gold in Raids

Police said on April 1 that their investigation “determined” that the gang’s members originally planned their raid in Busan.

The gang may have had other crypto-keen targets, police said, with some members tasked with “identifying and winning over” crypto traders.

Police said they had confiscated around $37,000 in cash, as well as “a gold necklace worth some $4,750.”

Officers said the gang had used the stolen money to purchase the necklace. The suspects have been formally changed and handed over to the prosecution service.

A police spokesperson said investigators were looking for the “whereabouts of additional accomplices” and “the remaining cash.”

Crypto OTC Crime Wave Sweeping South Korea?

The popularity of over-the-counter (OTC) crypto trading has ballooned this year in South Korea, with the return of the kimchi premium.

Kimchi premium prices at the time of writing for Bitcoin.
Kimchi premium prices at the time of writing for Bitcoin. (Source: Cryprice)

However, this has also led to a large rise in crime, with bogus USDT OTC cases now filling South Korean courtrooms.

On March 13, four people in their 20s and one in their 30s were arrested after members of this group allegedly attempted to extort almost $100,000 from two victims.

The group reportedly met two crypto traders in front of a cafe, also in Yeoksam, and carried out a trade.

The traders sent an undisclosed number of USDT tokens to the group, police said. But other members of the suspected gang then allegedly approached the traders, claiming to be police officers.

These gang members allegedly ordered the traders to hand over the cash, claiming they had been spotted “illegally trading cryptoassets.”

The crypto traders doubted the veracity of the gang’s claims and refused to hand over the money. The gang then attacked the traders and tried to escape.

A graph showing trading volumes on the Upbit crypto exchange over the past three months.
Trading volumes on the Upbit crypto exchange over the past three months. (Source: CoinGecko)

Police Issue OTC Trading Warning

A police official warned the public to “be especially careful” on April 1, adding:

“There has been a recent rise in incidents involving offline [crypto] transactions. Criminals are looking for victims under the guise of [crypto] traders.”

South Korea’s exports continued to grow last month, supporting confidence among policymakers that the economy will see a robust first quarter on semiconductor demand https://t.co/W1vog1ARgk

— Bloomberg Markets (@markets) April 1, 2024

In February, six suspected crypto scammers in Incheon ran away with around $747,000 in cash during another allegedly bogus OTC deal.

Similar incidents were also reported in Geumcheon in late February and Icheon in early January this year.

The post USDT OTC ‘Thieves’ Arrested in South Korea’s Gangnam District appeared first on Cryptonews.

Share9Tweet6ShareSharePin2

Related Posts

Polymarket Reveals $205M in Undisclosed Funding Over Past Two Years
All news

Polymarket Reveals $205M in Undisclosed Funding Over Past Two Years

08.10.2025
0

Crypto prediction market Polymarket has quietly raised $205 million across two previously undisclosed funding rounds, according to CEO Shayne Coplan....

Read moreDetails
Will Bitcoin Hit $130,000 Soon? Investors are Optimistic About the Explosive Growth of Mining Opportunities from CLS Mining

Will Bitcoin Hit $130,000 Soon? Investors are Optimistic About the Explosive Growth of Mining Opportunities from CLS Mining

08.10.2025
Gold Price Hits New Record at $4,035 Per Ounce – Is Bitcoin’s Next All-Time High Around the Corner?

Gold Price Hits New Record at $4,035 Per Ounce – Is Bitcoin’s Next All-Time High Around the Corner?

08.10.2025
Trader Nets 2,260x Return in Three Days Trading Binance Life Tokens, Turns $3.5K into $7.9M

Trader Nets 2,260x Return in Three Days Trading Binance Life Tokens, Turns $3.5K into $7.9M

08.10.2025
[LIVE] Crypto News Today: Latest Updates for Oct. 08, 2025 – Bitcoin Slips to $121K as Crypto Rally Cools — Correction Ahead?

[LIVE] Crypto News Today: Latest Updates for Oct. 08, 2025 – Bitcoin Slips to $121K as Crypto Rally Cools — Correction Ahead?

08.10.2025
Load More
Next Post
Mark Yusko Predicts Bitcoin At $150,000 In 2024

Mark Yusko Predicts Bitcoin At $150,000 In 2024

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Bitcoin and Ethereum plunge after US tech sell-off, sparking $300 million in losses

Bitcoin and Ethereum plunge after US tech sell-off, sparking $300 million in losses

1 year ago
Crypto scams and exploits in May led to $60M loss: CertiK

Crypto scams and exploits in May led to $60M loss: CertiK

2 years ago
Former FTX Executives and Promoters To Pay $1.35 Million in Lawsuit Settlement Deal

Former FTX Executives and Promoters To Pay $1.35 Million in Lawsuit Settlement Deal

2 years ago
Circle to Establish National Trust Bank in U.S.

Circle to Establish National Trust Bank in U.S.

3 months ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

10% of Ethereum now locked in ETFs and treasuries – does ETH supply squeeze follow?

Gold Price Hits New Record at $4,035 Per Ounce – Is Bitcoin’s Next All-Time High Around the Corner?

Trader Nets 2,260x Return in Three Days Trading Binance Life Tokens, Turns $3.5K into $7.9M

[LIVE] Crypto News Today: Latest Updates for Oct. 08, 2025 – Bitcoin Slips to $121K as Crypto Rally Cools — Correction Ahead?

Trump Meme Coin Issuer Seeks $200M for Treasury Company to Support Token 

Why is everything dumping? Mixed treasury auction results point to risk-off

Trending

Polymarket Reveals $205M in Undisclosed Funding Over Past Two Years
All news

Polymarket Reveals $205M in Undisclosed Funding Over Past Two Years

08.10.2025
0

Crypto prediction market Polymarket has quietly raised $205 million across two previously undisclosed funding rounds, according to...

Bitcoin ETFs are pulling in ~$10B per quarter: What that means for supply and price

Bitcoin ETFs are pulling in ~$10B per quarter: What that means for supply and price

08.10.2025
Will Bitcoin Hit $130,000 Soon? Investors are Optimistic About the Explosive Growth of Mining Opportunities from CLS Mining

Will Bitcoin Hit $130,000 Soon? Investors are Optimistic About the Explosive Growth of Mining Opportunities from CLS Mining

08.10.2025
10% of Ethereum now locked in ETFs and treasuries – does ETH supply squeeze follow?

10% of Ethereum now locked in ETFs and treasuries – does ETH supply squeeze follow?

08.10.2025
Gold Price Hits New Record at $4,035 Per Ounce – Is Bitcoin’s Next All-Time High Around the Corner?

Gold Price Hits New Record at $4,035 Per Ounce – Is Bitcoin’s Next All-Time High Around the Corner?

08.10.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz