Catenaa, Saturday, January 25, 2025 – South Korean authorities have apprehended six Chinese nationals accused of orchestrating a $580,000 cryptocurrency theft from a high-end hotel guest on Jeju Island.
The suspects face charges of “special robbery,” Jeju West Police Station said on Monday.
The group reportedly collaborated with another Chinese individual, described as an unofficial “crypto and fiat currency exchanger,” to conduct an over-the-counter trade. The exchanger initially transferred cryptocurrency to the suspects in exchange for over $690,000 in cash.
However, during a transaction on January 16, the suspects allegedly assaulted the exchanger, reclaimed their cash, and fled with additional funds from the victim’s crypto wallet.
Authorities believe the theft was premeditated, with the gang deceiving the victim by feigning legitimate intentions to trade.
Police swiftly tracked the suspects, arresting some at another hotel and others at Jeju International Airport as they attempted to leave the country.
Investigators are now tracing the stolen cryptocurrency and examining evidence, including a suitcase filled with South Korean banknotes seized during the operation.
The incident highlights growing security concerns in the cryptocurrency sector, particularly around private trades and over-the-counter deals, which remain largely unregulated.
Authorities in South Korea continue to ramp up efforts to combat crypto-related crimes amid increasing adoption of digital assets. The suspects are expected to face trial in the coming months.
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