📰 Table Of Contents
Police Arrest 10 in Bogus USDT OTC Trade Scam in Seoul
Police in Gangnam, an affluent district of Seoul, South Korea, have arrested 10 people accused of stealing money in a bogus USDT OTC trade. The incident took place at 12:42 AM on March 21 in the Yeoksam Neighborhood.
Details of the Scam
- A “gang” lured a “victim” into a street in the Yeoksam Neighborhood.
- The gang offered to sell USDT tokens for a discount price.
- The parties agreed on a price of just over $74,000 for an undisclosed amount of USDT tokens.
- While pretending to count the banknotes, the gang allegedly assaulted the victim’s group and ran away with the money without transferring any coins.
Arrests and Investigations
Police arrested three suspects who fled in a vehicle near the scene of the crime. Four others were arrested in Anseong, Gyeonggi Province, and two suspects were apprehended in Busan.
Seizure of Cash and Gold
Police confiscated around $37,000 in cash and a gold necklace worth $4,750. The gang used the stolen money to purchase the necklace.
OTC Trading Warning
A police official issued a warning to the public to be cautious of offline crypto transactions, as criminals are posing as traders to target victims.
Crypto OTC Crime Wave in South Korea
The rise in popularity of over-the-counter (OTC) crypto trading in South Korea has led to an increase in crime cases. Bogus USDT OTC incidents are on the rise, with criminals targeting crypto traders.
Previous Incidents
- In March, four individuals were arrested for attempting to extort nearly $100,000 from two victims in Yeoksam.
- In February, six suspected crypto scammers in Incheon fled with $747,000 in cash during an alleged bogus OTC deal.
- Similar incidents were reported in Geumcheon and Icheon earlier this year.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
