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Four Suspects Plead Guilty in South Korean OTC Crypto Theft Case
Four suspected South Korean OTC crypto “thieves” have pleaded guilty to stealing around $735,000 from a crypto buyer in a “bogus” USDT deal. Five men appeared at the Incheon District Court on May 7, all accused of crypto-related theft and fraud.
Background of the Case
- The alleged incident took place in the Songnim District of Eastern Incheon at around 4 pm on February 19 this year.
- Prosecutors believe that one of the gang’s members met the victim “through a mutual acquaintance” and offered to sell USDT coins at below market rate.
Legal Proceedings and Investigations
One suspect pleaded not guilty, while lawyers for the remaining four accepted the prosecution’s charges. The victim’s lawyers are seeking the court’s assistance in recovering the stolen funds.
During the police investigation, the victim, aged in their 40s, claimed that the stolen money included their own funds as well as money borrowed from friends and acquaintances.
The prosecution officials suspect that the stolen cash might have been used in a money laundering scheme. They also mentioned that one of the accused, a man in his 20s, is associated with a violent gang active in Incheon.
Recent Incidents and USDT Popularity
Reports of South Korean crypto OTC thefts have been on the rise. The popularity of crypto investment, particularly USDT, is rapidly increasing in South Korea.
- In March, police arrested 10 individuals for allegedly stealing around $74,000 from a USDT buyer in Gangnam District.
- Similar incidents were reported in Geumcheon in late February and in Icheon in early January.
USDT is widely used in OTC and peer-to-peer trading across East Asia, especially in Bitcoin transactions.
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.
