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OTC Crypto Crime Rising in South Korea
Reports from South Korea indicate a rise in over-the-counter (OTC) crypto crime, with a multinational gang arrested for illegal confinement and aggravated theft in a recent incident. The gang members allegedly lured a woman into a fake OTC crypto transaction, locking her in a car before stealing cash and her phone.
Details of the Incident
According to reports, officers from Geumcheon Police Station in Seoul apprehended six individuals, including a South Korean man in his 30s and an Egyptian man in his 20s. The group is accused of locking a Vietnamese woman in a car in the Gasan District of Seoul, stealing approximately $127,630 in cash, and leaving her stranded in the vehicle.
Responding swiftly to an emergency call, the police arrested three suspects at the scene of the crime and later apprehended the remaining three gang members.
Claims of the Suspects
The arrested suspects have alleged that they were victims of a cryptocurrency scam, with the woman they locked in the vehicle being a delivery person for the scam organizers. They have been released on bail, and the prosecution service is handling their cases.
Wider OTC Crypto Crime Trend
Authorities in Incheon also made six arrests in connection with a suspected $747,000 OTC trade, while a fake OTC trader in Icheon, Gyeonggi Province, reportedly absconded with a crypto buyer’s $10,700. Police have cautioned the public about the risks associated with in-person OTC crypto trades and have observed a significant increase in related crimes in recent months.
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.
