South Korean Gang Arrested for Robbery in USDT OTC Trading in Gangnam District

The police in the affluent Gangnam district of Seoul, South Korea, have recently arrested a gang of ten individuals allegedly involved in stealing money through fraudulent USDT over-the-counter (OTC) trading.

According to reports from the Daily Economy, the police stated that the gang lured a "victim" to a street in the Yeouido neighborhood.

Officers explained that the gang informed the victim and their companions that they would sell USDT tokens at a discounted price.

The incident took place at 12:42 a.m. on March 21, according to the police. The two parties seemingly met online and agreed to purchase an undisclosed amount of USDT tokens at a slightly higher than $74,000 price.

The gang reportedly met with the victim and their group of friends, requesting to count the cash.

While pretending to count the cash, the gang allegedly suddenly attacked the victim's team and fled with the money—without transferring any coins. The police stated that they arrested three suspects who "escaped by car near the crime scene."

Additionally, four others "escaped using another car" and were apprehended in Anseong City, Gyeonggi Province, on the same day.

Two other suspects apparently fled to the southern port city of Busan, where they were subsequently arrested by local authorities.

The alleged mastermind of the gang, accused of "planning the crime and recruiting accomplices," was arrested "on the evening of March 25 in Cheongyang County, South Chungcheong Province," four days later. Cash and gold seized during the investigation.

The police stated on April 1 that their investigation "confirmed" that gang members initially planned to raid in Busan.

The gang is believed to have other targets interested in cryptocurrency, with some members responsible for identifying cryptocurrency traders.

The police stated that they confiscated approximately $37,000 in cash and a "gold necklace valued at about $4,750."

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

A police spokesperson stated that investigators are searching for "the whereabouts of other accomplices" and "the remaining cash."

Cryptocurrency OTC trading crime wave sweeping South Korea?

This year, with the return of the "kimchi premium," the popularity of over-the-counter (OTC) cryptocurrency trading has sharply increased in South Korea. However, this has also led to a significant rise in crime, with now false USDT OTC trading cases flooding South Korean courts.

On March 13, four individuals in their twenties and one in their thirties were arrested after members of the gang attempted to extort nearly $100,000 from two victims.

Reportedly, the gang encountered two cryptocurrency traders outside a café on Yeouido and conducted a trade.

The police said that the traders sent an undisclosed amount of USDT tokens to the gang. However, other members of the suspected gang then approached the traders, claiming to be police officers.

These gang members allegedly ordered the traders to hand over cash, claiming they were found engaging in "illegal trading of cryptocurrency."

The cryptocurrency traders expressed doubt about the gang's claims and refused to hand over money. The gang then attacked the traders and attempted to flee.