Violent Crypto Scam in Seoul: Russian Man Arrested in Busan After $730,000 Fake Deal Robbery, Two Suspects Flee Abroad

Fake Crypto Deal Leads to Violent Robbery Attempt in Seoul

A staged cryptocurrency transaction in a Seoul hotel took a violent turn when three men, posing as crypto traders, attempted to rob a group of Korean investors of nearly 1 billion won (around $730,000).

One of the suspects, a Russian national in his 20s, was arrested in Busan, while the other two fled the country shortly after the incident.

What Happened Inside The Hotel Room

On 21 May, the suspects invited ten Korean men to a hotel in Seoul’s Gangseo District, under the pretext of a peer-to-peer cryptocurrency deal.

Eight were asked to wait in the lobby, while two were taken upstairs to a hotel room to finalise the transaction.

However, the suspects had hidden themselves in the bathroom, dressed in protective vests, and armed with a replica handgun and a telescopic baton.

As soon as the two men entered, the attackers ambushed them.

They tied their hands with cable ties and assaulted them with batons and fists.

One of the victims managed to escape and rushed to the lobby to alert the others.

The robbers attempted to flee with a bag holding 1 billion won in cash, prepared for the transaction, but were stopped by the group.

Police Act Quickly but Two Suspects Flee South Korea

Police arrived after a report of an injured man bleeding in the hotel lobby at approximately 8:30 p.m.

Although the suspects had fled, officers uncovered evidence in the hotel room including a replica gun, body armour, telescopic batons, and a cash counter—items clearly prepared for the planned robbery.

Authorities acted quickly the next morning, filing a travel ban for the three suspects based on the hotel booking details.

However, two of the men had already left South Korea.

A police officer said,

“We have requested assistance from Interpol to track down the suspects who fled overseas.”

Pretrial Detention Considered for Arrested Man

The man apprehended in Busan is currently being questioned about his role and the motives behind the crime.

Police are considering applying for a pretrial detention warrant.

Meanwhile, efforts continue to locate the remaining suspects.

Is This Part Of A Bigger Trend Of Crypto-Related Crimes?

This violent attempt to rob investors during a fake cryptocurrency transaction is not an isolated event in South Korea.

Earlier in May, police dismantled a scam operation involving four criminal groups, arresting 25 individuals accused of defrauding dozens of people out of more than 700 million won through false investment platforms.

Similar concerns are being raised internationally.

In France, authorities are cracking down on kidnappings linked to crypto figures, including cases involving ransom demands and violent intimidation.

Both countries warn that organised criminals are increasingly targeting the crypto space through both digital fraud and physical violence.

The South Korean police continue their investigation amid rising calls for greater vigilance in the rapidly evolving cryptocurrency sector.