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Gulf Press > Business > Crypto > South Korean Thieves in OTC Crypto Acknowledge Guilt in USDT Trial
Crypto

South Korean Thieves in OTC Crypto Acknowledge Guilt in USDT Trial

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Last updated: 2024/05/08 at 3:55 AM
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In recent news from South Korea, four suspects have pleaded guilty to stealing approximately $735,000 from a crypto buyer in a fraudulent USDT deal. The alleged incident occurred in the Songnim District of Eastern Incheon on February 19, 2024, involving five men accused of crypto-related theft and fraud. One suspect pleaded not guilty, while the other four accepted the prosecution’s charges. Prosecutors believe that one of the gang members met the victim through a mutual acquaintance and offered to sell USDT coins at a discounted rate.

The stolen money has not yet been recovered, and the victim’s lawyers are seeking the court’s assistance in returning the funds. One of the accused individuals, described as a man in his 20s, is believed to be associated with a violent gang in Incheon, with officials suspecting the cash may have been used in a money laundering scheme. The victim, a person in their 40s, claimed that the stolen funds included their own money as well as funds borrowed from friends and acquaintances.

Despite one suspect pleading not guilty, the police investigation into the incident resulted in the arrest of six individuals, with one later being released after being determined to be uninvolved. USDT, a popular stablecoin, has seen a significant rise in popularity in South Korea, leading to an increase in crypto-related thefts and fraud cases. In a separate incident in March, 10 people were arrested for allegedly stealing $74,000 from a USDT buyer in Gangnam District. Similar incidents were reported in Geumcheon in February and Icheon in January, highlighting the growing trend of crypto-related crimes in the country.

USDT is widely used in over-the-counter (OTC) and peer-to-peer trading in East Asia, particularly in Bitcoin transactions. The rise in crypto investments and the use of USDT as a digital currency have contributed to the increasing number of fraud cases involving cryptocurrencies in South Korea. With law enforcement cracking down on such criminal activities, it is essential for investors and traders to exercise caution and due diligence when engaging in crypto transactions to avoid falling victim to scams and fraudulent schemes. By staying informed and following best practices in crypto trading, individuals can protect themselves from potential risks and losses in the volatile world of digital assets.

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News Room May 8, 2024
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