18 Apr

An OTC cryptocurrency buyer was the victim of an armed robbery by a criminal suspect who fled from South Korea, allegedly taking over $362,000 in cash.

According to Law TV News, the suspect, who is believed to be in his 40s, "lured" the victim to the posh Gangnam District of Seoul before robbing them of their money.

Criminal from South Korea who escaped "had help from others"
The suspect was being held at the Seoul Detention Center on fraud charges, according to a statement released by the Ministry of Justice on April 17.

To attend his father's burial in November 2023, the suspect was granted permission by the center to go. However, the suspect took advantage of the situation and left without coming back as promised. Since then, the individual has been sought after by the police.

The suspect "lured the victim to Gangnam," according to the officers, by claiming he "would sell" an unidentified cryptoasset for "cheaper than the market price."

According to authorities, the accused victim entered the district "on the morning of April 11" in an attempt to finalize the OTC transaction.

However, the suspect allegedly "brandished a blunt weapon" before snatching the money and "running away" rather than sending any cryptocurrency.

With the aid of evidence acquired from the scene, police were able to identify the culprit, and "a background check helped hasten the arrest."

According to a police spokeswoman, they have also taken into custody "a man in his 40s and a woman in her 30s" who they believe assisted the suspect in getting away.

According to the spokeswoman, police had "recovered most of the stolen cash."

TC Cybercrime in South Korea Is Increasing

This year has seen a sharp increase in OTC cryptocurrency-related crimes in South Korea. A suspected OTC theft in Incheon resulted in the arrest of six persons in February.

On the same charges, police in Icheon, Gyeonggi Province, apprehended a man in January.

Additionally, authorities claimed they have apprehended a group of "OTC thieves" who had earlier this month in the Gangnam District reportedly preyed on a victim.

According to police reports, late February of this year saw another OTC cryptocurrency theft incident in Geumcheon.

April 2024, Cryptoniteuae

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